Pacific Premier Bancorp (NASDAQ:PPBI) Trading 4.6% Higher Following Earnings Beat

Pacific Premier Bancorp, Inc. (NASDAQ:PPBI) shares traded up 4.6% during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $25.62 and last traded at $25.55. 118,019 shares were traded during mid-day trading, a decline of 70% from the average session volume of 393,871 shares. The stock had previously closed at $24.42.

The financial services provider reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.03.

Analyst Upgrades and Downgrades

Separately, Wedbush reduced their price objective on shares of Pacific Premier Bancorp from $27.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, October 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $26.50.

Insider Activity at Pacific Premier Bancorp

In other news, EVP Michael S. Karr sold 10,290 shares of Pacific Premier Bancorp stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $26.87, for a total transaction of $276,492.30. Following the sale, the executive vice president now owns 79,474 shares in the company, valued at $2,135,466.38. This trade represents a 11.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Margaret S. Ohlhaver sold 9,273 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $27.96, for a total transaction of $259,273.08. Following the completion of the transaction, the executive vice president now directly owns 25,475 shares of the company’s stock, valued at approximately $712,281. This trade represents a 26.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.21% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PPBI. GAMMA Investing LLC lifted its stake in Pacific Premier Bancorp by 121.5% in the third quarter. GAMMA Investing LLC now owns 1,183 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 649 shares during the period. Point72 Asset Management L.P. purchased a new stake in shares of Pacific Premier Bancorp during the third quarter valued at about $60,000. KBC Group NV raised its position in shares of Pacific Premier Bancorp by 30.0% in the 3rd quarter. KBC Group NV now owns 3,679 shares of the financial services provider’s stock valued at $93,000 after purchasing an additional 849 shares during the last quarter. FMR LLC raised its position in shares of Pacific Premier Bancorp by 11.9% in the 3rd quarter. FMR LLC now owns 6,782 shares of the financial services provider’s stock valued at $171,000 after purchasing an additional 723 shares during the last quarter. Finally, Point72 DIFC Ltd raised its position in shares of Pacific Premier Bancorp by 202.9% in the 2nd quarter. Point72 DIFC Ltd now owns 7,966 shares of the financial services provider’s stock valued at $183,000 after purchasing an additional 5,336 shares during the last quarter. 93.11% of the stock is owned by hedge funds and other institutional investors.

Pacific Premier Bancorp Stock Up 2.0 %

The company’s 50-day moving average is $26.09 and its 200 day moving average is $25.68. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $2.40 billion, a PE ratio of -166.12 and a beta of 1.26.

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.