PNC Financial Services Group Inc. Sells 3,091 Shares of Pacific Premier Bancorp Inc (NASDAQ:PPBI)

PNC Financial Services Group Inc. decreased its holdings in Pacific Premier Bancorp Inc (NASDAQ:PPBI) by 20.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,039 shares of the financial services provider’s stock after selling 3,091 shares during the period. PNC Financial Services Group Inc.’s holdings in Pacific Premier Bancorp were worth $257,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Victory Capital Management Inc. raised its stake in Pacific Premier Bancorp by 2.6% in the first quarter. Victory Capital Management Inc. now owns 1,464,112 shares of the financial services provider’s stock worth $31,215,000 after buying an additional 37,267 shares in the last quarter. Nuveen Asset Management LLC raised its stake in Pacific Premier Bancorp by 25.0% in the fourth quarter. Nuveen Asset Management LLC now owns 942,505 shares of the financial services provider’s stock worth $23,487,000 after buying an additional 188,530 shares in the last quarter. Azora Capital LP raised its stake in Pacific Premier Bancorp by 54.4% in the fourth quarter. Azora Capital LP now owns 747,779 shares of the financial services provider’s stock worth $18,635,000 after buying an additional 263,383 shares in the last quarter. Millennium Management LLC raised its stake in Pacific Premier Bancorp by 50.2% in the fourth quarter. Millennium Management LLC now owns 687,180 shares of the financial services provider’s stock worth $17,125,000 after buying an additional 229,821 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in Pacific Premier Bancorp by 1.8% in the fourth quarter. Wellington Management Group LLP now owns 596,654 shares of the financial services provider’s stock worth $14,869,000 after buying an additional 10,321 shares in the last quarter. Institutional investors own 93.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PPBI. Wall Street Zen began coverage on shares of Pacific Premier Bancorp in a research note on Thursday, May 22nd. They issued a “sell” rating for the company. DA Davidson downgraded Pacific Premier Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 24th.

Pacific Premier Bancorp Stock Performance

Shares of PPBI stock opened at $23.12 on Friday. The business’s fifty day simple moving average is $21.83 and its 200-day simple moving average is $21.93. The company has a market cap of $2.24 billion, a PE ratio of 16.28 and a beta of 1.19. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.04. Pacific Premier Bancorp Inc has a 12-month low of $18.06 and a 12-month high of $30.28.

Pacific Premier Bancorp (NASDAQ:PPBI) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.05. The business had revenue of $145.64 million for the quarter, compared to the consensus estimate of $147.67 million. Pacific Premier Bancorp had a return on equity of 4.85% and a net margin of 16.13%. During the same period in the prior year, the firm posted $0.43 earnings per share. Analysts expect that Pacific Premier Bancorp Inc will post 1.34 earnings per share for the current fiscal year.

Pacific Premier Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th were issued a dividend of $0.33 per share. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 5.7%. Pacific Premier Bancorp’s payout ratio is 92.96%.

Insider Buying and Selling at Pacific Premier Bancorp

In other news, General Counsel Steven R. Arnold sold 5,000 shares of the business’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $22.54, for a total transaction of $112,700.00. Following the sale, the general counsel directly owned 51,042 shares of the company’s stock, valued at $1,150,486.68. The trade was a 8.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.29% of the stock is owned by company insiders.

Pacific Premier Bancorp Company 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.