DA Davidson Cuts Pacific Premier Bancorp (NASDAQ:PPBI) Price Target to $30.00

Pacific Premier Bancorp (NASDAQ:PPBI) had its target price cut by DA Davidson from $33.00 to $30.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Separately, Wedbush lowered their price target on Pacific Premier Bancorp from $27.00 to $25.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $27.00.

Pacific Premier Bancorp Stock Performance

NASDAQ:PPBI opened at $24.97 on Friday. The stock has a market cap of $2.41 billion, a P/E ratio of -166.46 and a beta of 1.26. 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’s 50-day moving average is $26.04 and its 200-day moving average is $25.74. Pacific Premier Bancorp has a 1-year low of $20.52 and a 1-year high of $30.28.

Pacific Premier Bancorp (NASDAQ:PPBI) last announced its earnings results on Thursday, January 23rd. The financial services provider reported $0.35 EPS for the quarter, beating the consensus estimate of $0.32 by $0.03. Equities research analysts anticipate that Pacific Premier Bancorp will post 1.59 earnings per share for the current year.

Pacific Premier Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 10th. Investors of record on Monday, February 3rd will be issued a dividend of $0.33 per share. The ex-dividend date is Monday, February 3rd. This represents a $1.32 dividend on an annualized basis and a dividend yield of 5.29%. Pacific Premier Bancorp’s dividend payout ratio is -879.94%.

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 stock was sold at an average price of $26.87, for a total value of $276,492.30. Following the sale, the executive vice president now directly owns 79,474 shares in the company, valued at approximately $2,135,466.38. This trade represents a 11.46 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Margaret S. Ohlhaver sold 9,273 shares of Pacific Premier Bancorp stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $27.96, for a total value of $259,273.08. Following the completion of the sale, the executive vice president now owns 25,475 shares in the company, valued at approximately $712,281. This 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 Investors Weigh In On Pacific Premier Bancorp

Several hedge funds have recently added to or reduced their stakes in PPBI. Renaissance Technologies LLC grew its stake in shares of Pacific Premier Bancorp by 53.3% in the second quarter. Renaissance Technologies LLC now owns 222,628 shares of the financial services provider’s stock worth $5,114,000 after acquiring an additional 77,400 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of Pacific Premier Bancorp during the second quarter valued at $420,000. Profund Advisors LLC bought a new position in shares of Pacific Premier Bancorp during the second quarter valued at $225,000. Public Sector Pension Investment Board lifted its holdings in shares of Pacific Premier Bancorp by 7.9% during the second quarter. Public Sector Pension Investment Board now owns 212,145 shares of the financial services provider’s stock valued at $4,873,000 after purchasing an additional 15,576 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Pacific Premier Bancorp during the second quarter valued at $1,762,000. 93.11% of the stock is owned by institutional investors.

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.