Nuveen Asset Management LLC Sells 36,298 Shares of Pacific Premier Bancorp, Inc. (NASDAQ:PPBI)

Posted by Defense World Staff on Mar 4th, 2023

Nuveen Asset Management LLC lessened its holdings in shares of Pacific Premier Bancorp, Inc. (NASDAQ:PPBI – Get Rating) by 5.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 612,900 shares of the financial services provider’s stock after selling 36,298 shares during the quarter. Nuveen Asset Management LLC owned about 0.65% of Pacific Premier Bancorp worth $18,976,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. MetLife Investment Management LLC raised its stake in Pacific Premier Bancorp by 1.2% during the 3rd quarter. MetLife Investment Management LLC now owns 49,107 shares of the financial services provider’s stock valued at $1,520,000 after purchasing an additional 582 shares during the period. Credit Suisse AG raised its stake in Pacific Premier Bancorp by 3.2% during the 3rd quarter. Credit Suisse AG now owns 126,243 shares of the financial services provider’s stock valued at $3,908,000 after purchasing an additional 3,970 shares during the period. Dimensional Fund Advisors LP raised its stake in Pacific Premier Bancorp by 4.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 5,590,507 shares of the financial services provider’s stock valued at $173,084,000 after purchasing an additional 235,222 shares during the period. Tower Research Capital LLC TRC raised its stake in Pacific Premier Bancorp by 17.2% during the 3rd quarter. Tower Research Capital LLC TRC now owns 16,564 shares of the financial services provider’s stock valued at $512,000 after purchasing an additional 2,434 shares during the period. Finally, Keeley Teton Advisors LLC raised its stake in Pacific Premier Bancorp by 0.9% during the 3rd quarter. Keeley Teton Advisors LLC now owns 157,686 shares of the financial services provider’s stock valued at $4,882,000 after purchasing an additional 1,450 shares during the period. Institutional investors own 94.22% of the company’s stock.

Insider Transactions at Pacific Premier Bancorp

In other news, CEO Steven R. Gardner sold 102,638 shares of Pacific Premier Bancorp stock in a transaction that occurred on Monday, December 19th. The stock was sold at an average price of $31.56, for a total value of $3,239,255.28. Following the completion of the transaction, the chief executive officer now owns 368,482 shares in the company, valued at approximately $11,629,291.92. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, COO Edward Earl Wilcox sold 19,000 shares of the business’s stock in a transaction on Friday, February 10th. The stock was sold at an average price of $33.38, for a total transaction of $634,220.00. Following the completion of the transaction, the chief operating officer now owns 153,782 shares in the company, valued at approximately $5,133,243.16. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Steven R. Gardner sold 102,638 shares of the business’s stock in a transaction on Monday, December 19th. The shares were sold at an average price of $31.56, for a total value of $3,239,255.28. Following the transaction, the chief executive officer now owns 368,482 shares of the company’s stock, valued at approximately $11,629,291.92. The disclosure for this sale can be found here. Company insiders own 2.16% of the company’s stock.

Pacific Premier Bancorp Stock Performance

NASDAQ:PPBI opened at $32.24 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.89 and a quick ratio of 0.89. Pacific Premier Bancorp, Inc. has a 1 year low of $27.92 and a 1 year high of $38.14. The stock’s 50 day simple moving average is $32.20 and its two-hundred day simple moving average is $33.39. The company has a market cap of $3.06 billion, a price-to-earnings ratio of 10.86 and a beta of 1.25.

Pacific Premier Bancorp (NASDAQ:PPBI – Get Rating) last announced its earnings results on Thursday, January 26th. The financial services provider reported $0.77 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.01). The company had revenue of $238.28 million during the quarter, compared to analysts’ expectations of $202.25 million. Pacific Premier Bancorp had a return on equity of 10.25% and a net margin of 33.10%. During the same quarter last year, the firm posted $0.89 EPS. As a group, equities analysts anticipate that Pacific Premier Bancorp, Inc. will post 2.88 earnings per share for the current fiscal year.

Pacific Premier Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 10th. Stockholders of record on Friday, February 3rd were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.09%. The ex-dividend date of this dividend was Thursday, February 2nd. Pacific Premier Bancorp’s dividend payout ratio (DPR) is 44.44%.

Analyst Ratings Changes

PPBI has been the topic of a number of research reports. Raymond James reduced their price objective on Pacific Premier Bancorp from $37.00 to $34.00 and set a “strong-buy” rating on the stock in a research note on Friday, January 27th. StockNews.com raised Pacific Premier Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday.

About Pacific Premier Bancorp

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Pacific Premier Bancorp, Inc is a bank holding company, which engages in the provision of banking services through its subsidiary, Pacific Premier Bank. It offers deposit products and services for business and consumer customers, including checking, money market and savings accounts, cash management services, electronic banking, and on-line bill payment.