Wunderlich Securities Reiterates Buy Rating and PT on FPTB

According to a recent report, Wunderlich Securities reiterates a Buy rating and a $20.00 price target on First PacTrust Bancorp FPTB after the company announced its first acquisition of Gateway Bancorp. Gateway Bancorp is being acquired for approximately $17 million and Wunderlich Securities estimates that the acquisition will be worth around $2.50 to FPTB's share price. In the report, Wunderlich Securities said, "Our long-term thesis remains intact as we expect FPTB to be a strategic consolidator across Southern California, complementing the long-term organic growth opportunities in its footprint." FPTB closed yesterday at $15.97.