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

Pacific Premier Bancorp (NASDAQ:PPBI) had its price objective decreased by DA Davidson from $33.00 to $30.00 in a research note released on Friday,Benzinga reports. DA Davidson currently has a buy rating on the financial services provider’s stock.

Separately, Wedbush decreased 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 investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Pacific Premier Bancorp currently has a consensus rating of “Hold” and an average price target of $27.00.

Pacific Premier Bancorp Price Performance

Pacific Premier Bancorp stock opened at $24.97 on Friday. Pacific Premier Bancorp has a one year low of $20.52 and a one year high of $30.28. The company’s fifty day moving average price is $26.04 and its two-hundred day moving average price is $25.70. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.88 and a quick ratio of 0.88.

Pacific Premier Bancorp (NASDAQ:PPBI) last issued its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.03. As a group, analysts anticipate that Pacific Premier Bancorp will post 1.59 earnings per share for the current year.

Pacific Premier Bancorp Announces Dividend

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

Insider Buying and Selling

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

Institutional Investors Weigh In On Pacific Premier Bancorp

Several large investors have recently modified their holdings of PPBI. Renaissance Technologies LLC grew its position in 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 valued at $5,114,000 after acquiring an additional 77,400 shares during the period. Intech Investment Management LLC acquired a new stake in shares of Pacific Premier Bancorp during the 2nd quarter worth about $420,000. Profund Advisors LLC bought a new position in Pacific Premier Bancorp during the 2nd quarter valued at about $225,000. Public Sector Pension Investment Board boosted its position in Pacific Premier Bancorp by 7.9% in 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 buying an additional 15,576 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in Pacific Premier Bancorp during the second quarter worth about $1,762,000. 93.11% of the stock is currently owned by institutional investors.

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.