Pacific Premier Bancorp (NASDAQ:PPBI) Price Target Cut to $27.00 by Analysts at DA Davidson

Pacific Premier Bancorp (NASDAQ:PPBI) had its price target reduced by DA Davidson from $32.00 to $27.00 in a research note released on Thursday, Benzinga reports. They currently have a buy rating on the financial services provider’s stock. DA Davidson also issued estimates for Pacific Premier Bancorp’s Q2 2024 earnings at $0.43 EPS and FY2025 earnings at $2.03 EPS.

Several other brokerages have also issued reports on PPBI. Keefe, Bruyette & Woods dropped their price target on Pacific Premier Bancorp from $29.00 to $27.00 and set a market perform rating for the company in a research note on Thursday. Wedbush reaffirmed a neutral rating and set a $25.00 price target on shares of Pacific Premier Bancorp in a research note on Thursday. StockNews.com raised Pacific Premier Bancorp to a sell rating in a research note on Tuesday. Stephens reaffirmed an equal weight rating and set a $28.00 price target on shares of Pacific Premier Bancorp in a research note on Tuesday, January 30th. Finally, Raymond James reaffirmed an outperform rating and set a $25.00 price target (down previously from $29.00) on shares of Pacific Premier Bancorp in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $27.17.

Pacific Premier Bancorp Stock Performance

Shares of NASDAQ PPBI remained flat at $22.16 during mid-day trading on Thursday. The stock had a trading volume of 160,924 shares, compared to its average volume of 528,771. The firm has a market capitalization of $2.12 billion, a P/E ratio of 170.47 and a beta of 1.21. Pacific Premier Bancorp has a one year low of $17.53 and a one year high of $30.13. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.90 and a quick ratio of 0.93. The business’s 50-day simple moving average is $23.02 and its 200-day simple moving average is $24.10.

Pacific Premier Bancorp (NASDAQ:PPBI) last posted its earnings results on Wednesday, April 24th. The financial services provider reported $0.49 EPS for the quarter, topping the consensus estimate of $0.48 by $0.01. Pacific Premier Bancorp had a return on equity of 6.92% and a net margin of 24.75%. The business had revenue of $239.21 million during the quarter, compared to analysts’ expectations of $166.98 million. During the same period in the previous year, the business earned $0.66 earnings per share. As a group, equities research analysts forecast that Pacific Premier Bancorp will post 1.93 earnings per share for the current year.

Pacific Premier Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 13th. Investors of record on Monday, May 6th will be issued a dividend of $0.33 per share. The ex-dividend date is Friday, May 3rd. This represents a $1.32 dividend on an annualized basis and a yield of 5.96%. Pacific Premier Bancorp’s dividend payout ratio is presently 1,015.46%.

Insider Activity at Pacific Premier Bancorp

In other Pacific Premier Bancorp news, Director Barbara Polsky purchased 1,200 shares of Pacific Premier Bancorp stock in a transaction that occurred on Thursday, March 21st. The shares were bought at an average price of $23.92 per share, for a total transaction of $28,704.00. Following the acquisition, the director now directly owns 14,507 shares in the company, valued at $347,007.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.21% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new stake in Pacific Premier Bancorp during the 4th quarter valued at about $34,788,000. Schroder Investment Management Group purchased a new stake in Pacific Premier Bancorp during the 3rd quarter valued at about $6,264,000. Ieq Capital LLC purchased a new stake in Pacific Premier Bancorp during the 3rd quarter valued at about $6,091,000. Eagle Asset Management Inc. grew its position in Pacific Premier Bancorp by 1,724.3% during the 4th quarter. Eagle Asset Management Inc. now owns 292,576 shares of the financial services provider’s stock valued at $8,517,000 after purchasing an additional 276,538 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in Pacific Premier Bancorp by 13.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,278,555 shares of the financial services provider’s stock valued at $49,581,000 after purchasing an additional 269,119 shares during the last quarter. Hedge funds and other institutional investors own 93.11% of the company’s stock.

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.