Pacific Premier Bancorp (NASDAQ:PPBI) Shares Gap Down on Disappointing Earnings

Pacific Premier Bancorp, Inc. (NASDAQ:PPBI) shares gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $25.87, but opened at $25.12. Pacific Premier Bancorp shares last traded at $24.25, with a volume of 25,136 shares.

The financial services provider reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.01). The firm had revenue of $224.49 million during the quarter, compared to analyst estimates of $153.23 million. During the same quarter last year, the company posted $0.48 earnings per share.

Pacific Premier Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 12th. Shareholders of record on Monday, November 4th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $1.32 annualized dividend and a yield of 5.26%. Pacific Premier Bancorp’s dividend payout ratio (DPR) is presently -3,299.18%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PPBI shares. Wedbush decreased their price objective on shares of Pacific Premier Bancorp from $27.00 to $25.00 and set a “neutral” rating for the company in a report on Friday. Stephens upped their price target on shares of Pacific Premier Bancorp from $25.00 to $26.00 and gave the company an “equal weight” rating in a report on Thursday, July 25th. Finally, Raymond James raised their price target on Pacific Premier Bancorp from $25.00 to $28.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Pacific Premier Bancorp presently has a consensus rating of “Hold” and an average target price of $26.50.

Insider Buying and Selling

In other Pacific Premier Bancorp news, COO Edward Earl Wilcox sold 30,499 shares of Pacific Premier Bancorp stock in a transaction on Monday, September 9th. The shares were sold at an average price of $23.63, for a total transaction of $720,691.37. Following the sale, the chief operating officer now owns 230,592 shares in the company, valued at $5,448,888.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Pacific Premier Bancorp news, COO Edward Earl Wilcox sold 30,499 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $23.63, for a total transaction of $720,691.37. Following the completion of the transaction, the chief operating officer now directly owns 230,592 shares in the company, valued at $5,448,888.96. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jeff C. Jones sold 11,251 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $23.62, for a total transaction of $265,748.62. Following the completion of the transaction, the director now owns 123,794 shares in the company, valued at approximately $2,924,014.28. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.21% of the stock is owned by company insiders.

Institutional Investors Weigh In On Pacific Premier Bancorp

A number of hedge funds have recently added to or reduced their stakes in PPBI. Fidelis Capital Partners LLC bought a new stake in shares of Pacific Premier Bancorp during the first quarter valued at approximately $27,000. GAMMA Investing LLC increased its stake in shares of Pacific Premier Bancorp by 121.5% in the 3rd quarter. GAMMA Investing LLC now owns 1,183 shares of the financial services provider’s stock valued at $30,000 after buying an additional 649 shares during the period. nVerses Capital LLC raised its position in shares of Pacific Premier Bancorp by 93.8% during the second quarter. nVerses Capital LLC now owns 3,100 shares of the financial services provider’s stock worth $71,000 after acquiring an additional 1,500 shares during the last quarter. Innealta Capital LLC acquired a new position in shares of Pacific Premier Bancorp during the second quarter valued at $95,000. Finally, Point72 DIFC Ltd boosted its holdings in Pacific Premier Bancorp by 202.9% in the second quarter. Point72 DIFC Ltd now owns 7,966 shares of the financial services provider’s stock valued at $183,000 after acquiring an additional 5,336 shares during the last quarter. Institutional investors own 93.11% of the company’s stock.

Pacific Premier Bancorp Stock Performance

The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of -627.09 and a beta of 1.22. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a 50-day moving average of $25.09 and a 200 day moving average of $23.84.

About Pacific Premier Bancorp

Pacific Premier Bancorp, Inc operates as the bank holding company for Pacific Premier Bank that provides various banking products and services in the United States. The company accepts deposit products, which includes checking, money market, savings accounts, and certificates of deposit. Its loan portfolio includes commercial real estate owner and non-owner-occupied, multifamily, construction and land, franchise real estate secured, and small business administration (SBA); revolving lines of credit, term loans, seasonal loans, and loans secured by liquid collateral; one-to-four family and home equity lines of credit loans; and small balance personal unsecured loans and savings account secured loans.