Pacific Premier Bancorp Inc (PPBI) Downgraded to “Equal Weight” at Stephens
Stephens cut shares of Pacific Premier Bancorp Inc (NASDAQ:PPBI) from an overweight rating to an equal weight rating in a research note released on Wednesday morning, Marketbeat Ratings reports.
PPBI has been the subject of several other reports. Zacks Investment Research raised shares of Pacific Premier Bancorp from a hold rating to a buy rating and set a $40.00 price objective for the company in a research report on Wednesday, June 28th. Keefe, Bruyette & Woods reaffirmed a buy rating and set a $42.00 price objective on shares of Pacific Premier Bancorp in a research report on Wednesday, June 28th. BidaskClub raised shares of Pacific Premier Bancorp from a sell rating to a hold rating in a research report on Thursday, June 29th. FBR & Co raised shares of Pacific Premier Bancorp from a market perform rating to an outperform rating and lifted their price objective for the stock from $40.00 to $44.00 in a research report on Monday, May 1st. Finally, Piper Jaffray Companies reaffirmed an overweight rating and set a $41.00 price objective (down from $43.00) on shares of Pacific Premier Bancorp in a research report on Monday, April 17th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of Buy and an average price target of $41.75.
Pacific Premier Bancorp (PPBI) opened at 35.30 on Wednesday. Pacific Premier Bancorp has a 12 month low of $24.00 and a 12 month high of $41.90. The firm has a market capitalization of $1.41 billion, a P/E ratio of 24.48 and a beta of 0.73. The stock’s 50 day moving average price is $36.62 and its 200-day moving average price is $37.23.
Pacific Premier Bancorp (NASDAQ:PPBI) last released its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by $0.12. The firm had revenue of $72.10 million for the quarter, compared to analysts’ expectations of $68.18 million. Pacific Premier Bancorp had a return on equity of 11.98% and a net margin of 19.85%. During the same period last year, the firm posted $0.38 earnings per share. Equities analysts forecast that Pacific Premier Bancorp will post $1.68 earnings per share for the current year.
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In related news, Director Simone Lagomarsino sold 6,250 shares of Pacific Premier Bancorp stock in a transaction on Monday, May 15th. The shares were sold at an average price of $37.00, for a total transaction of $231,250.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders have sold a total of 29,799 shares of company stock worth $1,099,688 over the last quarter. 4.59% of the stock is owned by company insiders.
A number of large investors have recently made changes to their positions in the company. Acrospire Investment Management LLC bought a new stake in shares of Pacific Premier Bancorp during the first quarter valued at approximately $109,000. UBS Asset Management Americas Inc. bought a new stake in shares of Pacific Premier Bancorp during the first quarter valued at approximately $214,000. Swiss National Bank raised its stake in shares of Pacific Premier Bancorp by 28.6% in the first quarter. Swiss National Bank now owns 58,474 shares of the financial services provider’s stock valued at $2,254,000 after buying an additional 13,000 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Pacific Premier Bancorp by 11.6% in the first quarter. Bank of New York Mellon Corp now owns 288,262 shares of the financial services provider’s stock valued at $11,112,000 after buying an additional 30,055 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Pacific Premier Bancorp by 10.7% in the first quarter. First Trust Advisors LP now owns 51,683 shares of the financial services provider’s stock valued at $1,992,000 after buying an additional 4,990 shares in the last quarter. Hedge funds and other institutional investors own 62.72% of the company’s stock.
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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