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

Keefe Bruyette & Woods initiates its coverage on First PacTrust Bancorp

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.