Separately, TheStreet lowered Pacific Mercantile Bancorp from a b- rating to a c+ rating in a research note on Friday, October 18th.
Shares of NASDAQ PMBC traded down $0.08 during trading hours on Tuesday, reaching $7.36. The stock had a trading volume of 4,179 shares, compared to its average volume of 29,876. The business’s fifty day moving average is $7.68 and its two-hundred day moving average is $7.59. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.13 and a quick ratio of 1.13. The company has a market cap of $163.08 million, a price-to-earnings ratio of 17.52 and a beta of 0.62. Pacific Mercantile Bancorp has a twelve month low of $6.76 and a twelve month high of $8.91.
In related news, EVP Thomas J. Inserra sold 50,000 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $7.05, for a total value of $352,500.00. Following the completion of the transaction, the executive vice president now directly owns 95,044 shares in the company, valued at $670,060.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 12.30% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of PMBC. Russell Investments Group Ltd. acquired a new position in shares of Pacific Mercantile Bancorp in the second quarter valued at $748,000. Charles Schwab Investment Management Inc. grew its position in Pacific Mercantile Bancorp by 21.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 44,903 shares of the bank’s stock valued at $371,000 after acquiring an additional 8,064 shares during the period. Bank of New York Mellon Corp grew its position in Pacific Mercantile Bancorp by 15.1% in the second quarter. Bank of New York Mellon Corp now owns 90,022 shares of the bank’s stock valued at $743,000 after acquiring an additional 11,787 shares during the period. Renaissance Technologies LLC grew its position in Pacific Mercantile Bancorp by 4.5% in the second quarter. Renaissance Technologies LLC now owns 702,400 shares of the bank’s stock valued at $5,795,000 after acquiring an additional 30,500 shares during the period. Finally, Northern Trust Corp grew its position in Pacific Mercantile Bancorp by 5.0% in the second quarter. Northern Trust Corp now owns 172,340 shares of the bank’s stock valued at $1,422,000 after acquiring an additional 8,269 shares during the period. Institutional investors and hedge funds own 71.07% 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.
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