1. Pacific Continental Corp.
Pacific Continental Corp.
of Eugene, Ore, closed at $9.13 Friday, returning 6% year-to-date, following an 11% decline during 2011. Based on a quarterly payout of 6 cents, the shares have a dividend yield of 2.63%.
The shares trade just above times tangible book value, and for 14 times the consensus 2013 EPS estimate of 67 cents. The consensus 2012 EPS estimate is 64 cents.
The company had $1.3 billion in total assets at the end of the second quarter. For the 12-month period ended June 30, Pacific Continental's ROA was 0.59%, and its ROE was 4.81%.
Following her firm's community bank conference in August, KBW analyst Jacquelynne Chimera said that Pacific Continental "is focused on growing in larger commercial markets given its business banking model," and was concentrating "its lending efforts on professionals and community businesses, while receiving its funding from nonprofit organizations and consumers/ business owners."
"The dental portfolio at Pacific Continental was 28.2% of the total book at 6/30, with 74% in market (51% Oregon / 23% Washington) and 26% out of market," Chimera said, adding that out-of-market loans "come from current, trusted, developed referral sources, and out-of-market loan generation goes through a great amount of scrutiny."
KBW's price target for Pacific Continental's shares is $12.00.
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Written by Philip van Doorn in Jupiter, Fla.