M&T Bank Corp Decreases Stock Holdings in Pacific Premier Bancorp Inc (NASDAQ:PPBI)

M&T Bank Corp reduced its stake in shares of Pacific Premier Bancorp Inc (NASDAQ:PPBI - Free Report) by 70.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,408 shares of the financial services provider's stock after selling 21,988 shares during the quarter. M&T Bank Corp's holdings in Pacific Premier Bancorp were worth $200,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Jacobs Asset Management LLC raised its stake in Pacific Premier Bancorp by 0.5% in the fourth quarter. Jacobs Asset Management LLC now owns 84,154 shares of the financial services provider's stock valued at $2,097,000 after buying an additional 400 shares during the last quarter. Hexagon Capital Partners LLC raised its stake in Pacific Premier Bancorp by 2.2% in the first quarter. Hexagon Capital Partners LLC now owns 25,250 shares of the financial services provider's stock valued at $538,000 after buying an additional 546 shares during the last quarter. KBC Group NV raised its stake 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 valued at $117,000 after buying an additional 546 shares during the last quarter. Rockefeller Capital Management L.P. raised its stake in Pacific Premier Bancorp by 4.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 15,196 shares of the financial services provider's stock valued at $379,000 after buying an additional 591 shares during the last quarter. Finally, Summit Investment Advisors Inc. raised its stake in Pacific Premier Bancorp by 6.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,025 shares of the financial services provider's stock valued at $250,000 after buying an additional 643 shares during the last quarter. 93.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PPBI has been the subject of a number of research analyst reports. Wall Street Zen initiated coverage on Pacific Premier Bancorp in a research note on Thursday, May 22nd. They issued a "sell" rating for the company. DA Davidson cut Pacific Premier Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $27.25.

Insider Buying and Selling

In other news, COO Edward Earl Wilcox sold 14,500 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $20.28, for a total value of $294,060.00. Following the transaction, the chief operating officer owned 140,283 shares in the company, valued at $2,844,939.24. This trade represents a 9.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 2.29% of the company's stock.

Pacific Premier Bancorp Stock Down 0.0%

Pacific Premier Bancorp stock opened at $22.10 on Friday. The firm has a market cap of $2.14 billion, a price-to-earnings ratio of 14.54 and a beta of 1.16. Pacific Premier Bancorp Inc has a 52 week low of $18.06 and a 52 week high of $30.28. The business's 50-day moving average price is $21.63 and its 200 day moving average price is $22.29. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.09.

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 EPS for the quarter, beating the consensus estimate of $0.30 by $0.07. Pacific Premier Bancorp had a return on equity of 5.01% and a net margin of 16.89%. The company had revenue of $144.83 million for the quarter, compared to analyst estimates of $143.25 million. During the same period last year, the company earned $0.49 earnings per share. As a group, sell-side analysts anticipate that Pacific Premier Bancorp Inc will post 1.34 earnings per share 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 issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 5.97%. The ex-dividend date of this dividend was Monday, May 5th. Pacific Premier Bancorp's payout ratio is currently 86.84%.

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.

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