Geode Capital Management LLC Has $57.96 Million Position in Pacific Premier Bancorp, Inc. (NASDAQ:PPBI)

Geode Capital Management LLC increased its position in shares of Pacific Premier Bancorp, Inc. (NASDAQ:PPBI - Free Report) by 1.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,303,222 shares of the financial services provider's stock after purchasing an additional 25,964 shares during the quarter. Geode Capital Management LLC owned 2.39% of Pacific Premier Bancorp worth $57,960,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of PPBI. Barclays PLC grew its position in shares of Pacific Premier Bancorp by 71.4% during the third quarter. Barclays PLC now owns 203,652 shares of the financial services provider's stock worth $5,123,000 after acquiring an additional 84,859 shares during the last quarter. Y Intercept Hong Kong Ltd increased its stake in shares of Pacific Premier Bancorp by 58.5% in the third quarter. Y Intercept Hong Kong Ltd now owns 44,904 shares of the financial services provider's stock valued at $1,130,000 after purchasing an additional 16,565 shares during the period. Jane Street Group LLC raised its holdings in shares of Pacific Premier Bancorp by 85.4% during the third quarter. Jane Street Group LLC now owns 151,020 shares of the financial services provider's stock valued at $3,800,000 after buying an additional 69,546 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Pacific Premier Bancorp by 1.1% during the third quarter. Wellington Management Group LLP now owns 586,333 shares of the financial services provider's stock worth $14,752,000 after buying an additional 6,608 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in Pacific Premier Bancorp in the 3rd quarter worth approximately $60,000. 93.11% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Michael S. Karr sold 10,290 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $26.87, for a total value of $276,492.30. Following the completion of the sale, the executive vice president now owns 79,474 shares in the company, valued at $2,135,466.38. This represents a 11.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Margaret S. Ohlhaver sold 9,273 shares of Pacific Premier Bancorp stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $27.96, for a total value of $259,273.08. Following the transaction, the executive vice president now owns 25,475 shares in the company, valued at $712,281. This represents a 26.69 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.21% of the company's stock.

Analyst Ratings Changes

Separately, Wedbush cut their target price on Pacific Premier Bancorp from $27.00 to $25.00 and set a "neutral" rating on the stock in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $26.50.

Pacific Premier Bancorp Price Performance

PPBI stock traded down $0.08 during trading hours on Monday, hitting $24.99. 365,171 shares of the stock traded hands, compared to its average volume of 546,510. The stock has a 50-day simple moving average of $27.08 and a 200 day simple moving average of $25.24. The company has a market cap of $2.41 billion, a P/E ratio of -166.59 and a beta of 1.24. Pacific Premier Bancorp, Inc. has a one year low of $20.52 and a one year high of $30.28. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.09.

Pacific Premier Bancorp (NASDAQ:PPBI - Get Free Report) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.01). The firm had revenue of $224.49 million for the quarter, compared to the consensus estimate of $153.23 million. During the same quarter in the prior year, the company earned $0.48 earnings per share. Equities analysts forecast that Pacific Premier Bancorp, Inc. will post 1.6 earnings per share for the current year.

Pacific Premier Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 12th. Shareholders of record on Monday, November 4th were issued a $0.33 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $1.32 annualized dividend and a dividend yield of 5.28%. Pacific Premier Bancorp's dividend payout ratio is currently -880.00%.

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.