Pacific Premier Bancorp, Inc. (NASDAQ:PPBI) was the recipient of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 3,513,084 shares, a decline of 29.2% from the August 15th total of 4,962,317 shares. Currently, 6.3% of the company’s stock are short sold. Based on an average daily volume of 267,205 shares, the days-to-cover ratio is presently 13.1 days.
In related news, Director Simone Lagomarsino sold 7,828 shares of the business’s stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $38.58, for a total transaction of $302,004.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Don M. Griffith sold 19,245 shares of the business’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $40.02, for a total value of $770,184.90. The disclosure for this sale can be found here. 4.59% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of PPBI. Wells Fargo & Company MN increased its holdings in shares of Pacific Premier Bancorp by 5.6% in the first quarter. Wells Fargo & Company MN now owns 135,430 shares of the financial services provider’s stock valued at $5,445,000 after purchasing an additional 7,147 shares during the period. Rhumbline Advisers increased its holdings in shares of Pacific Premier Bancorp by 3.1% in the first quarter. Rhumbline Advisers now owns 90,945 shares of the financial services provider’s stock valued at $3,656,000 after purchasing an additional 2,755 shares during the period. SG Americas Securities LLC acquired a new position in shares of Pacific Premier Bancorp in the first quarter valued at approximately $355,000. Prudential Financial Inc. increased its holdings in shares of Pacific Premier Bancorp by 2.8% in the first quarter. Prudential Financial Inc. now owns 66,356 shares of the financial services provider’s stock valued at $2,668,000 after purchasing an additional 1,810 shares during the period. Finally, Swiss National Bank increased its holdings in shares of Pacific Premier Bancorp by 3.4% in the first quarter. Swiss National Bank now owns 72,174 shares of the financial services provider’s stock valued at $2,901,000 after purchasing an additional 2,400 shares during the period. Institutional investors own 74.55% of the company’s stock.
Shares of NASDAQ PPBI opened at $38.70 on Tuesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.01 and a quick ratio of 1.00. Pacific Premier Bancorp has a twelve month low of $34.55 and a twelve month high of $46.05. The company has a market capitalization of $2.41 billion, a price-to-earnings ratio of 21.86, a PEG ratio of 1.89 and a beta of 0.72.
Pacific Premier Bancorp (NASDAQ:PPBI) last issued its quarterly earnings data on Tuesday, July 24th. The financial services provider reported $0.60 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.02). Pacific Premier Bancorp had a net margin of 24.60% and a return on equity of 8.61%. The firm had revenue of $89.32 million during the quarter, compared to analysts’ expectations of $92.28 million. During the same quarter in the prior year, the firm posted $0.35 EPS. sell-side analysts anticipate that Pacific Premier Bancorp will post 2.55 earnings per share for the current year.
A number of equities research analysts have weighed in on the company. BidaskClub cut Pacific Premier Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, June 8th. ValuEngine upgraded Pacific Premier Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, August 15th. Zacks Investment Research upgraded Pacific Premier Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, August 31st. Finally, Stephens reiterated a “hold” rating and issued a $43.00 price objective on shares of Pacific Premier Bancorp in a research note on Wednesday, July 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $48.00.
About Pacific Premier Bancorp
Pacific Premier Bancorp, Inc operates as the bank holding company for Pacific Premier Bank that provides banking services to businesses, professionals, real estate investors, and non-profit organizations. Its deposit products include checking, money market, and savings accounts. The company's loan portfolio comprises commercial business loans, lines of credit, small business administration loans, commercial real estate loans, agribusiness loans, home equity lines of credit, construction loans, farmland, and consumer loans, as well as multi-family residential, one-to-four family real estate, commercial and industrial, and franchise lending; warehouse repurchase facilities; and credit facilities to Home Owners' Associations (HOA) and HOA management companies.
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