Sterne Agee maintained Pacific Premier Bancorp (NASDAQ: PPBI) with a Buy rating and raised the price target from $13.50 to $15.00.
Sterne Agee noted, “We believe the acquisition of San Diego Trust Bank (SDBK, $13.36, NR) is an overall positive given an improvement in the funding mix, opportunity to grow the loan portfolio in a new market, minimal dilution to tangible book value, and the likelihood for solid EPS accretion in later FY13 and FY14. Overall, the deal is an appropriate use of capital in our opinion.”
Pacific Premier Bancorp closed at $12.36 on Wednesday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: Sterne Agee
Posted in: Analyst Color, Price Target, Analyst Ratings