Wunderlich Reiterates Buy on First Pactrust Bancorp (FPTB)

Wunderlich is out with its report today on First Trust Bancorp FPTB, reiterating Buy. In a note to clients, Wunderlich writes, "We reiterate our Buy rating on shares of First PacTrust Bancorp and our $20 price target after the company reported 1Q11 EPS of $0.07. Operating EPS were $0.13 after excluding one-time items. Within the numbers, credit quality was mixed as NPLs increased, but NCOs and potential problems loans decreased. Quarterly results continue to reflect the early stages of a transition toward becoming a more commercially oriented institution. Our 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." Shares of FPTB closed Wednesday at $15.91, down 1.61% from Tuesday's close.