Zacks Investment Research Upgrades Pacific Premier Bancorp (PPBI) to Buy

Pacific Premier Bancorp (NASDAQ:PPBI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm presently has a $45.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 11.94% from the stock’s current price.

According to Zacks, “LIFE Financial Corporation is a savings and loan holding company for Life Bank. The company originates, purchases, sells, securitizes and services primarily non-conventional mortgage loans principally secured by first and second mortgages on one- to four-family residences. The Company makes Liberator Series loans, which are for the purchase of residential real property by borrowers who generally would not qualify for Fannie Mae or Freddie Mac loans, and Portfolio Series loans, which is debt consolidation loans for borrowers whose credit history qualifies them. “

Several other brokerages have also commented on PPBI. Piper Jaffray Companies reissued a “buy” rating and set a $49.00 price target on shares of Pacific Premier Bancorp in a research note on Friday, October 27th. ValuEngine lowered Pacific Premier Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, October 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. Pacific Premier Bancorp has an average rating of “Buy” and an average price target of $45.00.

Shares of Pacific Premier Bancorp (NASDAQ:PPBI) opened at $40.20 on Wednesday. The company has a market capitalization of $1,851.09, a P/E ratio of 24.81, a PEG ratio of 2.99 and a beta of 0.82. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.01 and a current ratio of 1.02. Pacific Premier Bancorp has a 52 week low of $32.05 and a 52 week high of $42.55.

Pacific Premier Bancorp (NASDAQ:PPBI) last announced its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.50 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.03. The business had revenue of $72.51 million for the quarter, compared to analyst estimates of $72.23 million. Pacific Premier Bancorp had a return on equity of 9.21% and a net margin of 21.82%. During the same quarter in the previous year, the company earned $0.33 EPS. research analysts expect that Pacific Premier Bancorp will post 1.68 earnings per share for the current fiscal year.

In related news, Chairman Steven R. Gardner sold 12,500 shares of the company’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $41.02, for a total value of $512,750.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Ronald J. Jr. Nicolas bought 2,500 shares of Pacific Premier Bancorp stock in a transaction that occurred on Monday, November 13th. The stock was bought at an average cost of $36.97 per share, for a total transaction of $92,425.00. The disclosure for this purchase can be found here. 4.59% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the stock. PNC Financial Services Group Inc. lifted its stake in Pacific Premier Bancorp by 9.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 5,340 shares of the financial services provider’s stock valued at $198,000 after buying an additional 460 shares in the last quarter. UBS Asset Management Americas Inc. lifted its stake in Pacific Premier Bancorp by 18.0% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 6,555 shares of the financial services provider’s stock valued at $242,000 after buying an additional 1,000 shares in the last quarter. Ameritas Investment Partners Inc. lifted its stake in Pacific Premier Bancorp by 52.0% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,441 shares of the financial services provider’s stock valued at $127,000 after buying an additional 1,177 shares in the last quarter. American International Group Inc. lifted its stake in Pacific Premier Bancorp by 8.1% in the 3rd quarter. American International Group Inc. now owns 26,281 shares of the financial services provider’s stock valued at $992,000 after buying an additional 1,966 shares in the last quarter. Finally, Eagle Asset Management Inc. lifted its stake in Pacific Premier Bancorp by 0.6% in the 2nd quarter. Eagle Asset Management Inc. now owns 360,122 shares of the financial services provider’s stock valued at $13,288,000 after buying an additional 2,065 shares in the last quarter. 71.35% of the stock is currently owned by hedge funds and other institutional investors.

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Pacific Premier Bancorp Company Profile

Pacific Premier Bancorp, Inc is a bank holding company. The Company’s subsidiary, Pacific Premier Bank (the Bank), is a California state-chartered commercial bank. The Company’s principal business is attracting deposits from small and middle market businesses and consumers and investing those deposits together with funds generated from operations and borrowings, primarily in commercial business loans and various types of commercial real estate (CRE) loans.

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