T. Rowe Price Investment Management Inc. Sells 2,332,775 Shares of Pacific Premier Bancorp Inc $PPBI

Key Points

• T. Rowe Price Investment Management Inc. has reduced its stake in Pacific Premier Bancorp by 38.1%, selling over 2.3 million shares and now holding about 3.90% of the company's stock valued at approximately $80.7 million.
• Pacific Premier Bancorp recently announced a quarterly dividend of $0.33 per share, resulting in an annualized dividend yield of 5.4% and a dividend payout ratio of 92.96%.
• The company's earnings exceeded expectations with $0.39 earnings per share for the quarter, surpassing the consensus estimate of $0.34, despite a slight decline from the previous year's EPS of $0.43.

T. Rowe Price Investment Management Inc. lowered its stake in shares of Pacific Premier Bancorp Inc (NASDAQ:PPBI - Free Report) by 38.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,784,966 shares of the financial services provider's stock after selling 2,332,775 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 3.90% of Pacific Premier Bancorp worth $80,696,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Caitong International Asset Management Co. Ltd increased its position in Pacific Premier Bancorp by 8,794.4% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,601 shares of the financial services provider's stock worth $34,000 after acquiring an additional 1,583 shares during the period. GAMMA Investing LLC boosted its stake in Pacific Premier Bancorp by 47.9% during the first quarter. GAMMA Investing LLC now owns 2,288 shares of the financial services provider's stock worth $49,000 after buying an additional 741 shares in the last quarter. KBC Group NV boosted its stake in Pacific Premier Bancorp by 11.0% during the first quarter. KBC Group NV now owns 5,501 shares of the financial services provider's stock worth $117,000 after buying an additional 546 shares in the last quarter. Point72 Asset Management L.P. boosted its stake in Pacific Premier Bancorp by 171.7% during the fourth quarter. Point72 Asset Management L.P. now owns 6,520 shares of the financial services provider's stock worth $162,000 after buying an additional 4,120 shares in the last quarter. Finally, Quantinno Capital Management LP acquired a new stake in Pacific Premier Bancorp during the fourth quarter worth $200,000. Institutional investors own 93.11% of the company's stock.

Pacific Premier Bancorp Stock Up 6.7%

PPBI opened at $24.31 on Friday. Pacific Premier Bancorp Inc has a fifty-two week low of $18.06 and a fifty-two week high of $30.28. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.86 and a quick ratio of 0.86. The firm's fifty day moving average price is $22.02 and its two-hundred day moving average price is $21.87. The company has a market capitalization of $2.36 billion, a P/E ratio of 17.12 and a beta of 1.19.

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 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 business had revenue of $145.64 million for the quarter, compared to analyst estimates of $147.67 million. During the same quarter in the prior year, the firm earned $0.43 EPS. On average, analysts anticipate that Pacific Premier Bancorp Inc will post 1.34 EPS for the current year.

Pacific Premier Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th were issued a $0.33 dividend. The ex-dividend date of this dividend 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%.

Insider Buying and Selling at Pacific Premier Bancorp

In other news, General Counsel Steven R. Arnold sold 5,000 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $22.54, for a total value 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. This represents a 8.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.29% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen began coverage on shares of Pacific Premier Bancorp in a research note on Thursday, May 22nd. They set a "sell" rating on the stock. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of "Hold" and an average 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.

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