Pacific Premier Bancorp president & COO sells $720k in stock By Investing.com

Pacific Premier Bancorp Inc. (NASDAQ:) has reported a significant transaction by President & COO Edward Earl Wilcox, who sold shares in the company worth approximately $720,691. The transaction occurred on September 9, 2024, and was disclosed in a recent filing with the Securities and Exchange Commission.

Wilcox sold a total of 30,499 shares at an average price of $23.63, with individual sales prices ranging from $23.61 to $23.72. This sale was part of a larger set of transactions that included both acquisitions and disposals of PPBI stock.

On the same day, Wilcox also acquired 30,499 shares at a price of $15.16 per share, totaling $462,364. The acquired shares were non-derivative securities, directly owned by Wilcox. Following these buy and sell transactions, Wilcox’s direct ownership in the company includes 68,016 shares of restricted stock, which are subject to vesting schedules and forfeiture under certain conditions as stipulated in the restricted stock grant.

Additionally, the filing revealed holdings in indirect ownership by The Wilcox Family Trust, of which Edward and Kristen Wilcox are trustees. The beneficiaries of this trust are the reporting person’s children, and it holds 25,347 shares of PPBI common stock.

Investors closely watch insider transactions like these for insights into executives’ perspectives on their company’s stock. The sale of a significant amount of stock by a high-ranking executive may be of interest to current and potential shareholders.

Pacific Premier Bancorp Inc., based in Irvine, California, operates as a commercial bank within the state and is incorporated in Delaware. The company’s stock is traded on the NASDAQ exchange under the ticker symbol PPBI.

In other recent news, Pacific Premier Bancorp has reported a decrease in its Q2 earnings with a net income of $41.9 million, down from $47.0 million in Q1. The bank’s total assets also saw a decline, standing at $18.33 billion, a decrease from $18.81 billion at the end of Q1. DA Davidson has maintained a buy rating on the bank’s stock and increased its price target to $31.00 from $27.00, citing the bank’s consistent focus on risk management and forward-thinking approach to funding and asset quality. Meanwhile, Stephens has adjusted its price target for Pacific Premier Bancorp, increasing it from $25.00 to $26.00 while maintaining an Equal Weight rating. The firm anticipates continuing declines in net interest income and pre-provision net revenue in the next few quarters due to ongoing funding costs and net interest margin challenges. Piper Sandler also adjusted its outlook for Pacific Premier Bancorp, reducing the price target to $26 from the previous $31, while maintaining an Overweight rating on the bank’s stock. This adjustment was due to an anticipated lower net interest margin. These recent developments highlight Pacific Premier Bancorp’s ongoing financial health and strategic approach to the current economic landscape.

InvestingPro Insights

Pacific Premier Bancorp Inc. (NASDAQ:PPBI) has seen its market dynamics fluctuate, as evidenced by recent insider trading activity and market performance. According to InvestingPro data, the company currently holds a market capitalization of approximately $2.29 billion. Despite a challenging period reflected in a negative P/E ratio of -409.25 for the last twelve months as of Q2 2024, the company has managed a strong return over the last three months, with a 15.27% price total return.

As investors weigh the implications of insider transactions, it’s important to consider the broader financial context. One InvestingPro Tip suggests that analysts are predicting the company will be profitable this year, which may signal a positive shift in the bank’s financial trajectory. Meanwhile, another tip indicates that seven analysts have revised their earnings downwards for the upcoming period, suggesting a cautious outlook in the near term.

The company’s revenue has encountered headwinds, with a decline of 48.42% over the last twelve months as of Q2 2024. This aligns with the observation from an InvestingPro Tip that PPBI suffers from weak gross profit margins. However, the potential for income growth this year could be a silver lining for investors monitoring the bank’s performance.

For those seeking deeper insights and additional tips, InvestingPro offers a comprehensive analysis of Pacific Premier Bancorp Inc., with further tips available at https://www.investing.com/pro/PPBI.

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