Pacific Premier Bancorp Inc (PPBI) Given a $43.00 Price Target at Piper Jaffray Companies
Pacific Premier Bancorp Inc (NASDAQ:PPBI) received a $43.00 price objective from Piper Jaffray Companies in a report issued on Saturday. The brokerage currently has a “buy” rating on the financial services provider’s stock. Piper Jaffray Companies’ price objective suggests a potential upside of 21.13% from the company’s current price.
A number of other equities research analysts have also recently weighed in on the stock. Zacks Investment Research raised shares of Pacific Premier Bancorp from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a research report on Wednesday, June 28th. FBR & Co upgraded shares of Pacific Premier Bancorp from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $40.00 to $44.00 in a research note on Monday, May 1st. BidaskClub lowered shares of Pacific Premier Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. ValuEngine upgraded shares of Pacific Premier Bancorp from a “hold” rating to a “buy” rating in a research note on Monday, July 24th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and issued a $42.00 price objective on shares of Pacific Premier Bancorp in a research note on Wednesday, June 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $42.25.
Pacific Premier Bancorp (NASDAQ:PPBI) traded up 0.71% during mid-day trading on Friday, reaching $35.50. The company’s stock had a trading volume of 230,332 shares. Pacific Premier Bancorp has a 52 week low of $24.00 and a 52 week high of $41.90. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of 22.19 and a beta of 0.72. The company’s 50-day moving average price is $36.47 and its 200 day moving average price is $37.05.
Pacific Premier Bancorp (NASDAQ:PPBI) last released its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by $0.12. The firm had revenue of $72.10 million for the quarter, compared to analysts’ expectations of $68.18 million. Pacific Premier Bancorp had a return on equity of 9.42% and a net margin of 19.85%. During the same period last year, the firm posted $0.38 earnings per share. On average, equities analysts forecast that Pacific Premier Bancorp will post $1.68 earnings per share for the current fiscal year.
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In other news, Director Simone Lagomarsino sold 6,250 shares of the business’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $36.30, for a total transaction of $226,875.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have sold 18,750 shares of company stock worth $678,438. Company insiders own 4.59% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp raised its position in shares of Pacific Premier Bancorp by 54.6% in the first quarter. State Street Corp now owns 910,631 shares of the financial services provider’s stock worth $35,104,000 after buying an additional 321,765 shares during the period. Westfield Capital Management Co. LP purchased a new position in shares of Pacific Premier Bancorp during the first quarter worth about $17,676,000. Chicago Equity Partners LLC purchased a new position in shares of Pacific Premier Bancorp during the first quarter worth about $2,204,000. Public Employees Retirement System of Ohio raised its position in shares of Pacific Premier Bancorp by 67.1% in the first quarter. Public Employees Retirement System of Ohio now owns 54,300 shares of the financial services provider’s stock worth $2,093,000 after buying an additional 21,800 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Pacific Premier Bancorp by 36.6% in the first quarter. Geode Capital Management LLC now owns 283,398 shares of the financial services provider’s stock worth $10,924,000 after buying an additional 75,875 shares during the period. Institutional investors and hedge funds own 65.29% of the company’s stock.
About Pacific Premier Bancorp
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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