Pacific Premier Bancorp (NASDAQ:PPBI) Issues Quarterly Earnings Results

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) released its earnings results on Thursday. The financial services provider reported $0.39 EPS for the quarter, topping 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 4.85%. During the same quarter last year, the business earned $0.43 EPS.

Pacific Premier Bancorp Stock Down 1.9%

NASDAQ PPBI traded down $0.42 during midday trading on Wednesday, hitting $21.75. 933,508 shares of the company traded hands, compared to its average volume of 1,141,295. The company has a market cap of $2.11 billion, a PE ratio of 15.32 and a beta of 1.16. 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 company's 50-day simple moving average is $21.59 and its 200-day simple moving average is $22.16. Pacific Premier Bancorp has a 52 week low of $18.06 and a 52 week high of $30.28.

Pacific Premier Bancorp Announces Dividend

The firm also recently disclosed 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. The ex-dividend date is Tuesday, August 5th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 6.07%. Pacific Premier Bancorp's payout ratio is currently 92.96%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on PPBI shares. DA Davidson lowered 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 report on Thursday, May 22nd. They set a "sell" rating on the stock.

Insiders Place Their Bets

In related news, COO Edward Earl Wilcox sold 14,500 shares of Pacific Premier Bancorp stock in a transaction that occurred on Thursday, May 1st. The stock was 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. This trade represents a 9.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.29% of the company's stock.

Institutional Investors Weigh In On Pacific Premier Bancorp

Hedge funds have recently made changes to their positions in the business. Intech Investment Management LLC lifted its position in 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 worth $1,704,000 after acquiring an additional 19,013 shares in the last quarter. Jane Street Group LLC acquired a new stake in shares of Pacific Premier Bancorp in the first quarter worth $7,338,000. Millennium Management LLC increased 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 worth $14,858,000 after purchasing an additional 9,742 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew 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 worth $1,216,000 after buying an additional 2,485 shares during the period. Finally, Royal Bank of Canada raised its stake in shares of 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 valued at $1,788,000 after purchasing an additional 37,811 shares during the period. Institutional investors and hedge funds own 93.11% of the company's stock.

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.