Principal Financial Group Inc. Reduces Stock Position in Pacific Premier Bancorp, Inc. (NASDAQ:PPBI)

Principal Financial Group Inc. reduced its position in shares of Pacific Premier Bancorp, Inc. (NASDAQ:PPBI) by 1.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 782,671 shares of the financial services provider’s stock after selling 11,873 shares during the period. Principal Financial Group Inc. owned 0.83% of Pacific Premier Bancorp worth $32,433,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of PPBI. BlackRock Inc. raised its stake in Pacific Premier Bancorp by 0.4% in the second quarter. BlackRock Inc. now owns 13,986,358 shares of the financial services provider’s stock worth $591,482,000 after buying an additional 62,496 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Pacific Premier Bancorp by 3.0% during the second quarter. Vanguard Group Inc. now owns 10,422,767 shares of the financial services provider’s stock valued at $440,779,000 after purchasing an additional 306,218 shares in the last quarter. State Street Corp increased its stake in shares of Pacific Premier Bancorp by 6.1% during the second quarter. State Street Corp now owns 4,514,081 shares of the financial services provider’s stock valued at $190,900,000 after purchasing an additional 257,525 shares in the last quarter. Macquarie Group Ltd. increased its stake in shares of Pacific Premier Bancorp by 1.7% during the second quarter. Macquarie Group Ltd. now owns 1,978,134 shares of the financial services provider’s stock valued at $83,655,000 after purchasing an additional 33,065 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Pacific Premier Bancorp by 12.1% during the second quarter. Geode Capital Management LLC now owns 1,656,749 shares of the financial services provider’s stock valued at $70,063,000 after purchasing an additional 179,226 shares in the last quarter. Institutional investors own 91.69% of the company’s stock.

PPBI has been the topic of several analyst reports. Zacks Investment Research cut shares of Pacific Premier Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, January 8th. Raymond James cut shares of Pacific Premier Bancorp from a “strong-buy” rating to an “outperform” rating and boosted their price target for the stock from $45.00 to $47.00 in a research note on Thursday, October 7th. They noted that the move was a valuation call.

In other Pacific Premier Bancorp news, Director Joseph L. Garrett sold 1,490 shares of the firm’s stock in a transaction on Wednesday, October 27th. The shares were sold at an average price of $42.89, for a total value of $63,906.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph L. Garrett sold 780 shares of the firm’s stock in a transaction on Tuesday, November 9th. The stock was sold at an average price of $44.10, for a total transaction of $34,398.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 8,518 shares of company stock valued at $371,654. 2.04% of the stock is owned by insiders.

Pacific Premier Bancorp stock opened at $44.27 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.80 and a quick ratio of 0.80. Pacific Premier Bancorp, Inc. has a 1-year low of $32.70 and a 1-year high of $47.46. The firm has a market capitalization of $4.19 billion, a P/E ratio of 13.06 and a beta of 1.28. The company’s 50-day moving average is $40.91 and its 200 day moving average is $40.54.

Pacific Premier Bancorp (NASDAQ:PPBI) last issued its earnings results on Wednesday, October 20th. The financial services provider reported $0.95 EPS for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.13. The business had revenue of $199.20 million for the quarter, compared to the consensus estimate of $189.20 million. Pacific Premier Bancorp had a net margin of 40.06% and a return on equity of 11.61%. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.71 EPS. Research analysts anticipate that Pacific Premier Bancorp, Inc. will post 3.48 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, November 12th. Shareholders of record on Monday, November 1st were paid a $0.33 dividend. The ex-dividend date of this dividend was Friday, October 29th. This represents a $1.32 annualized dividend and a yield of 2.98%. Pacific Premier Bancorp’s dividend payout ratio (DPR) is 38.94%.

Pacific Premier Bancorp Company Profile

Pacific Premier Bancorp, Inc is a bank holding company, which engages in the provision of banking services through its subsidiary, Pacific Premier Bank. It offers deposit products and services for business and consumer customers, including checking, money market and savings accounts, cash management services, electronic banking, and on-line bill payment.

Further Reading: Benefits of owning preferred stock

Institutional Ownership by Quarter for Pacific Premier Bancorp (NASDAQ:PPBI)

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