Wunderlich Securities Reiterates PCBK Buy Rating

Wunderlich Securities has issued a report maintaining the Buy Rating on Pacific Continental Corporation PCBK. According to the report, “PCBK's 1Q11 EPS of $0.08 were in line with consensus and our estimate. NPAs, NPLs and NCOs were all down sequentially, as was the provision for loan losses, marking the seventh consecutive quarter of improving provisioning levels. Although economic headwinds will likely constrain balance sheet growth in the near term, we believe that current levels understate the inherent value of the company's credit recovery story, supported by abundant capital.” PCBK has an $11 Price target and closed at $9.70 a share yesterday.