TD Asset Management Inc Sells 42,314 Shares of Pacific Premier Bancorp Inc (NASDAQ:PPBI)

Key Points

• TD Asset Management Inc reduced its stake in Pacific Premier Bancorp by 58.0%, holding 30,616 shares worth approximately $653,000 as of its latest SEC filing.
• Analysts at DA Davidson downgraded Pacific Premier Bancorp from a "strong-buy" to a "hold" rating, while Wall Street Zen initiated coverage with a "sell" rating.
• The company recently announced a quarterly dividend of $0.33, which signifies an annual yield of 6.1% and a payout ratio of 92.96%.

TD Asset Management Inc reduced its position in Pacific Premier Bancorp Inc (NASDAQ:PPBI - Free Report) by 58.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 30,616 shares of the financial services provider's stock after selling 42,314 shares during the period. TD Asset Management Inc's holdings in Pacific Premier Bancorp were worth $653,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Invesco Ltd. lifted its holdings in Pacific Premier Bancorp by 12.1% in the fourth quarter. Invesco Ltd. now owns 2,246,800 shares of the financial services provider's stock valued at $55,990,000 after acquiring an additional 241,881 shares during the period. Victory Capital Management Inc. increased its position in shares of Pacific Premier Bancorp by 2.6% during 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 purchasing an additional 37,267 shares during the last quarter. Nuveen Asset Management LLC lifted 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 worth $23,487,000 after purchasing an additional 188,530 shares during the period. Azora Capital LP boosted its holdings in shares of 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 buying an additional 263,383 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of 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 worth $17,125,000 after buying an additional 229,821 shares during the last quarter. 93.11% of the stock is owned by institutional investors.

Pacific Premier Bancorp Stock Performance

Shares of NASDAQ:PPBI traded up $0.42 during mid-day trading on Friday, reaching $21.74. 270,406 shares of the company traded hands, compared to its average volume of 879,667. The company's 50 day moving average price is $21.62 and its 200-day moving average price is $22.05. The firm has a market cap of $2.11 billion, a PE ratio of 15.30 and a beta of 1.19. Pacific Premier Bancorp Inc has a 52 week low of $18.06 and a 52 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.

Pacific Premier Bancorp (NASDAQ:PPBI - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.05. The business had revenue of $145.64 million for the quarter, compared to the consensus estimate of $147.67 million. Pacific Premier Bancorp had a net margin of 16.13% and a return on equity of 4.85%. During the same quarter in the previous year, the firm earned $0.43 earnings per share. On average, equities analysts expect that Pacific Premier Bancorp Inc will post 1.34 EPS for the current fiscal year.

Pacific Premier Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 6.1%. The ex-dividend date is Tuesday, August 5th. Pacific Premier Bancorp's dividend payout ratio is presently 92.96%.

Wall Street Analysts Forecast Growth

PPBI has been the topic of several recent research reports. Wall Street Zen started coverage on shares of Pacific Premier Bancorp in a research report on Thursday, May 22nd. They issued a "sell" rating on the stock. DA Davidson lowered Pacific Premier Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 24th.

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.