Pacific Mercantile Bancorp (NASDAQ:PMBC) posted its quarterly earnings results on Tuesday. The bank reported $0.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.14 by ($0.04), Yahoo Finance reports. Pacific Mercantile Bancorp had a net margin of 18.68% and a return on equity of 9.82%. The company had revenue of $12.28 million during the quarter.
Pacific Mercantile Bancorp (PMBC) remained flat at $$8.75 on Wednesday. 3,526 shares of the company’s stock traded hands, compared to its average volume of 12,573. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.08 and a current ratio of 1.08. Pacific Mercantile Bancorp has a 12-month low of $6.70 and a 12-month high of $9.85. The firm has a market cap of $200.59, a P/E ratio of 19.22 and a beta of 0.13.
In related news, EVP Kittridge Chamberlain sold 9,392 shares of the company’s stock in a transaction on Monday, December 11th. The shares were sold at an average price of $8.84, for a total value of $83,025.28. Following the completion of the sale, the executive vice president now owns 22,294 shares in the company, valued at approximately $197,078.96. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last 90 days, insiders sold 28,993 shares of company stock valued at $268,579. 3.60% of the stock is owned by corporate insiders.
A hedge fund recently raised its stake in Pacific Mercantile Bancorp stock. State Street Corp boosted its position in shares of Pacific Mercantile Bancorp (NASDAQ:PMBC) by 5.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 217,795 shares of the bank’s stock after purchasing an additional 11,415 shares during the period. State Street Corp owned about 0.94% of Pacific Mercantile Bancorp worth $1,915,000 at the end of the most recent reporting period. 48.62% of the stock is owned by institutional investors.
A number of research firms recently commented on PMBC. Hovde Group set a $10.00 price objective on shares of Pacific Mercantile Bancorp and gave the company a “buy” rating in a research report on Tuesday. Keefe, Bruyette & Woods restated a “buy” rating and issued a $10.50 price objective on shares of Pacific Mercantile Bancorp in a research report on Friday, December 22nd.
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About Pacific Mercantile Bancorp
Pacific Mercantile Bancorp is the holding company for Pacific Mercantile Bank (the Bank). The Company’s business operations are conducted by the Bank. It operates through commercial banking segment. The Bank offers its customers different loan products, including commercial loans and credit lines, accounts receivable and inventory financing, Small Business Administration (SBA) guaranteed business loans, and owner-occupied commercial real estate loans.
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