Wunderlich Lowers '11/'12 EPS Estimates for First PacTrust Bancorp (FPTB)

Wunderlich Securities reiterates its Buy rating on shares of First PacTrust Bancorp FPTB Thursday, after the company reported 1Q11 EPS of $0.07. Based in Chula Vista, California, First PacTrust Bancorp, Inc. is a savings and loan holding company. The company holds 100% interest in Pacific Trust Bank. Operating EPS were $0.10 below Wunderlich estimates "primarily due to a lower NIM and higher expenses than we forecast, partially offset by no provision in the quarter." Operating EPS were $0.13 after excluding one-time items. Wunderlich maintains that its "bullish long-term view on FPTB is still intact, and we believe that current levels understate the inherent value of the company's abundant capital, growth opportunities, and veteran management team." Interestingly, "Due in part to the earnings shortfall versus our estimate in 1Q11, we are lowering our 2011 EPS estimate by $0.27 to $0.70, and we are lowering our 2012 EPS estimate by $0.30 to $0.80 at this time." Wunderlich holds a $20 price target on the stock. Kevin B. Reynolds of Wunderlich Equity Research "expect[s] market share gains in 2011 as the company leverages its recent hires, transitioning away from a traditional savings institution into a more commercially oriented institution." Shares of First PacTrust Bancorp closed lower by $0.26 on Wednesday, to $15.91.