Bank of New York Mellon Corp increased its position in Pacific Premier Bancorp Inc (NASDAQ:PPBI) by 11.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 288,262 shares of the financial services provider’s stock after buying an additional 30,055 shares during the period. Bank of New York Mellon Corp’s holdings in Pacific Premier Bancorp were worth $11,112,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the company. Russell Investments Group Ltd. bought a new stake in shares of Pacific Premier Bancorp during the fourth quarter worth about $3,998,000. Chicago Equity Partners LLC bought a new stake in shares of Pacific Premier Bancorp during the first quarter worth about $2,204,000. State Street Corp raised its stake in shares of Pacific Premier Bancorp by 12.0% in the fourth quarter. State Street Corp now owns 588,866 shares of the financial services provider’s stock worth $20,814,000 after buying an additional 62,973 shares during the period. Allianz Asset Management AG raised its stake in shares of Pacific Premier Bancorp by 15.4% in the fourth quarter. Allianz Asset Management AG now owns 148,254 shares of the financial services provider’s stock worth $5,241,000 after buying an additional 19,829 shares during the period. Finally, A.R.T. Advisors LLC bought a new stake in shares of Pacific Premier Bancorp during the fourth quarter worth about $894,000. 62.61% of the stock is currently owned by institutional investors.
Pacific Premier Bancorp Inc (NASDAQ:PPBI) opened at 35.30 on Tuesday. The company’s 50-day moving average price is $35.91 and its 200 day moving average price is $36.88. Pacific Premier Bancorp Inc has a 52-week low of $22.66 and a 52-week high of $41.90. The firm has a market capitalization of $1.41 billion, a price-to-earnings ratio of 24.06 and a beta of 0.75.
Pacific Premier Bancorp (NASDAQ:PPBI) last released its quarterly earnings data on Tuesday, April 25th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.02. The company had revenue of $46.39 million for the quarter, compared to analysts’ expectations of $46.48 million. Pacific Premier Bancorp had a net margin of 21.18% and a return on equity of 9.90%. During the same quarter in the prior year, the firm earned $0.41 EPS. Equities analysts predict that Pacific Premier Bancorp Inc will post $1.82 earnings per share for the current fiscal year.
A number of equities research analysts have recently issued reports on PPBI shares. Zacks Investment Research raised Pacific Premier Bancorp from a “hold” rating to a “buy” rating and set a $41.00 target price on the stock in a research report on Wednesday, March 29th. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $41.00 target price (down from $43.00) on shares of Pacific Premier Bancorp in a research report on Monday, April 17th. BidaskClub lowered Pacific Premier Bancorp from a “hold” rating to a “sell” rating in a research report on Friday. Finally, FBR & Co raised Pacific Premier Bancorp from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $40.00 to $44.00 in a research report on Monday, May 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $42.00.
In other news, Director Simone Lagomarsino sold 6,250 shares of the stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $37.00, for a total transaction of $231,250.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders have sold a total of 23,549 shares of company stock worth $873,125 in the last three months. Insiders own 4.59% of the company’s stock.
About Pacific Premier Bancorp
Pacific Premier Bancorp, Inc is a bank holding company. The Company’s subsidiary, Pacific Premier Bank (the Bank), is a California state-chartered commercial bank. The Company’s principal business is attracting deposits from small and middle market businesses and consumers and investing those deposits together with funds generated from operations and borrowings, primarily in commercial business loans and various types of commercial real estate (CRE) loans.
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