JPMorgan Chase & Co. boosted its stake in shares of Pacific Mercantile Bancorp (NASDAQ:PMBC) by 67.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 97,500 shares of the bank’s stock after purchasing an additional 39,229 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.42% of Pacific Mercantile Bancorp worth $902,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Dimensional Fund Advisors LP increased its holdings in Pacific Mercantile Bancorp by 5.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 448,522 shares of the bank’s stock worth $3,947,000 after purchasing an additional 22,812 shares during the period. State Street Corp increased its holdings in Pacific Mercantile Bancorp by 5.5% during the 2nd quarter. State Street Corp now owns 217,795 shares of the bank’s stock worth $1,915,000 after purchasing an additional 11,415 shares during the period. Northern Trust Corp increased its holdings in Pacific Mercantile Bancorp by 3.5% during the 2nd quarter. Northern Trust Corp now owns 157,131 shares of the bank’s stock worth $1,382,000 after purchasing an additional 5,336 shares during the period. Bank of New York Mellon Corp increased its holdings in Pacific Mercantile Bancorp by 0.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 64,059 shares of the bank’s stock worth $564,000 after purchasing an additional 370 shares during the period. Finally, Teachers Advisors LLC increased its holdings in Pacific Mercantile Bancorp by 62.5% during the 2nd quarter. Teachers Advisors LLC now owns 27,757 shares of the bank’s stock worth $244,000 after purchasing an additional 10,679 shares during the period. Institutional investors own 48.93% of the company’s stock.
Separately, Keefe, Bruyette & Woods restated a “buy” rating and set a $10.50 price target on shares of Pacific Mercantile Bancorp in a report on Friday, December 22nd.
In other news, EVP Kittridge Chamberlain sold 7,123 shares of the company’s stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $9.48, for a total transaction of $67,526.04. Following the completion of the transaction, the executive vice president now directly owns 18,362 shares of the company’s stock, valued at approximately $174,071.76. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last ninety days, insiders have sold 28,993 shares of company stock valued at $268,579. Insiders own 3.60% of the company’s stock.
Shares of Pacific Mercantile Bancorp (NASDAQ PMBC) opened at $9.05 on Friday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.29. Pacific Mercantile Bancorp has a 1-year low of $6.70 and a 1-year high of $9.85. The firm has a market capitalization of $209.87, a PE ratio of 25.14 and a beta of 0.13.
Pacific Mercantile Bancorp (NASDAQ:PMBC) last released its quarterly earnings data on Monday, October 23rd. The bank reported $0.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.01. The business had revenue of $12.97 million during the quarter. Pacific Mercantile Bancorp had a return on equity of 7.97% and a net margin of 16.05%.
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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