Pacific Mercantile Bancorp (PMBC) Downgraded by ValuEngine

ValuEngine cut shares of Pacific Mercantile Bancorp (NASDAQ:PMBC) from a buy rating to a hold rating in a research report sent to investors on Wednesday.

Several other analysts also recently issued reports on PMBC. TheStreet raised Pacific Mercantile Bancorp from a c+ rating to a b rating in a research note on Friday, March 9th. Hovde Group set a $11.00 target price on Pacific Mercantile Bancorp and gave the company a buy rating in a research note on Wednesday, March 21st. Finally, Keefe, Bruyette & Woods reissued a buy rating and set a $11.00 target price on shares of Pacific Mercantile Bancorp in a research note on Wednesday, April 25th.

Shares of PMBC opened at $9.75 on Wednesday. The company has a market cap of $226.21 million, a P/E ratio of 18.30 and a beta of 0.16. Pacific Mercantile Bancorp has a 12-month low of $7.60 and a 12-month high of $10.00. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.11.

Pacific Mercantile Bancorp (NASDAQ:PMBC) last issued its earnings results on Monday, April 23rd. The bank reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.03. The company had revenue of $13.24 million for the quarter. Pacific Mercantile Bancorp had a return on equity of 11.11% and a net margin of 20.82%.

In other Pacific Mercantile Bancorp news, Director Warren T. Finley sold 6,505 shares of the firm’s stock in a transaction that occurred on Wednesday, April 25th. The stock was sold at an average price of $9.59, for a total transaction of $62,382.95. Following the completion of the transaction, the director now owns 4,630 shares in the company, valued at approximately $44,401.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John Md Thomas sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 22nd. The shares were sold at an average price of $9.72, for a total value of $77,760.00. Following the transaction, the director now owns 102,684 shares of the company’s stock, valued at approximately $998,088.48. The disclosure for this sale can be found here. Insiders have sold a total of 16,505 shares of company stock valued at $159,543 in the last 90 days. 3.60% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kennedy Capital Management Inc. purchased a new position in Pacific Mercantile Bancorp during the 4th quarter valued at approximately $168,000. Schwab Charles Investment Management Inc. grew its holdings in Pacific Mercantile Bancorp by 49.3% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 31,800 shares of the bank’s stock valued at $304,000 after buying an additional 10,500 shares in the last quarter. Deutsche Bank AG grew its holdings in Pacific Mercantile Bancorp by 62.6% during the 4th quarter. Deutsche Bank AG now owns 48,241 shares of the bank’s stock valued at $419,000 after buying an additional 18,576 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Pacific Mercantile Bancorp by 5.6% during the 4th quarter. Renaissance Technologies LLC now owns 516,000 shares of the bank’s stock valued at $4,515,000 after buying an additional 27,300 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Pacific Mercantile Bancorp by 5.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 538,908 shares of the bank’s stock valued at $5,147,000 after buying an additional 26,341 shares in the last quarter. Institutional investors and hedge funds own 44.48% of the company’s stock.

Pacific Mercantile Bancorp Company Profile

Pacific Mercantile Bancorp operates as the holding company for Pacific Mercantile Bank that provides a range of commercial banking products and services to small and medium-size businesses, professional firms, and individuals in Southern California, the United States. The company's deposit products include checking accounts, interest-bearing term deposit accounts, savings and money market deposits, and time deposits.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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