Bank of America Corp DE reduced its position in shares of Pacific Premier Bancorp Inc (NASDAQ:PPBI) by 23.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 75,074 shares of the financial services provider’s stock after selling 23,310 shares during the period. Bank of America Corp DE owned about 0.27% of Pacific Premier Bancorp worth $2,894,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Westfield Capital Management Co. LP acquired a new stake in shares of Pacific Premier Bancorp during the first quarter worth $17,676,000. Chicago Equity Partners LLC acquired a new stake in shares of Pacific Premier Bancorp during the first quarter worth $2,204,000. Geode Capital Management LLC raised its stake 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 worth $10,924,000 after buying an additional 75,875 shares in the last quarter. Chartwell Investment Partners LLC acquired a new stake in shares of Pacific Premier Bancorp during the first quarter worth $3,682,000. Finally, TIAA CREF Investment Management LLC raised its stake in shares of Pacific Premier Bancorp by 20.4% in the first quarter. TIAA CREF Investment Management LLC now owns 145,283 shares of the financial services provider’s stock worth $5,601,000 after buying an additional 24,649 shares in the last quarter. 65.29% of the stock is currently owned by institutional investors.
Shares of Pacific Premier Bancorp Inc (PPBI) opened at 35.50 on Friday. The stock’s 50 day moving average is $36.47 and its 200-day moving average is $37.05. Pacific Premier Bancorp Inc has a 52-week low of $24.00 and a 52-week high of $41.90. The firm has a market capitalization of $1.42 billion, a P/E ratio of 24.62 and a beta of 0.72.
Pacific Premier Bancorp (NASDAQ:PPBI) last posted its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by $0.12. The company had revenue of $72.10 million during the quarter, compared to the consensus estimate of $68.18 million. Pacific Premier Bancorp had a net margin of 19.85% and a return on equity of 9.42%. During the same quarter last year, the business earned $0.38 earnings per share. On average, equities analysts forecast that Pacific Premier Bancorp Inc will post $1.68 earnings per share for the current fiscal year.
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PPBI has been the topic of a number of analyst reports. Zacks Investment Research raised Pacific Premier Bancorp from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a report on Wednesday, June 28th. BidaskClub downgraded shares of Pacific Premier Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $42.00 price target on shares of Pacific Premier Bancorp in a research report on Wednesday, June 28th. Stephens downgraded shares of Pacific Premier Bancorp from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, July 26th. Finally, ValuEngine upgraded shares of Pacific Premier Bancorp from a “hold” rating to a “buy” rating in a research report on Monday, July 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $41.75.
In related news, Director Simone Lagomarsino sold 6,250 shares of the firm’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $36.30, for a total transaction of $226,875.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 18,750 shares of company stock valued at $678,438 over the last 90 days. 4.59% of the stock is currently owned by insiders.
Pacific Premier Bancorp Company Profile
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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