UPDATE: FIG Partners Raises 1st Century's PT

According to a research report published earlier today, FIG Partners has increased 1st Century Bancshares Inc.'s

PT to $5.50. “FCTY officially released 4Q and year-end 2011 results this week along with its 10-K SEC filing. EPS were $0.05, a penny better than we expected. The company is making solid progress in building franchise value within the desirable West LA / Century City / Santa Monica footprint. As a result of improved performance levels in certain key areas (which we list below), we are raising our EPS estimates slightly for 2012 to $0.27 and 2013 to $0.40,” FIG Partners reported. FIG Partners maintains its Outperform rating on 1st Century, which is currently trading at $4.05.