Rafferty Asset Management LLC Has $1.87 Million Stock Holdings 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 trimmed its holdings in Pacific Premier Bancorp Inc (NASDAQ:PPBI - Free Report) by 24.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 87,869 shares of the financial services provider's stock after selling 27,996 shares during the quarter. Rafferty Asset Management LLC owned about 0.09% of Pacific Premier Bancorp worth $1,873,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in PPBI. Caitong International Asset Management Co. Ltd raised its holdings in shares of Pacific Premier Bancorp by 8,794.4% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,601 shares of the financial services provider's stock valued at $34,000 after buying an additional 1,583 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of 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 valued at $49,000 after buying an additional 741 shares during the last quarter. KBC Group NV raised its holdings in shares of 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. Point72 Asset Management L.P. raised its holdings in shares of 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 valued at $162,000 after buying an additional 4,120 shares during the last quarter. Finally, Quantinno Capital Management LP acquired a new stake in Pacific Premier Bancorp in the fourth quarter worth about $200,000. 93.11% of the stock is owned by institutional investors.

Pacific Premier Bancorp Stock Performance

Shares of Pacific Premier Bancorp stock remained flat at $24.49 during trading on Friday. The company has a market cap of $2.38 billion, a PE ratio of 17.25 and a beta of 1.20. Pacific Premier Bancorp Inc has a 1 year low of $18.06 and a 1 year high of $30.28. The company's 50-day simple moving average is $22.71 and its 200 day simple moving average is $21.80. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.86 and a quick ratio of 0.86.

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. The company had revenue of $145.64 million during the quarter, compared to analyst estimates of $147.67 million. Pacific Premier Bancorp had a return on equity of 4.85% and a net margin of 16.13%.During the same period in the previous year, the company earned $0.43 EPS. Sell-side analysts anticipate that Pacific Premier Bancorp Inc will post 1.34 earnings per share for the current fiscal year.

Pacific Premier Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 5.4%. The ex-dividend date was Tuesday, August 5th. Pacific Premier Bancorp's payout ratio is presently 92.96%.

Insider Activity

In related 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 stock was sold at an average price of $22.54, for a total value of $112,700.00. Following the completion of the transaction, the general counsel directly owned 51,042 shares in the company, valued at approximately $1,150,486.68. The trade was a 8.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.29% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen started coverage on Pacific Premier Bancorp in a report on Thursday, May 22nd. They set a "sell" rating for the company. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, Pacific Premier Bancorp has an average 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.