Bank of New York Mellon Corp Sells 39,562 Shares of Pacific Premier Bancorp Inc (NASDAQ:PPBI)

Bank of New York Mellon Corp trimmed its stake in shares of Pacific Premier Bancorp Inc (NASDAQ:PPBI - Free Report) by 3.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,089,161 shares of the financial services provider's stock after selling 39,562 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.12% of Pacific Premier Bancorp worth $23,221,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC increased its holdings in Pacific Premier Bancorp by 47.9% in the first quarter. GAMMA Investing LLC now owns 2,288 shares of the financial services provider's stock worth $49,000 after purchasing an additional 741 shares in the last quarter. Sterling Capital Management LLC increased its holdings in Pacific Premier Bancorp by 729.4% in the fourth quarter. Sterling Capital Management LLC now owns 3,019 shares of the financial services provider's stock worth $75,000 after purchasing an additional 2,655 shares in the last quarter. KBC Group NV increased its holdings in Pacific Premier Bancorp by 11.0% in the first quarter. KBC Group NV now owns 5,501 shares of the financial services provider's stock worth $117,000 after purchasing an additional 546 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in Pacific Premier Bancorp by 171.7% in the fourth quarter. Point72 Asset Management L.P. now owns 6,520 shares of the financial services provider's stock worth $162,000 after purchasing an additional 4,120 shares in the last quarter. Finally, Quantinno Capital Management LP acquired a new stake in Pacific Premier Bancorp in the fourth quarter valued at approximately $200,000. 93.11% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on PPBI. DA Davidson cut Pacific Premier Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 24th. Wall Street Zen began coverage on Pacific Premier Bancorp in a research note on Thursday, May 22nd. They issued a "sell" rating for the company. One equities research 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. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $27.25.

Insider Buying and Selling

In related news, COO Edward Earl Wilcox sold 14,500 shares of Pacific Premier Bancorp stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $20.28, for a total transaction of $294,060.00. Following the sale, the chief operating officer directly owned 140,283 shares in the company, valued at approximately $2,844,939.24. This trade represents a 9.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.29% of the company's stock.

Pacific Premier Bancorp Stock Down 0.7%

Shares of NASDAQ:PPBI traded down $0.15 during mid-day trading on Monday, hitting $21.95. 1,106,337 shares of the company traded hands, compared to its average volume of 718,552. The stock has a market cap of $2.13 billion, a P/E ratio of 14.44 and a beta of 1.16. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.09. Pacific Premier Bancorp Inc has a 12-month low of $18.06 and a 12-month high of $30.28. The stock has a 50-day moving average price of $21.63 and a two-hundred day moving average price of $22.25.

Pacific Premier Bancorp (NASDAQ:PPBI - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.07. The company had revenue of $144.83 million for the quarter, compared to analysts' expectations of $143.25 million. Pacific Premier Bancorp had a return on equity of 5.01% and a net margin of 16.89%. During the same quarter in the previous year, the firm earned $0.49 earnings per share. On average, equities research analysts forecast that Pacific Premier Bancorp Inc will post 1.34 earnings per share for the current year.

Pacific Premier Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, May 12th. Investors of record on Monday, May 5th were issued a dividend of $0.33 per share. The ex-dividend date was Monday, May 5th. This represents a $1.32 dividend on an annualized basis and a yield of 6.01%. Pacific Premier Bancorp's dividend payout ratio (DPR) is currently 86.84%.

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.