Page rank is now part of the Hummingbird search algorithm, so yes it is important but like everything else in Google it has evolved and has changed its focus.
Google recently announced at the end of last year that three things were core to their search algorithm these were Content, Links to your site and RankBrain (their artificial intelligence piece).
These three things haven't changed much but when Page Rank was first introduced it could only perform a simple analysis of your site and count the number of keywords, or links. Now the system has evolved to consider the quality of links, the context of keywords and to predict what information searchers will be looking for in an answer.
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