Zacks Investment Research Lowers Pacific Premier Bancorp (NASDAQ:PPBI) to Strong Sell

Zacks Investment Research lowered shares of Pacific Premier Bancorp (NASDAQ:PPBI) from a hold rating to a strong sell rating in a research report released on Saturday, Zacks.com reports.

According to Zacks, “LIFE Financial Corporation is a savings and loan holding company for Life Bank. The company originates, purchases, sells, securitizes and services primarily non-conventional mortgage loans principally secured by first and second mortgages on one- to four-family residences. The Company makes Liberator Series loans, which are for the purchase of residential real property by borrowers who generally would not qualify for Fannie Mae or Freddie Mac loans, and Portfolio Series loans, which is debt consolidation loans for borrowers whose credit history qualifies them. “

Other equities research analysts have also recently issued reports about the stock. TheStreet upgraded shares of Pacific Premier Bancorp from a c+ rating to a b- rating in a report on Tuesday, April 23rd. ValuEngine upgraded shares of Pacific Premier Bancorp from a sell rating to a hold rating in a report on Thursday, August 1st. Janney Montgomery Scott cut shares of Pacific Premier Bancorp from a buy rating to a neutral rating in a report on Friday, June 7th. Stephens restated a hold rating and issued a $35.00 price target on shares of Pacific Premier Bancorp in a report on Tuesday, April 23rd. Finally, BidaskClub upgraded shares of Pacific Premier Bancorp from a hold rating to a buy rating in a report on Saturday, July 27th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $37.50.

NASDAQ:PPBI opened at $29.71 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of 11.84, a PEG ratio of 1.48 and a beta of 1.24. The firm has a fifty day simple moving average of $30.23 and a two-hundred day simple moving average of $29.51. Pacific Premier Bancorp has a 12 month low of $23.01 and a 12 month high of $40.10.

Pacific Premier Bancorp (NASDAQ:PPBI) last posted its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.01). The company had revenue of $116.97 million during the quarter, compared to analyst estimates of $120.85 million. Pacific Premier Bancorp had a return on equity of 8.04% and a net margin of 26.08%. During the same quarter in the previous year, the business posted $0.58 earnings per share. Equities analysts predict that Pacific Premier Bancorp will post 2.49 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Friday, August 2nd were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date was Thursday, August 1st. Pacific Premier Bancorp’s dividend payout ratio (DPR) is 35.06%.

In other Pacific Premier Bancorp news, Director Joseph L. Garrett acquired 1,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were purchased at an average cost of $28.78 per share, with a total value of $28,780.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.67% of the stock is currently owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the business. Commerce Bank lifted its stake in shares of Pacific Premier Bancorp by 20.5% in the first quarter. Commerce Bank now owns 17,485 shares of the financial services provider’s stock valued at $464,000 after buying an additional 2,970 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Pacific Premier Bancorp by 28.0% in the first quarter. The Manufacturers Life Insurance Company now owns 1,380,842 shares of the financial services provider’s stock valued at $36,634,000 after buying an additional 301,904 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Pacific Premier Bancorp in the first quarter valued at $1,227,000. Laurion Capital Management LP bought a new position in shares of Pacific Premier Bancorp in the first quarter valued at $878,000. Finally, Comerica Bank lifted its stake in shares of Pacific Premier Bancorp by 1.7% in the first quarter. Comerica Bank now owns 44,649 shares of the financial services provider’s stock valued at $1,285,000 after buying an additional 746 shares in the last quarter. 88.50% of the stock is currently owned by hedge funds and other institutional investors.

About Pacific Premier Bancorp

Pacific Premier Bancorp, Inc operates as the bank holding company for Pacific Premier Bank that provides banking services to businesses, professionals, real estate investors, and non-profit organizations. The company accepts deposit products, such as checking, money market, and savings accounts; and certificates of deposit.

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