Pacific Premier Bancorp (NASDAQ:PPBI) Announces Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Key Points

• Pacific Premier Bancorp reported a quarterly earnings per share (EPS) of $0.39, exceeding the estimated $0.34 by $0.05, although revenue fell short of expectations at $145.64 million.
• The company announced a quarterly dividend of $0.33, resulting in an annualized dividend of $1.32 and a yield of 5.85%.
• Following earnings results, Pacific Premier Bancorp's stock price surged 6.7% to $22.57, with significant trading volume reported.

Pacific Premier Bancorp (NASDAQ:PPBI - Get Free Report) issued its quarterly earnings data on Thursday. The financial services provider reported $0.39 EPS for the quarter, beating the consensus estimate of $0.34 by $0.05, Zacks reports. The company had revenue of $145.64 million during the quarter, compared to analysts' expectations of $147.67 million. Pacific Premier Bancorp had a net margin of 16.13% and a return on equity of 4.86%. During the same quarter in the previous year, the company earned $0.43 earnings per share.

Pacific Premier Bancorp Trading Up 6.7%

NASDAQ:PPBI traded up $1.41 during midday trading on Friday, reaching $22.57. 2,218,794 shares of the stock traded hands, compared to its average volume of 1,170,043. The company has a fifty day moving average of $21.57 and a 200 day moving average of $22.19. Pacific Premier Bancorp has a 12 month low of $18.06 and a 12 month high of $30.28. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a market capitalization of $2.19 billion, a P/E ratio of 15.89 and a beta of 1.16.

Pacific Premier Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th will be issued a $0.33 dividend. The ex-dividend date is Tuesday, August 5th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 5.85%. Pacific Premier Bancorp's payout ratio is 86.84%.

Insider Buying and Selling

In related news, COO Edward Earl Wilcox sold 14,500 shares of the company's 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 completion of the sale, the chief operating officer directly owned 140,283 shares in the company, valued at $2,844,939.24. This represents a 9.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.29% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Pacific Premier Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC raised its holdings in 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 during the last quarter. Jane Street Group LLC bought a new position in Pacific Premier Bancorp in the 1st quarter worth $7,338,000. Royal Bank of Canada raised its holdings in Pacific Premier Bancorp by 82.1% in the 1st quarter. Royal Bank of Canada now owns 83,881 shares of the financial services provider's stock worth $1,788,000 after purchasing an additional 37,811 shares in the last quarter. Intech Investment Management LLC raised its holdings in Pacific Premier Bancorp by 31.2% in the 1st quarter. Intech Investment Management LLC now owns 79,904 shares of the financial services provider's stock worth $1,704,000 after purchasing an additional 19,013 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Pacific Premier Bancorp by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 57,013 shares of the financial services provider's stock worth $1,216,000 after purchasing an additional 2,485 shares in the last quarter. 93.11% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on PPBI shares. DA Davidson cut shares of Pacific Premier Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 24th. Wall Street Zen started coverage on shares of Pacific Premier Bancorp in a research note on Thursday, May 22nd. They issued a "sell" rating for the company.

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.

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