PAC is much under-rated IMHO. With a dividend yield of 3.27%, last book value of $11.48 now more like $11.80, and the buyback at a ridiculously low $12 IMHO, PAC is more like worth $13.13 than $12.13 or even $11.62.
the buyback might be weighing on the SP and if a holder is prepared to be patient, the effect of the capital reduction should at least in theory soar the SP way above the 52 week high of $12.14.
Morningstar currently rates PAC as an outperform $13.46 Target Price.
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