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Wunderlich Securities Maintains First Trust Bancorp Buy, $16 PT

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Wunderlich Securities maintained its First Trust Bancorp (NASDAQ: BANC) Buy rating and $16 price target in a research report published today.

In the report, Wunderlich Securities stated, "We maintain our Buy rating on shares of First PacTrust Bancorp (BANC) and our $16 price target after the company reported breakeven 1Q12 EPS, which missed our $0.08 estimate due to higher expenses, partially offset by lower credit costs than we anticipated."

Later in the report, Wunderlich Securities noted, "Quarterly results continue to be noisy, reflecting the early stages of a transition towards becoming a more commercially oriented institution, but our long-term view on BANC 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 First Trust Bancorp were trading at $11.01 at the time of posting, down 1.26% from Friday's market close.

 

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