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UPDATE: Keefe Bruyette & Woods Initiates First PacTrust Bancorp With Market Perform, $12 PT

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Keefe Bruyette & Woods initiates its coverage on First PacTrust Bancorp (NASDAQ: BANC) with a rating of Market Perform and a price target of $12 a share.

Keefe Bruyette & Woods notes, "First PacTrust Bancorp, Inc. (BANC) has done an excellent job of putting in place the building blocks necessary to transform from a San Diego thrift into a Southern California community bank, in our view. The company has successfully accomplished several meaningful changes since completing a capital raise in November 2010; however, we believe there is still a significant amount of work to be done as it grows into its new business model."

BANC closed at $10.67 on Wednesday.

Latest Ratings for BANC

DateFirmActionFromTo
Oct 2020Piper SandlerMaintainsOverweight
Apr 2020B. Riley FBRUpgradesSellNeutral
Mar 2020Wells FargoMaintainsOverweight

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Posted-In: Keefe Bruyette & WoodsAnalyst Color Price Target Initiation Pre-Market Outlook Analyst Ratings

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StockFirmActionPT
OCXBTIGInitiates Coverage On5.0
GCMGWilliam BlairInitiates Coverage On
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MMPWells FargoDowngrades
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