First Pactrust Upped to Strong Buy - Analyst Blog

By
A A A

On May 11, Zacks Investment Research upgraded First Pactrust Bancorp, Inc. ( BANC ) to a Zacks Rank #1 (Strong Buy).

Why the Upgrade?

First Pactrust Bancorp has been witnessing rising earnings estimates on the back of strong first-quarter 2013 results. This regional banking services provider has delivered a 400.0% earnings surprise in the quarter. Further, the long-term expected earnings growth rate for this stock is 15.0%.

The company reported its first-quarter 2013 results on May 8 with earnings per share of 5 cents, easily beating the Zacks Consensus Estimate of 1 cent. This compared favorably with the prior-quarter loss of 30 cents.

Robust results were primarily aided by higher non-interest as well as net interest income, and lower provision for loan losses. However, higher expenses were among the negatives.

Net interest income came in at $15.4 million, up 3.5% from the prior quarter. Non-interest income jumped 12.3% sequentially to $17.9 million. Provision for loan losses decreased to $2.2 million as compared with $3.5 million in the prior quarter.

However, on the downside, non-interest expense rose 2.1% from the prior quarter to $29.6 million.

Credit quality continued to improve. Non-accrual loans were $16.5 million, falling 28.1% sequentially. Net charge-offs were $0.6 million, down from $1.4 million in the prior quarter.

Following first-quarter results, the Zacks Consensus Estimate for 2013 increased 8.3% to 78 cents per share over the last 30 days. For 2014, the Zacks Consensus Estimate rose by 2.4% to $1.42 per share.

Other Stocks to Consider

Other stocks in the same sector with a Zacks Rank #1 include Preferred Bank ( PFBC ), TriCo Bancshares ( TCBK ) and American National Bankshares Inc. ( AMNB ).



AMER NATL BNKSH (AMNB): Free Stock Analysis Report

FIRST PACTRUST (BANC): Free Stock Analysis Report

PREFERRED BANK (PFBC): Free Stock Analysis Report

TRICO BANCSHRS (TCBK): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Business , Stocks

Referenced Stocks: AMNB , BANC , PFBC , TCBK

Zacks.com

Zacks.com

More from Zacks.com:

Related Videos

Stocks

Referenced

Most Active by Volume

91,252,153
  • $13.78 ▼ 4.31%
68,133,496
  • $12.93 ▲ 6.77%
57,268,074
  • $46.13 ▲ 2.47%
43,432,023
  • $105.22 ▲ 0.37%
40,880,685
  • $13.46 ▲ 8.90%
40,712,405
  • $98.62 ▲ 0.82%
39,776,976
  • $16.72 ▲ 0.72%
34,688,871
  • $11.16 ▲ 3.05%
As of 10/24/2014, 04:15 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com