Keefe Bruyette & Woods initiates its coverage on First PacTrust Bancorp BANC with a rating of Market Perform and a price target of $12 a share.
Keefe Bruyette & Woods notes, "First PacTrust Bancorp, Inc. (BANC) has done an excellent job of putting in place the building blocks necessary to transform from a San Diego thrift into a Southern California community bank, in our view. The company has successfully accomplished several meaningful changes since completing a capital raise in November 2010; however, we believe there is still a significant amount of work to be done as it grows into its new business model."
BANC closed at $10.67 on Wednesday.
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Posted In: Analyst ColorPrice TargetInitiationPre-Market OutlookAnalyst RatingsKeefe Bruyette & Woods
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