Pacific Mercantile Bancorp (PMBC) Given a $11.00 Price Target by Hovde Group Analysts

Hovde Group set a $11.00 price objective on Pacific Mercantile Bancorp (NASDAQ:PMBC) in a report issued on Wednesday morning. The firm currently has a buy rating on the bank’s stock.

Other equities research analysts also recently issued research reports about the company. TheStreet upgraded Pacific Mercantile Bancorp from a c+ rating to a b rating in a research report on Friday, March 9th. Keefe, Bruyette & Woods restated a buy rating and set a $10.50 price target on shares of Pacific Mercantile Bancorp in a research report on Friday, December 22nd.

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Shares of PMBC stock opened at $9.50 on Wednesday. Pacific Mercantile Bancorp has a 12-month low of $6.85 and a 12-month high of $9.90. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a market capitalization of $226.07, a PE ratio of 21.11 and a beta of 0.23.

Pacific Mercantile Bancorp (NASDAQ:PMBC) last released its quarterly earnings results on Thursday, February 1st. The bank reported $0.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.14 by ($0.04). Pacific Mercantile Bancorp had a net margin of 18.68% and a return on equity of 9.68%. The firm had revenue of $12.28 million for the quarter.

In related news, EVP Thomas J. Inserra acquired 6,413 shares of the firm’s stock in a transaction dated Monday, February 5th. The shares were purchased at an average price of $8.65 per share, for a total transaction of $55,472.45. Following the completion of the acquisition, the executive vice president now owns 37,000 shares in the company, valued at $320,050. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, insider Thomas Vertin acquired 7,400 shares of the firm’s stock in a transaction dated Monday, March 5th. The stock was bought at an average price of $8.59 per share, for a total transaction of $63,566.00. Following the acquisition, the insider now owns 57,425 shares of the company’s stock, valued at approximately $493,280.75. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 14,552 shares of company stock worth $125,450 and have sold 18,972 shares worth $164,243. Company insiders own 3.60% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Acadian Asset Management LLC purchased a new position in shares of Pacific Mercantile Bancorp in the fourth quarter worth about $102,000. Kennedy Capital Management Inc. purchased a new position in shares of Pacific Mercantile Bancorp in the fourth quarter worth about $168,000. The Manufacturers Life Insurance Company increased its holdings in shares of Pacific Mercantile Bancorp by 482.6% in 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 during the period. Parametric Portfolio Associates LLC increased its holdings in shares of Pacific Mercantile Bancorp by 5.7% in the second quarter. Parametric Portfolio Associates LLC now owns 22,743 shares of the bank’s stock worth $200,000 after buying an additional 1,217 shares during the period. Finally, Wells Fargo & Company MN increased its holdings in shares of Pacific Mercantile Bancorp by 37.4% in 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 during the period. Hedge funds and other institutional investors own 44.42% of the company’s stock.

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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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