Short Interest in Pacific Premier Bancorp (PPBI) Grows By 64.1%

Pacific Premier Bancorp (NASDAQ:PPBI) was the target of a large increase in short interest in March. As of March 29th, there was short interest totalling 1,711,117 shares, an increase of 64.1% from the March 15th total of 1,042,654 shares. Approximately 3.8% of the shares of the stock are short sold. Based on an average trading volume of 547,749 shares, the short-interest ratio is currently 3.1 days.

A number of research firms have commented on PPBI. ValuEngine lowered shares of Pacific Premier Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, March 23rd. Stephens restated a “hold” rating and issued a $45.00 price target on shares of Pacific Premier Bancorp in a research report on Tuesday, February 6th. Zacks Investment Research upgraded shares of Pacific Premier Bancorp from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research report on Saturday, January 6th. Piper Jaffray set a $55.00 price target on shares of Pacific Premier Bancorp and gave the company a “buy” rating in a research report on Tuesday, February 13th. Finally, BidaskClub lowered shares of Pacific Premier Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, March 23rd. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Pacific Premier Bancorp presently has an average rating of “Buy” and an average price target of $46.40.

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In other news, President Edward Earl Wilcox sold 21,261 shares of Pacific Premier Bancorp stock in a transaction dated Wednesday, March 7th. The shares were sold at an average price of $44.50, for a total transaction of $946,114.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Steven R. Gardner sold 54,849 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $43.08, for a total transaction of $2,362,894.92. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 98,146 shares of company stock worth $4,251,269. 4.59% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in PPBI. BlackRock Inc. raised its stake in shares of Pacific Premier Bancorp by 103.1% in the fourth quarter. BlackRock Inc. now owns 4,970,355 shares of the financial services provider’s stock worth $198,814,000 after acquiring an additional 2,522,820 shares during the last quarter. Earnest Partners LLC bought a new position in shares of Pacific Premier Bancorp in the fourth quarter worth about $65,490,000. Millennium Management LLC raised its stake in shares of Pacific Premier Bancorp by 120.4% in the fourth quarter. Millennium Management LLC now owns 938,321 shares of the financial services provider’s stock worth $37,533,000 after acquiring an additional 512,542 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Pacific Premier Bancorp by 79.7% in the fourth quarter. Bank of New York Mellon Corp now owns 597,349 shares of the financial services provider’s stock worth $23,893,000 after acquiring an additional 265,020 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Pacific Premier Bancorp by 28.2% in the fourth quarter. Victory Capital Management Inc. now owns 733,782 shares of the financial services provider’s stock worth $29,351,000 after acquiring an additional 161,475 shares during the last quarter. 85.87% of the stock is owned by institutional investors.

NASDAQ:PPBI opened at $40.95 on Friday. The stock has a market capitalization of $1,920.64, a price-to-earnings ratio of 23.14, a PEG ratio of 1.83 and a beta of 0.67. Pacific Premier Bancorp has a 12 month low of $32.05 and a 12 month high of $46.05. The company has a current ratio of 1.05, a quick ratio of 1.04 and a debt-to-equity ratio of 0.52.

Pacific Premier Bancorp (NASDAQ:PPBI) last released its quarterly earnings results on Tuesday, January 30th. The financial services provider reported $0.57 EPS for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.05. Pacific Premier Bancorp had a net margin of 19.96% and a return on equity of 8.65%. The firm had revenue of $87.62 million for the quarter, compared to analyst estimates of $83.30 million. During the same period in the previous year, the business earned $0.43 earnings per share. research analysts predict that Pacific Premier Bancorp will post 2.82 earnings per share for the current fiscal year.

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Pacific Premier Bancorp Company Profile

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. Its deposit products include checking, money market, and savings accounts. The company's loan portfolio comprises commercial business loans, lines of credit, small business administration loans, commercial real estate loans, agribusiness loans, home equity lines of credit, construction loans, farmland, and consumer loans, as well as multi-family residential, one-to-four family real estate, commercial and industrial, and franchise lending; warehouse repurchase facilities; and credit facilities to Home Owners' Associations (HOA) and HOA management companies.

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