Wedbush Trims Pacific Premier Bancorp (NASDAQ:PPBI) Target Price to $27.00

Pacific Premier Bancorp (NASDAQ:PPBI) had its price target cut by equities research analysts at Wedbush from $28.00 to $27.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Wedbush’s target price indicates a potential upside of 6.93% from the stock’s current price.

PPBI has been the topic of several other reports. Stephens upped their price target on Pacific Premier Bancorp from $25.00 to $26.00 and gave the company an “equal weight” rating in a research report on Thursday, July 25th. Raymond James boosted their price objective on shares of Pacific Premier Bancorp from $25.00 to $28.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $26.83.

Pacific Premier Bancorp Stock Down 0.6 %

NASDAQ:PPBI traded down $0.14 during mid-day trading on Tuesday, hitting $25.25. The stock had a trading volume of 154,956 shares, compared to its average volume of 550,361. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.18. Pacific Premier Bancorp has a twelve month low of $17.86 and a twelve month high of $30.13. The company has a market capitalization of $2.43 billion, a PE ratio of 194.15 and a beta of 1.23. The stock has a 50-day simple moving average of $25.33 and a two-hundred day simple moving average of $23.47.

Pacific Premier Bancorp (NASDAQ:PPBI) last issued its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.43 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.43. The business had revenue of $154.62 million for the quarter, compared to analysts’ expectations of $162.23 million. During the same period in the prior year, the company earned $0.60 EPS. The company’s revenue for the quarter was down 9.5% compared to the same quarter last year. On average, equities research analysts anticipate that Pacific Premier Bancorp will post 1.65 EPS for the current year.

Insiders Place Their Bets

In related news, Director Jeff C. Jones sold 11,251 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $23.62, for a total transaction of $265,748.62. Following the completion of the transaction, the director now owns 123,794 shares in the company, valued at $2,924,014.28. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Jeff C. Jones sold 11,251 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $23.62, for a total value of $265,748.62. Following the completion of the transaction, the director now directly owns 123,794 shares in the company, valued at $2,924,014.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Edward Earl Wilcox sold 30,499 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $23.63, for a total transaction of $720,691.37. Following the transaction, the chief operating officer now directly owns 230,592 shares in the company, valued at approximately $5,448,888.96. The disclosure for this sale can be found here. 2.21% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Pacific Premier Bancorp

Institutional investors have recently made changes to their positions in the company. EP Wealth Advisors LLC purchased a new position in shares of Pacific Premier Bancorp during the 2nd quarter valued at about $667,000. Algert Global LLC lifted its holdings in shares of Pacific Premier Bancorp by 28.9% in the 2nd quarter. Algert Global LLC now owns 192,259 shares of the financial services provider’s stock valued at $4,416,000 after acquiring an additional 43,091 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Pacific Premier Bancorp by 5.7% during the second quarter. The Manufacturers Life Insurance Company now owns 53,831 shares of the financial services provider’s stock valued at $1,236,000 after acquiring an additional 2,908 shares during the last quarter. Millennium Management LLC increased its holdings in Pacific Premier Bancorp by 14.2% during the 2nd quarter. Millennium Management LLC now owns 150,763 shares of the financial services provider’s stock worth $3,463,000 after purchasing an additional 18,779 shares during the period. Finally, Cubist Systematic Strategies LLC boosted its stake in shares of Pacific Premier Bancorp by 0.8% during the second quarter. Cubist Systematic Strategies LLC now owns 75,842 shares of the financial services provider’s stock valued at $1,742,000 after purchasing an additional 631 shares in the last quarter. Hedge funds and other institutional investors 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.