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. reduced its position in Pacific Premier Bancorp Inc (NASDAQ:PPBI - Free Report) by 38.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund 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 approximately 3.90% of Pacific Premier Bancorp worth $80,696,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the company. Nuveen LLC bought a new position in Pacific Premier Bancorp during the first quarter worth $27,156,000. Beacon Pointe Advisors LLC acquired a new position in Pacific Premier Bancorp during the 4th quarter worth approximately $7,798,000. Azora Capital LP boosted its holdings in Pacific Premier Bancorp by 54.4% in the fourth quarter. Azora Capital LP now owns 747,779 shares of the financial services provider's stock worth $18,635,000 after acquiring an additional 263,383 shares in the last quarter. Millennium Management LLC grew its stake in Pacific Premier Bancorp by 50.2% in the fourth quarter. Millennium Management LLC now owns 687,180 shares of the financial services provider's stock valued at $17,125,000 after acquiring an additional 229,821 shares during the period. Finally, Nuveen Asset Management LLC increased its holdings in shares of Pacific Premier Bancorp by 25.0% during the fourth 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 traded down $0.21 during mid-day trading on Thursday, hitting $24.42. The company had a trading volume of 671,650 shares, compared to its average volume of 883,301. The stock's 50-day moving average price is $22.27 and its 200-day moving average price is $21.83. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of 17.21 and a beta of 1.19. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.04. Pacific Premier Bancorp Inc has a 1 year low of $18.06 and a 1 year high of $30.28.

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 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.05. Pacific Premier Bancorp had a return on equity of 4.85% and a net margin of 16.13%.The business had revenue of $145.64 million for the quarter, compared to the consensus estimate of $147.67 million. During the same quarter last year, the business posted $0.43 earnings per share. On average, sell-side analysts forecast that Pacific Premier Bancorp Inc will post 1.34 earnings per share for the current year.

Pacific Premier Bancorp Announces Dividend

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

Insider Buying and Selling

In other Pacific Premier Bancorp news, General Counsel Steven R. Arnold sold 5,000 shares of Pacific Premier Bancorp 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 transaction, the general counsel directly owned 51,042 shares of the company's stock, valued at approximately $1,150,486.68. This trade represents a 8.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.29% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

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.