UPDATE: Sterne Agee Reiterates Buy Rating, Lowers PT on First PacTrust Bancorp on Lowered Estimates

In a report published Monday, Sterne Agee reiterated its Buy rating on First PacTrust Bancorp BANC, but slightly lowered its price target from $14.00 to $13.00. Sterne Agee noted, “While BANC has been a story of more questions than answers about profitability and execution of its business model, the current valuation (under pro forma TBVPS) and probability of improvement in the next few quarters result in the name being attractive from a risk/reward perspective. We nonetheless note execution has been disappointing in recent quarters.” First PacTrust Bancorp closed on Friday at $10.68.