Hennessy Advisors Inc. Sells 19,000 Shares of Pacific Premier Bancorp, Inc. (NASDAQ:PPBI)

Hennessy Advisors Inc. lowered its stake in shares of Pacific Premier Bancorp, Inc. (NASDAQ:PPBI) by 14.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 115,000 shares of the financial services provider’s stock after selling 19,000 shares during the period. Hennessy Advisors Inc.’s holdings in Pacific Premier Bancorp were worth $2,866,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Azora Capital LP purchased a new stake in shares of Pacific Premier Bancorp in the third quarter worth approximately $12,187,000. Massachusetts Financial Services Co. MA raised its stake in shares of Pacific Premier Bancorp by 13.1% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,768,341 shares of the financial services provider’s stock valued at $69,651,000 after buying an additional 321,716 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Pacific Premier Bancorp by 61.6% during the third quarter. Assenagon Asset Management S.A. now owns 644,443 shares of the financial services provider’s stock valued at $16,214,000 after purchasing an additional 245,771 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Pacific Premier Bancorp by 4.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,644,235 shares of the financial services provider’s stock worth $129,645,000 after buying an additional 238,854 shares during the period. Finally, Phocas Financial Corp. boosted its holdings in shares of Pacific Premier Bancorp by 65.8% in the third quarter. Phocas Financial Corp. now owns 279,443 shares of the financial services provider’s stock worth $7,031,000 after acquiring an additional 110,885 shares during the period. 93.11% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Pacific Premier Bancorp

In related news, EVP Michael S. Karr sold 10,290 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $26.87, for a total transaction of $276,492.30. Following the transaction, the executive vice president now directly owns 79,474 shares in the company, valued at approximately $2,135,466.38. This represents a 11.46 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Margaret S. Ohlhaver sold 9,273 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $27.96, for a total transaction of $259,273.08. Following the completion of the sale, the executive vice president now directly owns 25,475 shares of the company’s stock, valued at approximately $712,281. The trade was a 26.69 % decrease in their position. The disclosure for this sale can be found here. 2.21% of the stock is currently owned by corporate insiders.

Pacific Premier Bancorp Stock Performance

Shares of PPBI opened at $24.58 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.09. The business’s 50 day moving average price is $26.38 and its 200-day moving average price is $25.62. Pacific Premier Bancorp, Inc. has a 52 week low of $20.52 and a 52 week high of $30.28. The stock has a market cap of $2.37 billion, a P/E ratio of -163.86 and a beta of 1.26.

Pacific Premier Bancorp (NASDAQ:PPBI) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.01). The firm had revenue of $224.49 million for the quarter, compared to analysts’ expectations of $153.23 million. During the same period in the previous year, the company earned $0.48 EPS. Equities research analysts anticipate that Pacific Premier Bancorp, Inc. will post 1.59 earnings per share for the current fiscal year.

Pacific Premier Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Monday, November 4th were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 5.37%. The ex-dividend date was Monday, November 4th. Pacific Premier Bancorp’s dividend payout ratio (DPR) is -879.94%.

Analysts Set New Price Targets

Separately, Wedbush reduced their price target on shares of Pacific Premier Bancorp from $27.00 to $25.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Pacific Premier Bancorp has an average rating of “Hold” and a consensus target price of $26.50.

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.