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

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

A number of other analysts have also recently commented on PPBI. Wedbush lifted their price target on Pacific Premier Bancorp from $23.00 to $25.00 and gave the stock a neutral rating in a research report on Thursday. Keefe, Bruyette & Woods dropped their target price on Pacific Premier Bancorp from $29.00 to $27.00 and set a market perform rating on the stock in a research report on Thursday, April 25th. DA Davidson reduced their price target on shares of 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. Piper Sandler dropped their price objective on shares of Pacific Premier Bancorp from $31.00 to $26.00 and set an overweight rating on the stock in a report on Monday, April 29th. Finally, Stephens increased their price objective 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. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Hold and an average target price of $26.50.

Pacific Premier Bancorp Stock Performance

PPBI opened at $27.34 on Thursday. The company has a market cap of $2.64 billion, a P/E ratio of 210.32 and a beta of 1.24. The company has a quick ratio of 0.90, a current ratio of 0.89 and a debt-to-equity ratio of 0.18. The firm’s 50-day moving average price is $23.04 and its 200-day moving average price is $23.58. Pacific Premier Bancorp has a 52-week low of $17.86 and a 52-week high of $30.13.

Pacific Premier Bancorp (NASDAQ:PPBI) last issued its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.43. The company had revenue of $154.62 million for the quarter, compared to analyst estimates of $162.23 million. During the same quarter in the previous year, the company posted $0.60 EPS. The company’s revenue for the quarter was down 9.5% compared to the same quarter last year. As a group, equities analysts anticipate that Pacific Premier Bancorp will post 1.7 EPS for the current fiscal year.

Pacific Premier Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 12th. Stockholders of record on Monday, August 5th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 4.83%. The ex-dividend date of this dividend is Monday, August 5th. Pacific Premier Bancorp’s dividend payout ratio (DPR) is 1,015.46%.

Insider Buying and Selling

In other Pacific Premier Bancorp news, CFO Lori R. Wright sold 4,668 shares of Pacific Premier Bancorp stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $23.59, for a total value of $110,118.12. Following the completion of the transaction, the chief financial officer now owns 31,259 shares of the company’s stock, valued at $737,399.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.21% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Pacific Premier Bancorp

Institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank acquired a new stake in Pacific Premier Bancorp in the 4th quarter valued at $34,788,000. William Blair Investment Management LLC grew its position in shares of Pacific Premier Bancorp by 56.0% in the first quarter. William Blair Investment Management LLC now owns 1,328,776 shares of the financial services provider’s stock valued at $31,891,000 after purchasing an additional 477,167 shares during the period. Kennedy Capital Management LLC purchased a new stake in shares of Pacific Premier Bancorp during the first quarter worth about $7,812,000. Eagle Asset Management Inc. raised its position in shares of 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 worth $8,517,000 after purchasing an additional 276,538 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in Pacific Premier Bancorp by 82.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 484,910 shares of the financial services provider’s stock valued at $14,116,000 after buying an additional 219,313 shares in the last quarter. Hedge funds and other institutional investors own 93.11% of the company’s stock.

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.