Pacific Premier Bancorp Inc. (PPBI) Shares Down 6.2% After Earnings Miss
Pacific Premier Bancorp Inc. (NASDAQ:PPBI)’s share price was down 6.2% during trading on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $24.00 and last traded at $24.77, with a volume of 258,653 shares changing hands. The stock had previously closed at $26.40.
The financial services provider reported $0.33 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.42 by $0.09. The firm had revenue of $45 million for the quarter, compared to analyst estimates of $43.46 million. Pacific Premier Bancorp had a return on equity of 10.45% and a net margin of 22.05%. The company’s revenue for the quarter was up 44.7% on a year-over-year basis.
Several analysts recently issued reports on PPBI shares. FBR & Co lowered shares of Pacific Premier Bancorp from an “outperform” rating to a “market perform” rating and set a $29.00 price target on the stock. in a research report on Tuesday, October 11th. FIG Partners lowered shares of Pacific Premier Bancorp from an “outperform” rating to a “market perform” rating in a research report on Thursday, July 21st. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $24.25.
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A number of hedge funds have recently modified their holdings of the stock. Vaughan Nelson Investment Management L.P. bought a new stake in shares of Pacific Premier Bancorp during the second quarter worth $20,477,000. Royal Bank of Canada raised its stake in shares of Pacific Premier Bancorp by 341.4% in the first quarter. Royal Bank of Canada now owns 715,239 shares of the financial services provider’s stock worth $15,284,000 after buying an additional 553,214 shares in the last quarter. Diligent Investors LLC bought a new stake in shares of Pacific Premier Bancorp during the second quarter worth $7,744,000. Wedge Capital Management L L P NC raised its stake in shares of Pacific Premier Bancorp by 713.3% in the second quarter. Wedge Capital Management L L P NC now owns 293,609 shares of the financial services provider’s stock worth $4,613,000 after buying an additional 257,509 shares in the last quarter. Finally, Principal Financial Group Inc. bought a new stake in shares of Pacific Premier Bancorp during the second quarter worth $4,030,000. Hedge funds and other institutional investors own 71.78% of the company’s stock.
The company has a market cap of $687.25 million, a PE ratio of 17.46 and a beta of 0.62. The firm’s 50 day moving average price is $26.88 and its 200 day moving average price is $24.78.
About Pacific Premier Bancorp
Pacific Premier Bancorp, Inc is a bank holding company. The Company’s subsidiary, Pacific Premier Bank (the Bank), is a California state-chartered commercial bank. The Bank’s primary focus market is small and middle market businesses. The Bank offers various deposit products and services, including checking, money market and savings accounts, cash management services, electronic banking services and online bill payment.
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