Wunderlich Reiterates Buy and PT of $20 on First PacTrust Bancorp

Wunderlich Securities reiterated its Buy rating on First PacTrust Bancorp FPTB. At the same time, Wunderlich left its price target on the company's stock unchanged at $20. In a research report published today, Wunderlich stressed the company's new acquisition as the reason for its decision. In the report, Wunderlich states, "We reiterate our Buy rating and $20 price target on shares of First PacTrust Bancorp (FPTB) after the company announced its first acquisition on June 6, 2011. FPTB is acquiring Gateway Bancorp for approximately $17 million in cash and expects the transaction to be immediately accretive to EPS and TBV/share." On Wednesday, First PacTrust added 1.27% to its value to close the day at $15.97.