Pacific Mercantile Bancorp (NASDAQ:PMBC) Announces Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Pacific Mercantile Bancorp (NASDAQ:PMBC) issued its earnings results on Monday, July 24th. The bank reported $0.11 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.13 by $0.02, Bloomberg Earnings reports. Pacific Mercantile Bancorp had a negative net margin of 53.29% and a negative return on equity of 25.35%. The firm had revenue of $11.83 million during the quarter.

Pacific Mercantile Bancorp (PMBC) traded up 1.95% during midday trading on Friday, hitting $7.85. 26,966 shares of the stock traded hands. Pacific Mercantile Bancorp has a 52 week low of $5.30 and a 52 week high of $9.00. The stock’s 50-day moving average price is $8.30 and its 200 day moving average price is $7.87. The company’s market capitalization is $182.07 million.

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A number of research analysts have issued reports on the stock. Keefe, Bruyette & Woods raised shares of Pacific Mercantile Bancorp from a “market perform” rating to an “outperform” rating and set a $10.00 price target for the company in a report on Wednesday, August 2nd. Hovde Group raised shares of Pacific Mercantile Bancorp from a “market perform” rating to an “outperform” rating and set a $9.00 price target for the company in a research note on Monday, May 1st. Finally, ValuEngine upgraded shares of Pacific Mercantile Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, June 3rd.

An institutional investor recently raised its position in Pacific Mercantile Bancorp stock. State Street Corp increased its stake in shares of Pacific Mercantile Bancorp (NASDAQ:PMBC) by 5.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 217,795 shares of the bank’s stock after buying an additional 11,415 shares during the period. State Street Corp owned approximately 0.94% of Pacific Mercantile Bancorp worth $1,915,000 at the end of the most recent quarter. Institutional investors own 49.84% of the company’s stock.

Pacific Mercantile Bancorp Company Profile

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.

Earnings History for Pacific Mercantile Bancorp (NASDAQ:PMBC)

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