Pacific Premier Bancorp (NASDAQ:PPBI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Saturday. The firm presently has a $44.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 10.83% from the company’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. “
A number of other equities research analysts have also weighed in on PPBI. ValuEngine lowered Pacific Premier Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, October 10th. Piper Jaffray Companies reiterated a “buy” rating and issued a $49.00 price objective on shares of Pacific Premier Bancorp in a research report on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $44.75.
Pacific Premier Bancorp (NASDAQ:PPBI) last issued its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.50 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.03. The firm 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 period last year, the company earned $0.33 EPS. equities research analysts anticipate that Pacific Premier Bancorp will post 1.68 earnings per share for the current year.
In other news, CFO Ronald J. Jr. Nicolas purchased 2,500 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The shares were bought at an average cost of $36.97 per share, for a total transaction of $92,425.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Steven R. Gardner sold 12,500 shares of Pacific Premier Bancorp stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $41.02, for a total value of $512,750.00. The disclosure for this sale can be found here. Insiders own 4.59% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. boosted its position in shares of Pacific Premier Bancorp by 9.4% during the second quarter. PNC Financial Services Group Inc. now owns 5,340 shares of the financial services provider’s stock valued at $198,000 after purchasing an additional 460 shares in the last quarter. UBS Asset Management Americas Inc. boosted its position in shares of Pacific Premier Bancorp by 18.0% during the second quarter. UBS Asset Management Americas Inc. now owns 6,555 shares of the financial services provider’s stock valued at $242,000 after purchasing an additional 1,000 shares in the last quarter. Ameritas Investment Partners Inc. boosted its position in shares of Pacific Premier Bancorp by 52.0% during the second quarter. Ameritas Investment Partners Inc. now owns 3,441 shares of the financial services provider’s stock valued at $127,000 after purchasing an additional 1,177 shares in the last quarter. American International Group Inc. boosted its holdings in Pacific Premier Bancorp by 8.1% in the third quarter. American International Group Inc. now owns 26,281 shares of the financial services provider’s stock worth $992,000 after acquiring an additional 1,966 shares in the last quarter. Finally, 1st Global Advisors Inc. boosted its holdings in Pacific Premier Bancorp by 16.3% in the second quarter. 1st Global Advisors Inc. now owns 16,682 shares of the financial services provider’s stock worth $616,000 after acquiring an additional 2,343 shares in the last quarter. Institutional investors own 71.35% of the company’s stock.
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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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