UPDATE: FIG Partners Initiates Outperform on Pacific Premier Bancorp on Renewed Earnings Power

FIG Partners initiates its coverage on Pacific Premier Bancorp PPBI with a rating of Outperform and a price target of $11.50 FIG Partners notes, "Our EPS estimates for Pacific Premier are $0.62 for 2Q-2012, $1.32 for 2012 and $1.00 for 2013. Our Core EPS estimates for 2012, excluding bargain purchase gains, are $0.21 for 2Q-2012 and $0.91 for 2012. We also estimate tangible book values of $9.05 for 2Q-2012, $9.59 for 2012 and $10.46 for 2013. Our 2013 tangible book estimates include our expectations for an annual cash dividend of $0.20 per share. The company currently does not pay a cash dividend. Our price target is equivalent to 12.8x forward Core EPS ($0.90) and 117% of forward tangible book ($9.79)." PPBI closed at $7.85 on Wednesday.