Pacific Mercantile Bancorp (NASDAQ:PMBC) Sees Significant Decrease in Short Interest

Pacific Mercantile Bancorp (NASDAQ:PMBC) was the target of a large decline in short interest during the month of July. As of July 31st, there was short interest totalling 72,000 shares, a decline of 10.4% from the June 30th total of 80,400 shares. Approximately 0.4% of the shares of the company are sold short. Based on an average daily volume of 36,300 shares, the days-to-cover ratio is presently 2.0 days.

In other Pacific Mercantile Bancorp news, Director John Md Thomas sold 21,641 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $7.89, for a total transaction of $170,747.49. Following the sale, the director now owns 80,248 shares in the company, valued at approximately $633,156.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 12.30% of the stock is currently owned by insiders.

Institutional investors have recently bought and sold shares of the business. BNP Paribas Arbitrage SA lifted its holdings in shares of Pacific Mercantile Bancorp by 549.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 3,294 shares of the bank’s stock valued at $25,000 after buying an additional 2,787 shares during the period. O Shaughnessy Asset Management LLC acquired a new position in shares of Pacific Mercantile Bancorp in the 1st quarter valued at about $50,000. Strs Ohio lifted its holdings in shares of Pacific Mercantile Bancorp by 56.9% in the 1st quarter. Strs Ohio now owns 24,000 shares of the bank’s stock valued at $182,000 after buying an additional 8,700 shares during the period. Bank of America Corp DE lifted its holdings in shares of Pacific Mercantile Bancorp by 14.9% in the 4th quarter. Bank of America Corp DE now owns 35,355 shares of the bank’s stock valued at $253,000 after buying an additional 4,576 shares during the period. Finally, Martingale Asset Management L P lifted its holdings in shares of Pacific Mercantile Bancorp by 19.6% in the 1st quarter. Martingale Asset Management L P now owns 38,532 shares of the bank’s stock valued at $294,000 after buying an additional 6,304 shares during the period. Institutional investors and hedge funds own 67.55% of the company’s stock.

Pacific Mercantile Bancorp stock traded up $0.04 during trading hours on Friday, hitting $7.68. 10,400 shares of the stock traded hands, compared to its average volume of 30,523. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.12 and a quick ratio of 1.12. The firm’s 50 day moving average price is $8.02 and its 200-day moving average price is $8.02. The stock has a market capitalization of $169.12 million, a price-to-earnings ratio of 14.79 and a beta of 0.58. Pacific Mercantile Bancorp has a 1 year low of $6.80 and a 1 year high of $10.45.

Pacific Mercantile Bancorp (NASDAQ:PMBC) last posted its quarterly earnings results on Monday, July 22nd. The bank reported $0.12 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.02). The firm had revenue of $13.61 million for the quarter. Pacific Mercantile Bancorp had a net margin of 17.07% and a return on equity of 8.78%.

About Pacific Mercantile Bancorp

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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