Pacific Premier's stock soared 5.12% in intraday trading on Thursday, outpacing the broader market. The surge came after the bank holding company reported better-than-expected fourth quarter 2024 earnings and revenue.
Pacific Premier posted Q4 earnings per share of $0.35, surpassing the consensus estimate of $0.31 by 12.9%. The company's quarterly revenue of $144.51 million also beat analysts' expectations of $142.92 million. The strong results were driven by higher net interest income and loan growth.
While Pacific Premier has underperformed the market year-to-date, analysts remain optimistic about the company's prospects. The mean earnings estimate for the current fiscal year has been revised upwards, with the financial services sector currently ranked in the top 11% of Zacks industry ranks.
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