UPDATE: Sterne Agee Downgrades First California Financial Group

According to a research report published earlier today, Sterne Agee has downgraded First California Financial Group

to Neutral. In the report, Sterne Agee said, “We are lowering shares to Neutral, as we believe the current valuation mostly reflects FCAL's prospects for higher forward profitability and growth. While we do not expect a near-term sale, activist pressure on management to explore "all strategic options" will likely persist.” First California Financial Group closed yesterday at $5.66.