Hennessy Advisors Inc., a well-known institutional investor, recently made headlines with its acquisition of a new position in Pacific Premier Bancorp, Inc. (NASDAQ:PPBI). According to the company’s latest disclosure with the Securities and Exchange Commission (SEC), Hennessy Advisors purchased 130,000 shares of Pacific Premier Bancorp’s stock during the second quarter. This acquisition represents a significant investment valued at approximately $2,688,000.
As of its most recent SEC filing, Hennessy Advisors Inc. now owns 0.14% of Pacific Premier Bancorp. This move by a prominent institutional investor speaks volumes about their confidence in the financial services provider and its potential for growth and profitability.
Pacific Premier Bancorp last reported its earnings results on July 27th, providing further insight into its financial performance. For the quarter, the company reported earnings per share of $0.60, surpassing the consensus estimate by $0.01. Additionally, Pacific Premier Bancorp recorded revenue of $245.93 million for the quarter, significantly exceeding analysts’ expectations of $180.58 million.
Digging deeper into the numbers, Pacific Premier Bancorp demonstrated a return on equity of 9.53% and a net margin of 28.25%. These figures indicate that the company is efficiently utilizing its resources to generate profits while maintaining healthy margins.
It is worth noting that in the same quarter of the previous year, Pacific Premier Bancorp posted higher earnings per share at $0.73 EPS. However, experts in equities research remain optimistic about the company’s future performance and predict an EPS of 2.36 for this fiscal year.
This recent series of events provides valuable insight into Pacific Premier Bancorp’s current standing within the financial market landscape and highlights its potential for continued success moving forward.
As investors navigate through ever-changing market conditions and search for opportunities to diversify their portfolios, news like this serves as a crucial piece of information. The actions of influential institutional investors, such as Hennessy Advisors Inc., often provide valuable guidance for individual investors.
While the future is uncertain and market dynamics are subject to fluctuation, the acquisition made by Hennessy Advisors Inc. speaks volumes about Pacific Premier Bancorp’s potential. Investors and industry pundits will undoubtedly keep an eye on the company’s progress in the coming months as they assess its growth prospects and evaluate potential investment opportunities.
In conclusion, Hennessy Advisors Inc.’s recent purchase of a substantial position in Pacific Premier Bancorp, Inc. showcases its confidence in the financial services provider’s future prospects. With solid earnings results and impressive revenue growth, Pacific Premier Bancorp stands poised for continued success within the marketplace. As always, investors should carefully consider their own financial goals and consult with professionals before making any investment decisions.
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Institutional Investors and Analysts Show Growing Interest in Pacific Premier Bancorp’s Stock
Pacific Premier Bancorp, a financial services provider, has recently seen a number of institutional investors and hedge funds buying and selling its shares. Norges Bank, for example, acquired a new position in Pacific Premier Bancorp during the fourth quarter of last year, valued at approximately $29,132,000. Victory Capital Management Inc. also increased its position in the company’s stock by 55.9% during the first quarter, now owning 1,378,327 shares valued at $33,107,000 after purchasing an additional 493,967 shares.
State Street Corp is another investor that raised its stake in Pacific Premier Bancorp by 10.5% in the first quarter, now owning 4,744,931 shares worth $167,733,000 after purchasing an additional 452,218 shares. Alliancebernstein L.P. followed suit by raising its stake in the company by 37.2% in the third quarter and now owns 1,453,651 shares worth $45,005,
Finally,” Vanguard Group Inc., lifted its holdings in Pacific Premier Bancorp by 3.5% during the first quarter. Vanguard Group Inc. currently owns 10,993,
185 shares valued at $388,”609”0- ,”purchased”in–additional366,-90524-shares.”overall
Institutional investors account for approximately”’92 .02% of Pacific Premier Bancorp’s stock ownership.
On Tuesday this week,’Pacific Premier Bancorp’s stock opened at $21,”84”. The company has a debt to equity ratio of ”0′.”40″. Its current ratio and quick ratio both stand at ”0′.89″. With a market cap of $2” .09″ billion,” Pacific Premier Bancorp has a price-to-earnings (P/E) ratio of ”,7,”80′, indicating strong growth potential.
The company’s stock has shown a range of performance over the past year, with a low of $17.53 and a high of $37.50. Currently, the company’s 50-day simple moving average is $23.48, while its 200-day simple moving average is $22.29.
Pacific Premier Bancorp recently announced a quarterly dividend to its shareholders, which was paid on August 14th. Shareholders who were recorded as of August 7th received a dividend of $0.33 per share. This translates into an annualized dividend of $1.32 and a yield of 6.04%. The company’s payout ratio stands at 47.14%.
Several market analysts have weighed in on Pacific Premier Bancorp’s stock performance and provided their insight. Wedbush, for example, boosted its price target on the stock from $23 to $27 and gave it a “neutral” rating in their research report released on July 28th, 2023.
Similarly, Stephens also raised its price target from $23 to $26 in a report published on July 31st.
Piper Sandler was even more optimistic, increasing their price target from $28 to $29 and giving Pacific Premier Bancorp an “overweight” rating in their report on July 31st.
Lastly,” StockNews.com upgraded Pacific Premier Bancorp’s rating from “sell” to “hold” in their research note released on August ”25″.
Overall,”’Bloomberg reports that the stock currently holds a consensus rating of “Moderate Buy,” with an average target price of ‘,$28 .”40’.
