Pacific Premier Bancorp Inc (NASDAQ:PPBI) to Issue $0.33 Quarterly Dividend

Key Points

• Pacific Premier Bancorp Inc has declared a quarterly dividend of $0.33 per share, with an annual yield of 5.85%, payable on August 15th to stockholders on record as of August 5th.
• The company reported earnings per share of $0.39 for the last quarter, exceeding the consensus estimate of $0.34, while revenue was slightly below expectations at $145.64 million.
• Analysts expect Pacific Premier Bancorp to have a future payout ratio of 85.7%, indicating it can continue to cover its annual dividend even if earnings slightly decline.

Pacific Premier Bancorp Inc (NASDAQ:PPBI - Get Free Report) declared a quarterly dividend on Friday, July 25th, Wall Street Journal reports. Stockholders of record on Tuesday, August 5th will be given a dividend of 0.33 per share by the financial services provider on Friday, August 15th. This represents a $1.32 annualized dividend and a dividend yield of 5.85%. The ex-dividend date is Tuesday, August 5th.

Pacific Premier Bancorp has a dividend payout ratio of 86.3% indicating that its dividend is currently covered by earnings, but may not be in the future if the company's earnings fall. Equities analysts expect Pacific Premier Bancorp to earn $1.54 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 85.7%.

Pacific Premier Bancorp Price Performance

Shares of Pacific Premier Bancorp stock traded up $1.41 during trading on Friday, hitting $22.57. The stock had a trading volume of 2,218,794 shares, compared to its average volume of 872,966. The business's 50-day moving average is $21.59 and its 200 day moving average is $22.23. Pacific Premier Bancorp has a 12 month low of $18.06 and a 12 month high of $30.28. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of 14.85 and a beta of 1.16. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.09.

Pacific Premier Bancorp (NASDAQ:PPBI - Get Free Report) last released its earnings results on Thursday, July 24th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.05. The firm had revenue of $145.64 million during the quarter, compared to analyst estimates of $147.67 million. Pacific Premier Bancorp had a net margin of 16.89% and a return on equity of 5.01%. During the same period last year, the business earned $0.43 earnings per share. As a group, sell-side analysts anticipate that Pacific Premier Bancorp will post 1.34 earnings per share for the current year.

Insider Activity

In related news, COO Edward Earl Wilcox sold 14,500 shares of Pacific Premier Bancorp stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $20.28, for a total transaction of $294,060.00. Following the transaction, the chief operating officer owned 140,283 shares in the company, valued at approximately $2,844,939.24. The trade was a 9.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.29% of the stock is currently owned by insiders.

Institutional Trading of Pacific Premier Bancorp

Several hedge funds have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Pacific Premier Bancorp by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 57,013 shares of the financial services provider's stock valued at $1,216,000 after buying an additional 2,485 shares in the last quarter. Intech Investment Management LLC raised its position in shares of Pacific Premier Bancorp by 31.2% during the 1st quarter. Intech Investment Management LLC now owns 79,904 shares of the financial services provider's stock valued at $1,704,000 after buying an additional 19,013 shares in the last quarter. Royal Bank of Canada raised its position in shares of Pacific Premier Bancorp by 82.1% during the 1st quarter. Royal Bank of Canada now owns 83,881 shares of the financial services provider's stock valued at $1,788,000 after buying an additional 37,811 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Pacific Premier Bancorp during the 1st quarter valued at about $7,338,000. Finally, Millennium Management LLC raised its position in shares of Pacific Premier Bancorp by 1.4% during the 1st quarter. Millennium Management LLC now owns 696,922 shares of the financial services provider's stock valued at $14,858,000 after buying an additional 9,742 shares in the last quarter. Hedge funds and other institutional investors own 93.11% of the company's stock.

Wall Street Analyst Weigh In

PPBI has been the subject of a number of research analyst reports. DA Davidson downgraded shares of Pacific Premier Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Thursday, April 24th. Wall Street Zen began coverage on shares of Pacific Premier Bancorp in a research report on Thursday, May 22nd. They set a "sell" rating for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Pacific Premier Bancorp presently has a consensus rating of "Hold" and an average price target of $27.25.

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.

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