Pacific Mercantile Bancorp (NASDAQ:PMBC) Raised to Buy at ValuEngine

ValuEngine upgraded shares of Pacific Mercantile Bancorp (NASDAQ:PMBC) from a hold rating to a buy rating in a research note issued to investors on Tuesday, ValuEngine reports.

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.

Pacific Mercantile Bancorp (NASDAQ:PMBC) last issued its earnings results on Monday, October 28th. The bank reported $0.07 EPS for the quarter. The business had revenue of $14.09 million during the quarter. Pacific Mercantile Bancorp had a return on equity of 6.85% and a net margin of 13.46%.

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.

Recommended Story: 52-Week High/Low Prices For Stock Selection

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

Receive News & Ratings for Pacific Mercantile Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pacific Mercantile Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.



Comments


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit