Hsbc Holdings PLC Lowers Stock Position in Pacific Premier Bancorp Inc $PPBI

Key Points

• Hsbc Holdings PLC has reduced its stake in Pacific Premier Bancorp by 37.7%, leaving it with 28,889 shares worth approximately $616,000.
• Insiders, including General Counsel Steven R. Arnold, have also engaged in selling shares, with Arnold selling 5,000 shares for around $112,700.
• The stock has been rated as a Hold by analysts, with a consensus target price of $27.50 amidst a recent quarterly dividend announcement of $0.33 per share, which equates to a 5.4% yield.

Hsbc Holdings PLC lessened its stake in Pacific Premier Bancorp Inc (NASDAQ:PPBI - Free Report) by 37.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 28,889 shares of the financial services provider's stock after selling 17,481 shares during the quarter. Hsbc Holdings PLC's holdings in Pacific Premier Bancorp were worth $616,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Wellington Management Group LLP raised its stake in shares of Pacific Premier Bancorp by 10.6% in the 1st quarter. Wellington Management Group LLP now owns 660,041 shares of the financial services provider's stock valued at $14,072,000 after purchasing an additional 63,387 shares in the last quarter. Versor Investments LP acquired a new stake in Pacific Premier Bancorp during the first quarter valued at approximately $2,028,000. Algert Global LLC lifted its stake in Pacific Premier Bancorp by 1.3% during the first quarter. Algert Global LLC now owns 291,101 shares of the financial services provider's stock valued at $6,206,000 after purchasing an additional 3,750 shares during the last quarter. Cresset Asset Management LLC lifted its stake in Pacific Premier Bancorp by 9.1% during the first quarter. Cresset Asset Management LLC now owns 10,251 shares of the financial services provider's stock valued at $219,000 after purchasing an additional 853 shares during the last quarter. Finally, Fox Run Management L.L.C. purchased a new stake in shares of Pacific Premier Bancorp in the 1st quarter valued at approximately $733,000. Institutional investors and hedge funds own 93.11% of the company's stock.

Pacific Premier Bancorp Stock Performance

Shares of NASDAQ PPBI remained flat at $24.49 during mid-day trading on Friday. Pacific Premier Bancorp Inc has a 52-week low of $18.06 and a 52-week high of $30.28. The company has a market capitalization of $2.38 billion, a P/E ratio of 17.25 and a beta of 1.20. The company's 50-day simple moving average is $22.71 and its two-hundred day simple moving average is $21.80. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.04.

Pacific Premier Bancorp (NASDAQ:PPBI - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.39 EPS for the quarter, topping analysts' consensus estimates of $0.34 by $0.05. Pacific Premier Bancorp had a net margin of 16.13% and a return on equity of 4.85%. The business had revenue of $145.64 million during the quarter, compared to analysts' expectations of $147.67 million. During the same quarter in the previous year, the company earned $0.43 EPS. As a group, sell-side analysts anticipate that Pacific Premier Bancorp Inc will post 1.34 EPS for the current fiscal year.

Pacific Premier Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, August 5th were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 5.4%. The ex-dividend date of this dividend was Tuesday, August 5th. Pacific Premier Bancorp's dividend payout ratio (DPR) is currently 92.96%.

Insider Buying and Selling

In other Pacific Premier Bancorp news, General Counsel Steven R. Arnold sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $22.54, for a total transaction of $112,700.00. Following the sale, the general counsel owned 51,042 shares of the company's stock, valued at approximately $1,150,486.68. The trade was a 8.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.29% of the company's stock.

Analyst Ratings Changes

Separately, Wall Street Zen began coverage on shares of Pacific Premier Bancorp in a report on Thursday, May 22nd. They issued a "sell" rating on the stock. Two analysts have rated the stock with a Hold rating, According to MarketBeat, Pacific Premier Bancorp has a consensus rating of "Hold" and a consensus price target of $27.50.

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.