Pacific Mercantile Bancorp’s (PMBC) “Buy” Rating Reiterated at Keefe, Bruyette & Woods

Pacific Mercantile Bancorp (NASDAQ:PMBC)‘s stock had its “buy” rating restated by investment analysts at Keefe, Bruyette & Woods in a report issued on Friday. They currently have a $10.50 price target on the bank’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 19.32% from the company’s current price.

Shares of Pacific Mercantile Bancorp (NASDAQ PMBC) traded down $0.10 during trading hours on Friday, hitting $8.80. The stock had a trading volume of 17,049 shares, compared to its average volume of 24,228. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.08 and a quick ratio of 1.08. The firm has a market capitalization of $201.78, a price-to-earnings ratio of 24.44 and a beta of 0.12. Pacific Mercantile Bancorp has a 12-month low of $6.70 and a 12-month high of $9.85.

Pacific Mercantile Bancorp (NASDAQ:PMBC) last issued its quarterly earnings results on Monday, October 23rd. The bank reported $0.16 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.01. The firm had revenue of $12.97 million for the quarter. Pacific Mercantile Bancorp had a return on equity of 7.97% and a net margin of 16.05%.

In other news, EVP Kittridge Chamberlain sold 7,123 shares of Pacific Mercantile Bancorp stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $9.48, for a total value of $67,526.04. Following the sale, the executive vice president now directly owns 18,362 shares of the company’s stock, valued at $174,071.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 28,993 shares of company stock worth $268,579 over the last ninety days. Corporate insiders own 3.60% of the company’s stock.

Several large investors have recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its stake in shares of Pacific Mercantile Bancorp by 5.3% in the third quarter. Dimensional Fund Advisors LP now owns 472,100 shares of the bank’s stock worth $4,320,000 after acquiring an additional 23,578 shares during the last quarter. Wells Fargo & Company MN lifted its position in Pacific Mercantile Bancorp by 37.4% during the third quarter. Wells Fargo & Company MN now owns 35,349 shares of the bank’s stock worth $323,000 after buying an additional 9,629 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Pacific Mercantile Bancorp by 67.3% during the third quarter. JPMorgan Chase & Co. now owns 97,500 shares of the bank’s stock worth $902,000 after buying an additional 39,229 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Pacific Mercantile Bancorp by 482.6% during the second quarter. The Manufacturers Life Insurance Company now owns 20,035 shares of the bank’s stock worth $176,000 after buying an additional 16,596 shares in the last quarter. Finally, State Street Corp lifted its position in Pacific Mercantile Bancorp by 5.5% during the second quarter. State Street Corp now owns 217,795 shares of the bank’s stock worth $1,915,000 after buying an additional 11,415 shares in the last quarter. 48.93% of the stock is currently owned by hedge funds and other institutional investors.

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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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