Pacific Premier Bancorp Inc (PPBI) Cut to Strong Sell at BidaskClub

BidaskClub cut shares of Pacific Premier Bancorp Inc (NASDAQ:PPBI) from a sell rating to a strong sell rating in a report published on Tuesday, August 1st.

A number of other equities research analysts have also recently issued reports on the stock. Zacks Investment Research raised shares of Pacific Premier Bancorp from a hold rating to a buy rating and set a $40.00 target price on the stock in a report on Wednesday, June 28th. Piper Jaffray Companies reissued an overweight rating and set a $41.00 target price (down previously from $43.00) on shares of Pacific Premier Bancorp in a report on Monday, April 17th. FBR & Co raised shares of Pacific Premier Bancorp from a market perform rating to an outperform rating and boosted their target price for the company from $40.00 to $44.00 in a report on Monday, May 1st. ValuEngine raised shares of Pacific Premier Bancorp from a hold rating to a buy rating in a report on Monday, July 24th. Finally, Keefe, Bruyette & Woods reissued a buy rating and set a $42.00 target price on shares of Pacific Premier Bancorp in a report on Wednesday, June 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $41.75.

Shares of Pacific Premier Bancorp (PPBI) opened at 35.50 on Tuesday. The firm has a market cap of $1.42 billion, a P/E ratio of 24.62 and a beta of 0.72. The company’s 50-day moving average price is $36.47 and its 200-day moving average price is $37.05. Pacific Premier Bancorp has a 12 month low of $24.00 and a 12 month high of $41.90.

Pacific Premier Bancorp (NASDAQ:PPBI) last posted its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by $0.12. Pacific Premier Bancorp had a return on equity of 9.42% and a net margin of 19.85%. The company had revenue of $72.10 million during the quarter, compared to the consensus estimate of $68.18 million. During the same period last year, the firm posted $0.38 EPS. On average, analysts predict that Pacific Premier Bancorp will post $1.68 EPS for the current year.

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In related news, Director Simone Lagomarsino sold 6,250 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $36.00, for a total value of $225,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 18,750 shares of company stock valued at $678,438 over the last 90 days. Company insiders own 4.59% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in PPBI. State Street Corp raised its position in shares of Pacific Premier Bancorp by 54.6% in the first quarter. State Street Corp now owns 910,631 shares of the financial services provider’s stock valued at $35,104,000 after buying an additional 321,765 shares during the period. Westfield Capital Management Co. LP bought a new position in shares of Pacific Premier Bancorp during the first quarter valued at about $17,676,000. Chicago Equity Partners LLC bought a new position in shares of Pacific Premier Bancorp during the first quarter valued at about $2,204,000. Public Employees Retirement System of Ohio raised its position in shares of Pacific Premier Bancorp by 67.1% in the first quarter. Public Employees Retirement System of Ohio now owns 54,300 shares of the financial services provider’s stock valued at $2,093,000 after buying an additional 21,800 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Pacific Premier Bancorp by 36.6% in the first quarter. Geode Capital Management LLC now owns 283,398 shares of the financial services provider’s stock valued at $10,924,000 after buying an additional 75,875 shares during the period. Institutional investors own 65.29% of the company’s stock.

About Pacific Premier Bancorp

Pacific Premier Bancorp, Inc is a bank holding company. The Company’s subsidiary, Pacific Premier Bank (the Bank), is a California state-chartered commercial bank. The Company’s principal business is attracting deposits from small and middle market businesses and consumers and investing those deposits together with funds generated from operations and borrowings, primarily in commercial business loans and various types of commercial real estate (CRE) loans.

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