Maryland State Retirement & Pension System Cuts Holdings in Pacific Premier Bancorp, Inc. (NASDAQ:PPBI)

Maryland State Retirement & Pension System decreased its position in Pacific Premier Bancorp, Inc. (NASDAQ:PPBI) by 2.7% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 33,622 shares of the financial services provider’s stock after selling 935 shares during the period. Maryland State Retirement & Pension System’s holdings in Pacific Premier Bancorp were worth $772,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in Pacific Premier Bancorp by 38.8% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 576,827 shares of the financial services provider’s stock worth $13,250,000 after acquiring an additional 161,348 shares during the period. Innealta Capital LLC bought a new stake in shares of Pacific Premier Bancorp during the 2nd quarter worth $95,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Pacific Premier Bancorp by 6.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,924 shares of the financial services provider’s stock worth $527,000 after purchasing an additional 1,363 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Pacific Premier Bancorp by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,203,751 shares of the financial services provider’s stock worth $27,650,000 after buying an additional 16,038 shares during the last quarter. Finally, Louisiana State Employees Retirement System increased its holdings in Pacific Premier Bancorp by 2.1% during the second quarter. Louisiana State Employees Retirement System now owns 48,500 shares of the financial services provider’s stock worth $1,114,000 after buying an additional 1,000 shares during the last quarter. Institutional investors own 93.11% of the company’s stock.

Pacific Premier Bancorp Price Performance

Pacific Premier Bancorp stock opened at $25.70 on Monday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.89 and a quick ratio of 0.89. Pacific Premier Bancorp, Inc. has a one year low of $17.86 and a one year high of $30.13. The firm has a market capitalization of $2.48 billion, a P/E ratio of 197.71 and a beta of 1.24. The business has a fifty day moving average price of $24.76 and a 200-day moving average price of $23.37.

Pacific Premier Bancorp (NASDAQ:PPBI) last issued its earnings results on Wednesday, July 24th. The financial services provider reported $0.43 EPS for the quarter, hitting the consensus estimate of $0.43. The company had revenue of $154.62 million during the quarter, compared to the consensus estimate of $162.23 million. During the same quarter in the prior year, the business earned $0.60 EPS. The firm’s revenue for the quarter was down 9.5% compared to the same quarter last year. As a group, equities research analysts forecast that Pacific Premier Bancorp, Inc. will post 1.65 EPS for the current year.

Pacific Premier Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 12th. Stockholders of record on Monday, August 5th were issued a $0.33 dividend. The ex-dividend date was Monday, August 5th. This represents a $1.32 annualized dividend and a dividend yield of 5.14%. Pacific Premier Bancorp’s payout ratio is currently 1,015.46%.

Analyst Upgrades and Downgrades

PPBI has been the subject of a number of research reports. StockNews.com raised shares of Pacific Premier Bancorp to a “sell” rating in a research report on Friday, May 17th. Raymond James increased their price objective on Pacific Premier Bancorp from $25.00 to $28.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Wedbush boosted their target price on Pacific Premier Bancorp from $23.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, July 25th. Finally, Stephens increased their price target on Pacific Premier Bancorp from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Pacific Premier Bancorp presently has a consensus rating of “Hold” and an average target price of $26.50.

About Pacific Premier Bancorp

Pacific Premier Bancorp, Inc operates as the bank holding company for Pacific Premier Bank that provides various banking products and services in the United States. The company accepts deposit products, which includes checking, money market, savings accounts, and certificates of deposit. Its loan portfolio includes commercial real estate owner and non-owner-occupied, multifamily, construction and land, franchise real estate secured, and small business administration (SBA); revolving lines of credit, term loans, seasonal loans, and loans secured by liquid collateral; one-to-four family and home equity lines of credit loans; and small balance personal unsecured loans and savings account secured loans.