Breaking News: Pacific Premier Bancorp Inc. President & COO Sells Shares Worth $720K!
Pacific Premier Bancorp Inc. (NASDAQ: PPBI) recently saw a significant transaction as President & COO Edward Earl Wilcox sold shares in the company worth approximately $720,691. The transaction took place on September 9, 2024, and was disclosed in a recent filing with the Securities and Exchange Commission.
Wilcox sold 30,499 shares at an average price of $23.63 per share, with individual sales prices ranging from $23.61 to $23.72. He also acquired the same number of shares at a price of $15.16 per share, totaling $462,364. This sale was part of a larger set of transactions that included both acquisitions and disposals of PPBI stock.
Following these transactions, Wilcox's direct ownership in the company includes 68,016 shares of restricted stock, subject to vesting schedules and forfeiture under certain conditions. Additionally, indirect ownership was revealed through The Wilcox Family Trust, holding 25,347 shares of PPBI common stock for the benefit of Wilcox's children.
Insider transactions like these provide insights into executives' perspectives on their company's stock, which investors closely monitor. In other news, Pacific Premier Bancorp reported a decrease in Q2 earnings, with a net income of $41.9 million. Analysts have varying outlooks on the bank's stock, with DA Davidson maintaining a buy rating and increasing its price target, while Stephens and Piper Sandler adjusted their targets due to anticipated challenges.
InvestingPro Insights: Despite recent insider trading activity, Pacific Premier Bancorp's market dynamics have fluctuated. The company holds a market capitalization of approximately $2.29 billion, with a strong return over the last three months. Analysts predict profitability this year, but caution against a downward revision in earnings by seven analysts for the upcoming period.
While revenue has declined, there is potential for income growth this year. Investors should consider the broader financial context and monitor the bank's performance closely for further insights.
In conclusion, understanding insider transactions and market performance can provide valuable information for investors looking to make informed decisions about their finances. Stay informed, stay ahead!