Rafferty Asset Management LLC Reduces Position in Pacific Premier Bancorp Inc $PPBI

Key Points

• Rafferty Asset Management LLC sold 27,996 shares of Pacific Premier Bancorp, reducing its position by 24.2%, leaving it with 87,869 shares worth approximately $1.87 million.
• Pacific Premier Bancorp reported $0.39 EPS for the last quarter, exceeding estimates by $0.05, despite revenue falling short of expectations.
• The stock has a consensus rating of "Hold" and an average target price of $27.50, with a recent price of $24.49 reflecting fluctuations in share performance.

Rafferty Asset Management LLC lowered its stake in Pacific Premier Bancorp Inc (NASDAQ:PPBI - Free Report) by 24.2% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,869 shares of the financial services provider's stock after selling 27,996 shares during the quarter. Rafferty Asset Management LLC owned 0.09% of Pacific Premier Bancorp worth $1,873,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Invesco Ltd. increased its stake in shares of Pacific Premier Bancorp by 5.0% in the 1st quarter. Invesco Ltd. now owns 2,358,441 shares of the financial services provider's stock valued at $50,282,000 after acquiring an additional 111,641 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Pacific Premier Bancorp by 2.6% in the 1st quarter. Victory Capital Management Inc. now owns 1,464,112 shares of the financial services provider's stock valued at $31,215,000 after acquiring an additional 37,267 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Pacific Premier Bancorp by 1.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,362,284 shares of the financial services provider's stock valued at $29,044,000 after acquiring an additional 17,594 shares in the last quarter. Nuveen LLC bought a new stake in shares of Pacific Premier Bancorp in the 1st quarter valued at $27,156,000. Finally, Nuveen Asset Management LLC increased its stake in shares of Pacific Premier Bancorp by 25.0% in the 4th quarter. Nuveen Asset Management LLC now owns 942,505 shares of the financial services provider's stock valued at $23,487,000 after acquiring an additional 188,530 shares in the last quarter. Institutional investors own 93.11% of the company's stock.

Pacific Premier Bancorp Stock Performance

Shares of NASDAQ PPBI remained flat at $24.49 during trading on Wednesday. Pacific Premier Bancorp Inc has a twelve month low of $18.06 and a twelve month high of $30.28. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market capitalization of $2.38 billion, a PE ratio of 17.25 and a beta of 1.20. The stock's 50-day moving average is $22.57 and its 200-day moving average is $21.78.

Pacific Premier Bancorp (NASDAQ:PPBI - Get Free Report) last posted its earnings results on Thursday, July 24th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $145.64 million during the quarter, compared to analyst estimates of $147.67 million. During the same quarter in the prior year, the business posted $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 company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th were paid a $0.33 dividend. The ex-dividend date was Tuesday, August 5th. This represents a $1.32 annualized dividend and a dividend yield of 5.4%. Pacific Premier Bancorp's dividend payout ratio is presently 92.96%.

Analyst Ratings Changes

Separately, Wall Street Zen assumed coverage on shares of Pacific Premier Bancorp in a research note on Thursday, May 22nd. They issued a "sell" rating for the company. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $27.50.

Insider Activity

In other news, General Counsel Steven R. Arnold sold 5,000 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $22.54, for a total value of $112,700.00. Following the completion of the sale, the general counsel owned 51,042 shares in the company, valued at $1,150,486.68. This represents a 8.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.29% of the stock is currently owned by insiders.

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.