Pacific Premier Bancorp (PPBI) Lifted to Strong-Buy at Zacks Investment Research

Pacific Premier Bancorp (NASDAQ:PPBI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday. The firm currently has a $40.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 15.77% from the stock’s previous close.

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. “

PPBI has been the subject of a number of other reports. Stephens reissued a “hold” rating and set a $43.00 price target on shares of Pacific Premier Bancorp in a research report on Wednesday, July 25th. ValuEngine raised shares of Pacific Premier Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, August 15th. Finally, BidaskClub cut shares of Pacific Premier Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 4th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $46.00.

Shares of NASDAQ PPBI opened at $34.55 on Wednesday. Pacific Premier Bancorp has a 1 year low of $33.17 and a 1 year high of $46.05. The stock has a market cap of $2.32 billion, a P/E ratio of 19.52, a price-to-earnings-growth ratio of 1.83 and a beta of 0.74. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.01 and a quick ratio of 1.00.

Pacific Premier Bancorp (NASDAQ:PPBI) last issued its quarterly earnings results on Tuesday, July 24th. The financial services provider reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.02). Pacific Premier Bancorp had a net margin of 24.60% and a return on equity of 8.61%. The business had revenue of $89.32 million for the quarter, compared to analysts’ expectations of $92.28 million. During the same period last year, the business earned $0.35 earnings per share. As a group, research analysts forecast that Pacific Premier Bancorp will post 2.55 earnings per share for the current fiscal year.

In other Pacific Premier Bancorp news, Director Don M. Griffith sold 19,245 shares of Pacific Premier Bancorp stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $40.02, for a total value of $770,184.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Simone Lagomarsino sold 7,828 shares of Pacific Premier Bancorp stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $38.58, for a total transaction of $302,004.24. The disclosure for this sale can be found here. 4.12% of the stock is currently owned by insiders.

A number of institutional investors have recently modified their holdings of PPBI. Sciencast Management LP purchased a new position in Pacific Premier Bancorp in the first quarter worth about $202,000. Cambridge Investment Research Advisors Inc. purchased a new position in Pacific Premier Bancorp in the second quarter worth about $203,000. OppenheimerFunds Inc. purchased a new position in Pacific Premier Bancorp in the second quarter worth about $209,000. Citadel Advisors LLC raised its holdings in Pacific Premier Bancorp by 32.9% in the first quarter. Citadel Advisors LLC now owns 7,527 shares of the financial services provider’s stock worth $303,000 after buying an additional 1,864 shares during the last quarter. Finally, Fox Run Management L.L.C. purchased a new position in Pacific Premier Bancorp in the third quarter worth about $310,000. 74.55% of the stock is owned by institutional investors and hedge funds.

Pacific Premier Bancorp Company Profile

Pacific Premier Bancorp, Inc operates as the bank holding company for Pacific Premier Bank that provides banking services to businesses, professionals, real estate investors, and non-profit organizations. Its deposit products include checking, money market, and savings accounts. The company's loan portfolio comprises commercial business loans, lines of credit, small business administration loans, commercial real estate loans, agribusiness loans, home equity lines of credit, construction loans, farmland, and consumer loans, as well as multi-family residential, one-to-four family real estate, commercial and industrial, and franchise lending; warehouse repurchase facilities; and credit facilities to Home Owners' Associations (HOA) and HOA management companies.

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