Market Overview

UPDATE: Sterne Agee Lowers PT on First PacTrust Bancorp on Lowered Estimates


In a report published Monday, Sterne Agee reiterated its Buy rating on First PacTrust Bancorp (NASDAQ: 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.

Latest Ratings for BANC

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

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