FBR Capital Downgrades Pacific Premier Bancorp (PPBI) to Market Perform
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FBR Capital downgraded Pacific Premier Bancorp (NASDAQ: PPBI) from Outperform to Market Perform and maintains a price target of $29.00 on valuation.
Analyst Bob Ramsey commented, "We are downgrading our rating on shares of Pacific Premier Bancorp to Market Perform (from Outperform) based on the recent strength in performance. Since our initiation on June 30, PPBI has generated a total return of 15.2% (versus a 10.7% total return for the SNL U.S. Bank index), and we view the shares as fairly priced at these levels. We maintain our $29 price target and 2016 and 2017 operating EPS estimates of $1.58 and $1.90, respectively."
Shares of Pacific Premier Bancorp closed at $28.30 yesterday.
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