In a recent move within Pacific Premier Bancorp Inc (NASDAQ:PPBI), Senior Executive Vice President and Deputy Chief Financial Officer Lori R. Wright sold a total of 4,668 shares of the company's common stock. The transaction, which took place on May 15, 2024, resulted in a total sale value of approximately $110,132.
The shares were sold at a weighted average price of $23.593 each, with individual transactions occurring at prices ranging from $23.50 to $23.69. Following the sale, Wright's remaining holdings in the company include 31,259 shares, which takes into account 28,337 shares of restricted stock. These restricted shares are subject to a vesting schedule and potential forfeiture under certain conditions as specified in the restricted stock grant.
This financial activity was publicly disclosed in accordance with the Securities and Exchange Commission's requirements, providing transparency into the trading practices of Pacific Premier Bancorp's executives. The details of these transactions offer investors insight into the trading behavior of the company's insiders and can be a useful piece of information for those tracking the financial dynamics of Pacific Premier Bancorp.
InvestingPro Insights
Pacific Premier Bancorp Inc (NASDAQ:PPBI) has been under close scrutiny following the recent sale of shares by Senior Executive Vice President and Deputy Chief Financial Officer Lori R. Wright. As investors look to understand the implications of this insider activity, several metrics and insights from InvestingPro can provide a broader context to the company's financial health and stock performance.
With a market capitalization of $2.26 billion, PPBI is trading at a high earnings multiple, with a Price-to-Earnings (P/E) ratio of 166.31, and an adjusted P/E ratio for the last twelve months as of Q1 2024 standing at 177.38. This suggests a premium valuation, which could be a point of consideration for investors assessing the stock's current price level. Additionally, the company's revenue has experienced a significant decline, with a -46.13% change over the last twelve months as of Q1 2024.
Despite the recent selloff by a company executive, PPBI has shown profitability over the last twelve months. An InvestingPro Tip highlights that net income is expected to grow this year, which could signal a positive outlook for the company's earnings potential. On the other hand, it's important to note that seven analysts have revised their earnings estimates downwards for the upcoming period, indicating potential headwinds or a conservative stance towards the company's future performance.
Investors interested in a deeper analysis of Pacific Premier Bancorp Inc can find additional insights and metrics on InvestingPro, including a total of six InvestingPro Tips that can aid in making informed investment decisions. To access these tips and enjoy an enriched InvestingPro experience, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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