Massachusetts Financial Services Co. MA Cuts Stock Holdings in Pacific Premier Bancorp, Inc. (NASDAQ:PPBI)

Massachusetts Financial Services Co. MA trimmed its holdings in shares of Pacific Premier Bancorp, Inc. (NASDAQ:PPBI) by 2.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,446,625 shares of the financial services provider’s stock after selling 58,828 shares during the period. Massachusetts Financial Services Co. MA owned about 2.54% of Pacific Premier Bancorp worth $56,199,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Fidelis Capital Partners LLC purchased a new stake in shares of Pacific Premier Bancorp during the first quarter worth about $27,000. nVerses Capital LLC boosted its holdings in shares of Pacific Premier Bancorp by 93.8% during the second quarter. nVerses Capital LLC now owns 3,100 shares of the financial services provider’s stock worth $71,000 after purchasing an additional 1,500 shares during the period. Innealta Capital LLC purchased a new stake in shares of Pacific Premier Bancorp during the second quarter worth about $95,000. Capstone Investment Advisors LLC purchased a new stake in shares of Pacific Premier Bancorp during the first quarter worth about $217,000. Finally, FineMark National Bank & Trust purchased a new stake in shares of Pacific Premier Bancorp during the fourth quarter worth about $234,000. 93.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Pacific Premier Bancorp

In other news, Director Jeff C. Jones sold 11,251 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $23.62, for a total transaction of $265,748.62. Following the sale, the director now owns 123,794 shares in the company, valued at $2,924,014.28. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, COO Edward Earl Wilcox sold 30,499 shares of the stock in a transaction that occurred 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 sale, the chief operating officer now owns 230,592 shares in the company, valued at $5,448,888.96. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Jeff C. Jones sold 11,251 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $23.62, for a total transaction of $265,748.62. Following the sale, the director now owns 123,794 shares in the company, valued at approximately $2,924,014.28. The disclosure for this sale can be found here. Insiders own 2.21% of the company’s stock.

Pacific Premier Bancorp Price Performance

Shares of NASDAQ PPBI opened at $25.97 on Friday. Pacific Premier Bancorp, Inc. has a fifty-two week low of $17.86 and a fifty-two week high of $30.13. The company has a 50 day simple moving average of $25.30 and a two-hundred day simple moving average of $23.43. The company has a market capitalization of $2.50 billion, a price-to-earnings ratio of 196.92 and a beta of 1.23. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.89 and a current ratio of 0.89.

Pacific Premier Bancorp (NASDAQ:PPBI) last announced its earnings results on Wednesday, July 24th. The financial services provider reported $0.43 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.43. The business had revenue of $154.62 million for the quarter, compared to the consensus estimate of $162.23 million. During the same period in the prior year, the business posted $0.60 EPS. Pacific Premier Bancorp’s revenue for the quarter was down 9.5% on a year-over-year basis. Analysts expect that Pacific Premier Bancorp, Inc. will post 1.65 EPS for the current fiscal year.

Pacific Premier Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 12th. Shareholders of record on Monday, August 5th were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 5.08%. The ex-dividend date was Monday, August 5th. Pacific Premier Bancorp’s dividend payout ratio is 1,015.38%.

Analysts Set New Price Targets

PPBI has been the subject of a number of analyst reports. Raymond James increased their target price on shares of Pacific Premier Bancorp from $25.00 to $28.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Wedbush increased their target price on shares of Pacific Premier Bancorp from $23.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, July 25th. Finally, Stephens increased their price target on shares of Pacific Premier Bancorp from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Pacific Premier Bancorp currently has an average rating of “Hold” and a consensus price target of $26.50.

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.