Pacific Premier Bancorp (NASDAQ:PPBI) Cut to Hold at DA Davidson

DA Davidson lowered shares of Pacific Premier Bancorp (NASDAQ:PPBI - Free Report) from a strong-buy rating to a hold rating in a research note published on Thursday, April 24th,Zacks.com reports.

Pacific Premier Bancorp Trading Up 2.1 %

Shares of PPBI stock traded up $0.43 during mid-day trading on Thursday, reaching $20.77. The stock had a trading volume of 502,836 shares, compared to its average volume of 624,596. The stock's 50-day moving average price is $21.08 and its two-hundred day moving average price is $24.36. Pacific Premier Bancorp has a 52-week low of $18.06 and a 52-week high of $30.28. The firm has a market capitalization of $2.02 billion, a PE ratio of 12.66 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 announced its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.07. Pacific Premier Bancorp had a net margin of 17.54% and a return on equity of 5.43%. The company had revenue of $144.83 million for the quarter, compared to analysts' expectations of $143.25 million. During the same quarter in the previous year, the company earned $0.49 earnings per share. Equities analysts expect that Pacific Premier Bancorp will post 1.34 earnings per share for the current fiscal year.

Pacific Premier Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Shareholders of record on Monday, May 5th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 6.36%. The ex-dividend date of this dividend is Monday, May 5th. Pacific Premier Bancorp's dividend payout ratio (DPR) is presently 86.84%.

Institutional Investors Weigh In On Pacific Premier Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of PPBI. Raymond James Financial Inc. purchased a new stake in Pacific Premier Bancorp in the fourth quarter worth about $8,720,000. Beacon Pointe Advisors LLC purchased a new stake in Pacific Premier Bancorp in the fourth quarter worth about $7,798,000. Azora Capital LP grew 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 purchasing an additional 263,383 shares during the period. Invesco Ltd. grew 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 worth $55,990,000 after purchasing an additional 241,881 shares during the period. Finally, Millennium Management LLC lifted its stake 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 in the last quarter. Hedge funds and other institutional investors own 93.11% of the company's stock.

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.