Hovde Group Reiterates “$10.00” Price Target for Pacific Mercantile Bancorp (PMBC)

Hovde Group set a $10.00 price target on Pacific Mercantile Bancorp (NASDAQ:PMBC) in a research report released on Tuesday. The firm currently has a buy rating on the bank’s stock.

Separately, Keefe, Bruyette & Woods reaffirmed a buy rating and issued a $10.50 target price on shares of Pacific Mercantile Bancorp in a research report on Friday, December 22nd.

Shares of Pacific Mercantile Bancorp (NASDAQ PMBC) traded up $0.20 during midday trading on Tuesday, reaching $9.00. 12,007 shares of the company were exchanged, compared to its average volume of 12,500. Pacific Mercantile Bancorp has a 52 week low of $6.85 and a 52 week high of $9.85. The stock has a market cap of $200.96 and a price-to-earnings ratio of 19.22. 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 (NASDAQ:PMBC) last announced its quarterly earnings data on Thursday, February 1st. The bank reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). Pacific Mercantile Bancorp had a return on equity of 9.82% and a net margin of 18.68%. The firm had revenue of $12.28 million during the quarter.

In other news, EVP Kittridge Chamberlain sold 3,403 shares of the business’s stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $8.83, for a total transaction of $30,048.49. Following the completion of the sale, the executive vice president now owns 22,294 shares of the company’s stock, valued at approximately $196,856.02. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 28,993 shares of company stock valued at $268,579. Insiders own 3.60% of the company’s stock.

Several hedge funds have recently modified their holdings of PMBC. Rhumbline Advisers grew its position in shares of Pacific Mercantile Bancorp by 32.8% during the 2nd quarter. Rhumbline Advisers now owns 16,038 shares of the bank’s stock valued at $141,000 after acquiring an additional 3,960 shares during the period. Bank of New York Mellon Corp lifted its stake in Pacific Mercantile Bancorp by 0.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 64,059 shares of the bank’s stock worth $564,000 after purchasing an additional 370 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Pacific Mercantile Bancorp by 451.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 58,271 shares of the bank’s stock valued at $513,000 after buying an additional 47,707 shares in the last quarter. Teachers Advisors LLC raised its position in shares of Pacific Mercantile Bancorp by 62.5% during the 2nd quarter. Teachers Advisors LLC now owns 27,757 shares of the bank’s stock valued at $244,000 after buying an additional 10,679 shares in the last quarter. Finally, Nationwide Fund Advisors raised its position in shares of Pacific Mercantile Bancorp by 109.7% during the 2nd quarter. Nationwide Fund Advisors now owns 19,235 shares of the bank’s stock valued at $169,000 after buying an additional 10,063 shares in the last quarter. 48.62% of the stock is owned by hedge funds and other institutional investors.

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Pacific Mercantile Bancorp Company Profile

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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