Pacific Mercantile Bancorp (PMBC) Issues Earnings Results
Pacific Mercantile Bancorp (NASDAQ:PMBC) announced its quarterly earnings data on Monday. The bank reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.01, MarketWatch Earnings reports. The company had revenue of $12.97 million for the quarter. Pacific Mercantile Bancorp had a negative return on equity of 25.35% and a negative net margin of 53.29%.
Shares of Pacific Mercantile Bancorp (PMBC) traded up 0.53% during mid-day trading on Tuesday, hitting $9.55. The company’s stock had a trading volume of 996 shares. The stock has a 50-day moving average of $9.03 and a 200-day moving average of $8.32. Pacific Mercantile Bancorp has a 12-month low of $5.30 and a 12-month high of $9.70. The company’s market cap is $221.49 million.
Separately, Keefe, Bruyette & Woods upgraded Pacific Mercantile Bancorp from a “market perform” rating to an “outperform” rating and set a $10.00 price objective on the stock in a report on Wednesday, August 2nd.
A hedge fund recently raised its stake in Pacific Mercantile Bancorp stock. The Manufacturers Life Insurance Company increased its position in shares of Pacific Mercantile Bancorp (NASDAQ:PMBC) by 482.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,035 shares of the bank’s stock after acquiring an additional 16,596 shares during the period. The Manufacturers Life Insurance Company owned about 0.09% of Pacific Mercantile Bancorp worth $176,000 as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 49.21% of the company’s stock.
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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