Pacific Premier Bancorp (NASDAQ:PPBI) Shares Up 4.6% on Strong Earnings

Pacific Premier Bancorp, Inc. (NASDAQ:PPBI - Get Free Report)'s share price shot up 4.6% during trading on Thursday following a stronger than expected earnings report. The company traded as high as $25.62 and last traded at $25.55. 118,019 shares were traded during mid-day trading, a decline of 70% from the average session volume of 393,871 shares. The stock had previously closed at $24.42.

The financial services provider reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.03.

Pacific Premier Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, February 10th. Shareholders of record on Monday, February 3rd will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $1.32 dividend on an annualized basis and a yield of 5.29%. Pacific Premier Bancorp's dividend payout ratio (DPR) is currently 80.49%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PPBI. DA Davidson reduced their target price on shares of Pacific Premier Bancorp from $33.00 to $30.00 and set a "buy" rating for the company in a research report on Friday. Wedbush dropped their price objective on shares of Pacific Premier Bancorp from $27.00 to $25.00 and set a "neutral" rating on the stock in a report on Friday, October 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $27.00.

Insider Buying and Selling at Pacific Premier Bancorp

In related news, EVP Michael S. Karr sold 10,290 shares of the company's 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 transaction, the executive vice president now directly owns 79,474 shares of the company's stock, valued at $2,135,466.38. This represents a 11.46 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Margaret S. Ohlhaver sold 9,273 shares of the firm's stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $27.96, for a total value of $259,273.08. Following the sale, the executive vice president now directly owns 25,475 shares in the company, valued at approximately $712,281. This trade represents a 26.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.21% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PPBI. GAMMA Investing LLC grew its holdings in shares of Pacific Premier Bancorp by 121.5% during the 3rd quarter. GAMMA Investing LLC now owns 1,183 shares of the financial services provider's stock worth $30,000 after purchasing an additional 649 shares during the period. Point72 Asset Management L.P. acquired a new position in Pacific Premier Bancorp during the 3rd quarter worth about $60,000. KBC Group NV grew its position in Pacific Premier Bancorp by 30.0% in the 3rd quarter. KBC Group NV now owns 3,679 shares of the financial services provider's stock valued at $93,000 after acquiring an additional 849 shares in the last quarter. FMR LLC lifted its position in shares of Pacific Premier Bancorp by 11.9% during the third quarter. FMR LLC now owns 6,782 shares of the financial services provider's stock worth $171,000 after purchasing an additional 723 shares in the last quarter. Finally, Point72 DIFC Ltd boosted its position in Pacific Premier Bancorp by 202.9% in the 2nd quarter. Point72 DIFC Ltd now owns 7,966 shares of the financial services provider's stock valued at $183,000 after buying an additional 5,336 shares during the period. Hedge funds and other institutional investors own 93.11% of the company's stock.

Pacific Premier Bancorp Stock Performance

The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of -166.46 and a beta of 1.26. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a 50 day moving average price of $26.09 and a 200-day moving average price of $25.68.

Pacific Premier Bancorp Company Profile

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.