Wedbush Comments on Pacific Premier Bancorp, Inc.’s Q2 2024 Earnings (NASDAQ:PPBI)

Pacific Premier Bancorp, Inc. (NASDAQ:PPBI) – Research analysts at Wedbush reduced their Q2 2024 earnings per share estimates for Pacific Premier Bancorp in a report released on Thursday, April 25th. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings of $0.46 per share for the quarter, down from their previous forecast of $0.47. Wedbush has a “Neutral” rating and a $25.00 price target on the stock. The consensus estimate for Pacific Premier Bancorp’s current full-year earnings is $1.89 per share. Wedbush also issued estimates for Pacific Premier Bancorp’s Q3 2024 earnings at $0.46 EPS, Q4 2024 earnings at $0.45 EPS, FY2024 earnings at $1.85 EPS, Q1 2025 earnings at $0.48 EPS, Q2 2025 earnings at $0.49 EPS, Q3 2025 earnings at $0.51 EPS, Q4 2025 earnings at $0.52 EPS and FY2025 earnings at $2.00 EPS.

A number of other brokerages have also commented on PPBI. Raymond James reissued an “outperform” rating and set a $25.00 price objective (down previously from $29.00) on shares of Pacific Premier Bancorp in a report on Thursday. Stephens restated an “equal weight” rating and issued a $28.00 price objective on shares of Pacific Premier Bancorp in a research report on Tuesday, January 30th. StockNews.com raised Pacific Premier Bancorp to a “sell” rating in a research note on Tuesday, April 23rd. Keefe, Bruyette & Woods decreased their target price 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. Finally, DA Davidson dropped their price target on Pacific Premier Bancorp from $32.00 to $27.00 and set a “buy” rating on the stock in a research report on Thursday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $27.17.

Pacific Premier Bancorp Stock Down 0.8 %

NASDAQ PPBI opened at $21.98 on Friday. The stock’s 50 day simple moving average is $22.90 and its 200 day simple moving average is $24.10. 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 firm has a market cap of $2.11 billion, a PE ratio of 169.09 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.

Pacific Premier Bancorp (NASDAQ:PPBI) last released its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $0.49 earnings per share for the quarter, beating 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 company had revenue of $239.21 million for the quarter, compared to analyst estimates of $166.98 million. During the same period in the prior year, the company posted $0.66 EPS.

Pacific Premier Bancorp Dividend Announcement

The business also recently announced 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. This represents a $1.32 annualized dividend and a dividend yield of 6.01%. The ex-dividend date is Friday, May 3rd. Pacific Premier Bancorp’s payout ratio is 1,015.46%.

Insider Activity at Pacific Premier Bancorp

In related 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 acquired at an average price of $23.92 per share, with a total value of $28,704.00. Following the completion of the transaction, the director now directly owns 14,507 shares of the company’s stock, valued at approximately $347,007.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.21% of the stock is owned by company insiders.

Hedge Funds Weigh In On Pacific Premier Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the company. Peregrine Capital Management LLC grew its position in Pacific Premier Bancorp by 5.4% during the 1st quarter. Peregrine Capital Management LLC now owns 279,500 shares of the financial services provider’s stock worth $6,708,000 after acquiring an additional 14,269 shares during the last quarter. Verdence Capital Advisors LLC grew its holdings in Pacific Premier Bancorp by 19.8% during the first quarter. Verdence Capital Advisors LLC now owns 13,342 shares of the financial services provider’s stock worth $320,000 after buying an additional 2,201 shares in the last quarter. Assenagon Asset Management S.A. grew its position in Pacific Premier Bancorp by 11.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 540,267 shares of the financial services provider’s stock worth $12,966,000 after purchasing an additional 55,357 shares in the last quarter. Vanguard Group Inc. grew its position in Pacific Premier Bancorp by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 11,316,980 shares of the financial services provider’s stock valued at $329,437,000 after buying an additional 65,694 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in Pacific Premier Bancorp by 16.3% during the fourth quarter. Wellington Management Group LLP now owns 320,186 shares of the financial services provider’s stock valued at $9,321,000 after purchasing an additional 44,919 shares during the last quarter. 93.11% of the stock is currently owned by institutional investors and hedge funds.

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.