Teachers Advisors LLC Grows Stake in Pacific Mercantile Bancorp (PMBC)
Teachers Advisors LLC increased its position in shares of Pacific Mercantile Bancorp (NASDAQ:PMBC) by 62.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 27,757 shares of the bank’s stock after purchasing an additional 10,679 shares during the period. Teachers Advisors LLC owned about 0.12% of Pacific Mercantile Bancorp worth $244,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its position in shares of Pacific Mercantile Bancorp by 0.6% during the second quarter. Bank of New York Mellon Corp now owns 64,059 shares of the bank’s stock valued at $564,000 after purchasing an additional 370 shares during the period. Rhumbline Advisers increased its position in shares of Pacific Mercantile Bancorp by 32.8% during the second quarter. Rhumbline Advisers now owns 16,038 shares of the bank’s stock valued at $141,000 after purchasing an additional 3,960 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of Pacific Mercantile Bancorp by 451.6% during the second quarter. JPMorgan Chase & Co. now owns 58,271 shares of the bank’s stock valued at $513,000 after purchasing an additional 47,707 shares during the period. Institutional investors and hedge funds own 49.52% of the company’s stock.
Shares of Pacific Mercantile Bancorp (NASDAQ:PMBC) opened at $9.15 on Tuesday. Pacific Mercantile Bancorp has a 1 year low of $5.70 and a 1 year high of $9.70. The firm has a market capitalization of $212.18, a price-to-earnings ratio of 25.42 and a beta of 0.14. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.08 and a quick ratio of 1.08.
Pacific Mercantile Bancorp (NASDAQ:PMBC) last announced its quarterly earnings results on Monday, October 23rd. The bank reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.01. Pacific Mercantile Bancorp had a return on equity of 7.97% and a net margin of 16.05%. The firm had revenue of $12.97 million for the quarter.
Separately, Keefe, Bruyette & Woods upgraded Pacific Mercantile Bancorp from a “market perform” rating to an “outperform” rating and set a $10.00 price objective on the stock in a research report on Wednesday, August 2nd.
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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