Zacks: Analysts Expect Pacific Premier Bancorp Inc (PPBI) Will Announce Quarterly Sales of $72.23 Million
Wall Street brokerages expect Pacific Premier Bancorp Inc (NASDAQ:PPBI) to post $72.23 million in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Pacific Premier Bancorp’s earnings, with the highest sales estimate coming in at $72.40 million and the lowest estimate coming in at $72.00 million. Pacific Premier Bancorp reported sales of $44.98 million in the same quarter last year, which indicates a positive year-over-year growth rate of 60.6%. The firm is expected to issue its next quarterly earnings report before the market opens on Tuesday, October 24th.
On average, analysts expect that Pacific Premier Bancorp will report full-year sales of $72.23 million for the current fiscal year, with estimates ranging from $263.50 million to $264.80 million. For the next fiscal year, analysts anticipate that the firm will post sales of $380.27 million per share, with estimates ranging from $371.60 million to $389.70 million. Zacks’ sales averages are a mean average based on a survey of research firms that follow Pacific Premier Bancorp.
Pacific Premier Bancorp (NASDAQ:PPBI) last posted its earnings results on Tuesday, July 25th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.12). The business had revenue of $72.10 million for the quarter, compared to analyst estimates 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 in the prior year, the firm earned $0.38 earnings per share.
Several brokerages have issued reports on PPBI. ValuEngine downgraded shares of Pacific Premier Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, October 10th. BidaskClub downgraded shares of Pacific Premier Bancorp from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 1st. Stephens downgraded shares of Pacific Premier Bancorp from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, July 26th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $42.00 price objective on shares of Pacific Premier Bancorp in a research report on Wednesday, June 28th. Finally, Piper Jaffray Companies set a $43.00 price objective on shares of Pacific Premier Bancorp and gave the stock a “buy” rating in a research report on Saturday, August 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. Pacific Premier Bancorp currently has an average rating of “Hold” and a consensus target price of $43.00.
Pacific Premier Bancorp (NASDAQ PPBI) traded up 0.75% on Friday, reaching $40.45. 514,953 shares of the company were exchanged. Pacific Premier Bancorp has a 52 week low of $24.00 and a 52 week high of $41.90. The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of 28.05 and a beta of 0.73. The stock has a 50-day moving average price of $36.47 and a 200 day moving average price of $36.27.
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In other news, CEO Steven R. Gardner sold 12,500 shares of the firm’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $34.76, for a total value of $434,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Simone Lagomarsino sold 6,250 shares of the firm’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $36.00, for a total transaction of $225,000.00. The disclosure for this sale can be found here. Insiders sold a total of 87,916 shares of company stock valued at $3,019,210 in the last 90 days. Company insiders own 4.59% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. State Street Corp lifted its stake in shares of Pacific Premier Bancorp by 54.6% in the 1st quarter. State Street Corp now owns 910,631 shares of the financial services provider’s stock worth $35,104,000 after acquiring an additional 321,765 shares during the period. TD Asset Management Inc. acquired a new stake in shares of Pacific Premier Bancorp in the 2nd quarter worth $601,000. Jennison Associates LLC acquired a new stake in shares of Pacific Premier Bancorp in the 2nd quarter worth $466,000. Public Employees Retirement System of Ohio lifted its stake in shares of Pacific Premier Bancorp by 67.1% in the 1st quarter. Public Employees Retirement System of Ohio now owns 54,300 shares of the financial services provider’s stock worth $2,093,000 after acquiring an additional 21,800 shares during the period. Finally, CNH Partners LLC acquired a new stake in shares of Pacific Premier Bancorp in the 2nd quarter worth $1,384,000. Institutional investors own 81.89% 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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