Pacific Mercantile Bancorp (NASDAQ:PMBC) was upgraded by analysts at TheStreet from a “c+” rating to a “b” rating in a note issued to investors on Friday.
A number of other research analysts also recently commented on PMBC. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $10.50 price target on shares of Pacific Mercantile Bancorp in a report on Friday, December 22nd. Hovde Group set a $10.00 price target on shares of Pacific Mercantile Bancorp and gave the company a “buy” rating in a report on Tuesday, January 30th.
Pacific Mercantile Bancorp (NASDAQ:PMBC) opened at $9.30 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.10 and a quick ratio of 1.10. Pacific Mercantile Bancorp has a 1-year low of $6.85 and a 1-year high of $9.85. The company has a market cap of $216.74, a PE ratio of 20.67 and a beta of 0.23.
Pacific Mercantile Bancorp (NASDAQ:PMBC) last announced its quarterly earnings results on Thursday, February 1st. The bank reported $0.10 EPS for the quarter, missing the Zacks’ consensus estimate of $0.14 by ($0.04). Pacific Mercantile Bancorp had a net margin of 18.68% and a return on equity of 9.68%. The business had revenue of $12.28 million during the quarter.
In related news, CAO Nancy A. Gray sold 7,000 shares of the stock in a transaction dated Thursday, March 8th. The shares were sold at an average price of $9.10, for a total value of $63,700.00. Following the sale, the chief accounting officer now directly owns 13,088 shares of the company’s stock, valued at approximately $119,100.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kittridge Chamberlain sold 3,403 shares of the stock in a transaction dated Wednesday, December 13th. The stock was 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 directly owns 22,294 shares in the company, valued at $196,856.02. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 14,552 shares of company stock valued at $125,450 and sold 22,375 shares valued at $194,292. 3.60% of the stock is currently owned by company insiders.
Institutional investors have recently bought and sold shares of the stock. Acadian Asset Management LLC purchased a new stake in Pacific Mercantile Bancorp in the 4th quarter worth about $102,000. Kennedy Capital Management Inc. purchased a new stake in Pacific Mercantile Bancorp in the 4th quarter worth about $168,000. Nationwide Fund Advisors raised its position in Pacific Mercantile Bancorp by 109.7% in the 2nd quarter. Nationwide Fund Advisors now owns 19,235 shares of the bank’s stock worth $169,000 after purchasing an additional 10,063 shares during the period. The Manufacturers Life Insurance Company raised its position in Pacific Mercantile Bancorp by 482.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,035 shares of the bank’s stock worth $176,000 after purchasing an additional 16,596 shares during the period. Finally, Parametric Portfolio Associates LLC raised its position in Pacific Mercantile Bancorp by 5.7% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 22,743 shares of the bank’s stock worth $200,000 after purchasing an additional 1,217 shares during the period. 44.42% of the stock is currently owned by 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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