Bank of New York Mellon Corp Reduces Stake in Pacific Premier Bancorp Inc (NASDAQ:PPBI)

Bank of New York Mellon Corp decreased its stake in shares of Pacific Premier Bancorp Inc (NASDAQ:PPBI) by 3.5% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,089,161 shares of the financial services provider’s stock after selling 39,562 shares during the period. Bank of New York Mellon Corp owned 1.12% of Pacific Premier Bancorp worth $23,221,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Proficio Capital Partners LLC purchased a new stake in Pacific Premier Bancorp in the 4th quarter worth approximately $1,009,000. Raymond James Financial Inc. bought a new stake in shares of Pacific Premier Bancorp in the fourth quarter worth $8,720,000. HighTower Advisors LLC lifted its position in Pacific Premier Bancorp by 4.2% during the fourth quarter. HighTower Advisors LLC now owns 19,371 shares of the financial services provider’s stock valued at $483,000 after purchasing an additional 772 shares in the last quarter. Cibc World Markets Corp purchased a new position in Pacific Premier Bancorp during the fourth quarter valued at $223,000. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Pacific Premier Bancorp in the fourth quarter valued at about $517,000. Hedge funds and other institutional investors own 93.11% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on PPBI shares. Wall Street Zen initiated coverage on Pacific Premier Bancorp in a research note on Thursday, May 22nd. They set a “sell” rating on the stock. DA Davidson downgraded Pacific Premier Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $27.25.

Insider Activity at Pacific Premier Bancorp

In related news, COO Edward Earl Wilcox sold 14,500 shares of the business’s stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $20.28, for a total value of $294,060.00. Following the sale, the chief operating officer directly owned 140,283 shares in the company, valued at $2,844,939.24. The trade was a 9.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.29% of the company’s stock.

Pacific Premier Bancorp Trading Up 2.1%

Shares of Pacific Premier Bancorp stock opened at $22.11 on Friday. Pacific Premier Bancorp Inc has a 52-week low of $18.06 and a 52-week high of $30.28. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. The company’s 50-day simple moving average is $21.62 and its 200-day simple moving average is $22.31. The firm has a market cap of $2.15 billion, a price-to-earnings ratio of 14.55 and a beta of 1.16.

Pacific Premier Bancorp (NASDAQ:PPBI) last posted its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.07. Pacific Premier Bancorp had a net margin of 16.89% and a return on equity of 5.01%. The company had revenue of $144.83 million for the quarter, compared to the consensus estimate of $143.25 million. During the same quarter last year, the firm posted $0.49 earnings per share. As a group, equities research analysts anticipate that Pacific Premier Bancorp Inc will post 1.34 earnings per share for the current year.

Pacific Premier Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, May 12th. Shareholders of record on Monday, May 5th were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 5.97%. The ex-dividend date of this dividend was Monday, May 5th. Pacific Premier Bancorp’s payout ratio is 86.84%.

Pacific Premier Bancorp Profile

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.