Pacific Premier Bancorp, Inc. (PPBI) Sees Large Decrease in Short Interest

Pacific Premier Bancorp, Inc. (NASDAQ:PPBI) was the target of a large decline in short interest during the month of July. As of July 31st, there was short interest totalling 4,787,074 shares, a decline of 39.1% from the July 13th total of 7,854,892 shares. Based on an average daily volume of 348,815 shares, the short-interest ratio is presently 13.7 days. Approximately 8.5% of the shares of the stock are short sold.

In other news, Chairman Steven R. Gardner sold 37,438 shares of the business’s stock in a transaction that occurred on Thursday, May 24th. The stock was sold at an average price of $41.43, for a total transaction of $1,551,056.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 4.12% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Prudential Financial Inc. raised its position in Pacific Premier Bancorp by 2.8% in the first quarter. Prudential Financial Inc. now owns 66,356 shares of the financial services provider’s stock valued at $2,668,000 after purchasing an additional 1,810 shares during the period. Jackson Financial Management purchased a new stake in Pacific Premier Bancorp in the second quarter valued at approximately $381,000. Employees Retirement System of Texas raised its position in Pacific Premier Bancorp by 16.1% in the first quarter. Employees Retirement System of Texas now owns 72,000 shares of the financial services provider’s stock valued at $2,894,000 after purchasing an additional 10,000 shares during the period. Quadrature Capital Ltd purchased a new stake in Pacific Premier Bancorp in the first quarter valued at approximately $204,000. Finally, Allianz Asset Management GmbH raised its position in Pacific Premier Bancorp by 14.3% in the first quarter. Allianz Asset Management GmbH now owns 390,533 shares of the financial services provider’s stock valued at $15,699,000 after purchasing an additional 48,844 shares during the period. 67.87% of the stock is currently owned by institutional investors.

PPBI opened at $37.70 on Tuesday. Pacific Premier Bancorp has a one year low of $32.05 and a one year high of $46.05. The company has a market capitalization of $2.34 billion, a P/E ratio of 21.30, a price-to-earnings-growth ratio of 1.84 and a beta of 0.68. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.00 and a current ratio of 1.01.

Pacific Premier Bancorp (NASDAQ:PPBI) last released its quarterly earnings data on Tuesday, July 24th. The financial services provider reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.02). Pacific Premier Bancorp had a net margin of 24.60% and a return on equity of 8.61%. The business had revenue of $89.32 million during the quarter, compared to analyst estimates of $92.28 million. During the same quarter in the prior year, the company posted $0.35 earnings per share. analysts anticipate that Pacific Premier Bancorp will post 2.55 EPS for the current year.

PPBI has been the topic of a number of recent analyst reports. Zacks Investment Research cut Pacific Premier Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. BidaskClub cut Pacific Premier Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, July 4th. Stephens reiterated a “hold” rating and issued a $43.00 price objective on shares of Pacific Premier Bancorp in a report on Wednesday, July 25th. Finally, ValuEngine cut Pacific Premier Bancorp from a “hold” rating to a “sell” rating in a report on Monday, July 2nd. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $48.00.

Pacific Premier Bancorp Company Profile

Pacific Premier Bancorp, Inc operates as the bank holding company for Pacific Premier Bank that provides banking services to businesses, professionals, real estate investors, and non-profit organizations. Its deposit products include checking, money market, and savings accounts. The company's loan portfolio comprises commercial business loans, lines of credit, small business administration loans, commercial real estate loans, agribusiness loans, home equity lines of credit, construction loans, farmland, and consumer loans, as well as multi-family residential, one-to-four family real estate, commercial and industrial, and franchise lending; warehouse repurchase facilities; and credit facilities to Home Owners' Associations (HOA) and HOA management companies.

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