UPDATE: Sterne Agee Raises PT to $15 on Pacific Premier Bancorp on Acquisition, Funding Mix
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.
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