Pacific Premier Bancorp (PPBI) Lifted to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Pacific Premier Bancorp (NASDAQ:PPBI) from a sell rating to a hold rating in a research note issued to investors on Friday morning.
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 research analysts also recently weighed in on PPBI. ValuEngine downgraded Pacific Premier Bancorp from a hold rating to a sell rating in a research note on Thursday, September 27th. BidaskClub cut Pacific Premier Bancorp from a sell rating to a strong sell rating in a research report on Wednesday, October 24th. Finally, TheStreet cut Pacific Premier Bancorp from a b- rating to a c+ rating in a research report on Friday, December 21st. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. Pacific Premier Bancorp presently has an average rating of Hold and an average target price of $46.00.
In other news, CFO Ronald J. Jr. Nicolas purchased 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 4th. The stock was purchased at an average cost of $28.73 per share, for a total transaction of $28,730.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have purchased 3,000 shares of company stock valued at $84,840 over the last quarter. 4.12% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Rhumbline Advisers increased its position in shares of Pacific Premier Bancorp by 6.4% during the third quarter. Rhumbline Advisers now owns 107,926 shares of the financial services provider’s stock worth $4,015,000 after purchasing an additional 6,505 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in Pacific Premier Bancorp by 13.1% in the 3rd quarter. Louisiana State Employees Retirement System now owns 19,800 shares of the financial services provider’s stock valued at $737,000 after buying an additional 2,300 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Pacific Premier Bancorp by 7.0% in the 3rd quarter. Janus Henderson Group PLC now owns 3,932,649 shares of the financial services provider’s stock valued at $146,295,000 after buying an additional 258,127 shares in the last quarter. Credit Suisse AG grew its holdings in Pacific Premier Bancorp by 10.7% in the 3rd quarter. Credit Suisse AG now owns 81,015 shares of the financial services provider’s stock valued at $3,013,000 after buying an additional 7,862 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its holdings in Pacific Premier Bancorp by 14.2% in the 3rd quarter. Thrivent Financial for Lutherans now owns 30,623 shares of the financial services provider’s stock valued at $1,139,000 after buying an additional 3,811 shares in the last quarter. Hedge funds and other institutional investors own 79.25% of the company’s stock.
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.
Read More: Benefits of owning preferred stock
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Pacific Premier Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pacific Premier Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.