Pacific Premier Bancorp, Inc. (NASDAQ:PPBI) Shares Sold by Bank of America Corp DE

Bank of America Corp DE reduced its holdings in shares of Pacific Premier Bancorp, Inc. (NASDAQ:PPBI - Free Report) by 11.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 706,265 shares of the financial services provider's stock after selling 94,650 shares during the period. Bank of America Corp DE owned about 0.73% of Pacific Premier Bancorp worth $17,600,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Raymond James Financial Inc. purchased a new stake in shares of Pacific Premier Bancorp in the 4th quarter valued at approximately $8,720,000. Beacon Pointe Advisors LLC purchased a new stake in shares of Pacific Premier Bancorp in the 4th quarter valued at approximately $7,798,000. Invesco Ltd. grew its position in shares of Pacific Premier Bancorp by 12.1% in the 4th quarter. Invesco Ltd. now owns 2,246,800 shares of the financial services provider's stock valued at $55,990,000 after buying an additional 241,881 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Pacific Premier Bancorp by 142.2% in the 4th quarter. JPMorgan Chase & Co. now owns 364,604 shares of the financial services provider's stock valued at $9,086,000 after buying an additional 214,069 shares during the last quarter. Finally, Fisher Asset Management LLC grew its position in shares of Pacific Premier Bancorp by 58.9% in the 4th quarter. Fisher Asset Management LLC now owns 537,000 shares of the financial services provider's stock valued at $13,382,000 after buying an additional 199,000 shares during the last quarter. 93.11% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, COO Edward Earl Wilcox sold 14,500 shares of the firm's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $20.28, for a total value of $294,060.00. Following the completion of the sale, the chief operating officer now owns 140,283 shares in the company, valued at approximately $2,844,939.24. This trade represents a 9.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.29% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms recently commented on PPBI. DA Davidson downgraded shares of Pacific Premier Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Thursday, April 24th. Wall Street Zen began coverage on shares of Pacific Premier Bancorp in a research report on Thursday. They issued a "sell" rating on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, Pacific Premier Bancorp has a consensus rating of "Hold" and a consensus target price of $27.25.

Pacific Premier Bancorp Stock Performance

Pacific Premier Bancorp stock traded down $0.12 during midday trading on Monday, hitting $21.05. 914,361 shares of the company's stock were exchanged, compared to its average volume of 648,690. Pacific Premier Bancorp, Inc. has a 12-month low of $18.06 and a 12-month high of $30.28. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a market cap of $2.04 billion, a price-to-earnings ratio of 12.84 and a beta of 1.18. The firm's 50 day simple moving average is $20.73 and its 200 day simple moving average is $23.74.

Pacific Premier Bancorp (NASDAQ:PPBI - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.07. Pacific Premier Bancorp had a net margin of 17.54% and a return on equity of 5.43%. The company had revenue of $144.83 million for the quarter, compared to the consensus estimate of $143.25 million. During the same period last year, the firm posted $0.49 EPS. Equities research analysts predict that Pacific Premier Bancorp, Inc. will post 1.34 EPS for the current year.

Pacific Premier Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 12th. Shareholders of record on Monday, May 5th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 6.27%. The ex-dividend date of this dividend was Monday, May 5th. Pacific Premier Bancorp's payout ratio is currently 86.84%.

Pacific Premier Bancorp 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.