Raymond James Raises Pacific Premier Bancorp (NASDAQ:PPBI) Price Target to $28.00

Pacific Premier Bancorp (NASDAQ:PPBI) had its target price boosted by Raymond James from $25.00 to $28.00 in a research report released on Thursday, Benzinga reports. Raymond James currently has an outperform rating on the financial services provider’s stock.

Other equities research analysts also recently issued research reports about the company. Stephens raised their target price on Pacific Premier Bancorp from $25.00 to $26.00 and gave the company an equal weight rating in a report on Thursday. StockNews.com raised Pacific Premier Bancorp to a sell rating in a research note on Friday, May 17th. Keefe, Bruyette & Woods dropped their price objective on Pacific Premier Bancorp from $29.00 to $27.00 and set a market perform rating for the company in a research report on Thursday, April 25th. DA Davidson dropped their price objective on Pacific Premier Bancorp from $32.00 to $27.00 and set a buy rating for the company in a research report on Thursday, April 25th. Finally, Piper Sandler lowered their price target on Pacific Premier Bancorp from $31.00 to $26.00 and set an overweight rating for the company in a report on Monday, April 29th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has an average rating of Hold and a consensus target price of $26.50.

Pacific Premier Bancorp Price Performance

Pacific Premier Bancorp stock opened at $26.72 on Thursday. Pacific Premier Bancorp has a one year low of $17.86 and a one year high of $30.13. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.90 and a current ratio of 0.89. The business has a fifty day moving average of $22.97 and a two-hundred day moving average of $23.65. The company has a market cap of $2.58 billion, a P/E ratio of 205.55 and a beta of 1.24.

Pacific Premier Bancorp (NASDAQ:PPBI) last released its earnings results on Wednesday, July 24th. The financial services provider reported $0.43 EPS for the quarter, meeting analysts’ consensus estimates of $0.43. The business had revenue of $154.62 million during the quarter, compared to analyst estimates of $162.23 million. During the same period last year, the business posted $0.60 EPS. Pacific Premier Bancorp’s revenue was down 9.5% compared to the same quarter last year. As a group, analysts predict that Pacific Premier Bancorp will post 1.78 earnings per share for the current fiscal year.

Pacific Premier Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 12th. Investors of record on Monday, August 5th will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 4.94%. The ex-dividend date of this dividend is Monday, August 5th. Pacific Premier Bancorp’s dividend payout ratio (DPR) is presently 1,015.46%.

Insider Buying and Selling

In related news, CFO Lori R. Wright sold 4,668 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $23.59, for a total transaction of $110,118.12. Following the transaction, the chief financial officer now directly owns 31,259 shares of the company’s stock, valued at approximately $737,399.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.21% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Pacific Premier Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp lifted its position in Pacific Premier Bancorp by 1.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,203,751 shares of the financial services provider’s stock worth $27,650,000 after acquiring an additional 16,038 shares in the last quarter. Louisiana State Employees Retirement System raised its position in shares of Pacific Premier Bancorp by 2.1% in the 2nd quarter. Louisiana State Employees Retirement System now owns 48,500 shares of the financial services provider’s stock valued at $1,114,000 after purchasing an additional 1,000 shares in the last quarter. AlphaMark Advisors LLC acquired a new position in shares of Pacific Premier Bancorp in the 2nd quarter valued at approximately $317,000. SG Americas Securities LLC raised its position in shares of Pacific Premier Bancorp by 215.7% in the 2nd quarter. SG Americas Securities LLC now owns 36,436 shares of the financial services provider’s stock valued at $837,000 after purchasing an additional 24,893 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC raised its position in shares of Pacific Premier Bancorp by 1.6% in the 2nd quarter. Linden Thomas Advisory Services LLC now owns 53,171 shares of the financial services provider’s stock valued at $1,221,000 after purchasing an additional 858 shares in the last quarter. 93.11% of the stock is owned by institutional investors and hedge funds.

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.