Pacific Premier Bancorp Inc (NASDAQ:PPBI) Posts Earnings Results, Misses Expectations By $0.08 EPS
Pacific Premier Bancorp Inc (NASDAQ:PPBI) posted its quarterly earnings results on Tuesday. The financial services provider reported $0.35 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.43 by $0.08, MarketWatch Earnings reports. Pacific Premier Bancorp had a return on equity of 9.90% and a net margin of 21.18%. During the same period in the previous year, the company earned $0.38 EPS.
Pacific Premier Bancorp (NASDAQ:PPBI) opened at 37.90 on Tuesday. The firm has a market cap of $1.51 billion, a price-to-earnings ratio of 25.84 and a beta of 0.73. Pacific Premier Bancorp has a one year low of $23.72 and a one year high of $41.90. The stock’s 50 day moving average price is $36.52 and its 200-day moving average price is $37.24.
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A number of equities research analysts have recently weighed in on PPBI shares. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $41.00 price target (down from $43.00) on shares of Pacific Premier Bancorp in a research note on Monday, April 17th. Zacks Investment Research downgraded Pacific Premier Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, April 28th. FBR & Co raised Pacific Premier Bancorp from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $40.00 to $44.00 in a research note on Monday, May 1st. BidaskClub downgraded Pacific Premier Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $42.00 price target on shares of Pacific Premier Bancorp in a research note on Wednesday, June 28th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Pacific Premier Bancorp currently has a consensus rating of “Buy” and a consensus target price of $41.75.
In related news, Director Simone Lagomarsino sold 6,250 shares of the company’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $36.30, for a total transaction of $226,875.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 23,549 shares of company stock worth $873,125 in the last quarter. 4.59% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in PPBI. Wellington Management Group LLP raised its stake in Pacific Premier Bancorp by 78.6% in the first quarter. Wellington Management Group LLP now owns 1,906,964 shares of the financial services provider’s stock valued at $73,513,000 after buying an additional 839,113 shares during the last quarter. Westfield Capital Management Co. LP bought a new stake in Pacific Premier Bancorp during the first quarter valued at about $17,676,000. State Street Corp raised its stake in Pacific Premier Bancorp by 54.6% in the first quarter. State Street Corp now owns 910,631 shares of the financial services provider’s stock valued at $35,104,000 after buying an additional 321,765 shares during the last quarter. Mendon Capital Advisors Corp bought a new stake in Pacific Premier Bancorp during the first quarter valued at about $11,820,000. Finally, Principal Financial Group Inc. raised its stake in Pacific Premier Bancorp by 112.4% in the first quarter. Principal Financial Group Inc. now owns 428,297 shares of the financial services provider’s stock valued at $16,511,000 after buying an additional 226,628 shares during the last quarter. Institutional investors and hedge funds own 62.72% of the company’s stock.
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 Company’s principal business is attracting deposits from small and middle market businesses and consumers and investing those deposits together with funds generated from operations and borrowings, primarily in commercial business loans and various types of commercial real estate (CRE) loans.
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