Dimensional Fund Advisors LP reduced its holdings in Pacific Mercantile Bancorp (NASDAQ:PMBC) by 3.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 602,354 shares of the bank’s stock after selling 24,453 shares during the period. Dimensional Fund Advisors LP owned 2.72% of Pacific Mercantile Bancorp worth $3,096,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the business. Banc Funds Co. LLC increased its stake in Pacific Mercantile Bancorp by 30.9% in the 4th quarter. Banc Funds Co. LLC now owns 1,407,512 shares of the bank’s stock valued at $7,235,000 after buying an additional 331,991 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Pacific Mercantile Bancorp by 4.2% in the 4th quarter. Renaissance Technologies LLC now owns 873,776 shares of the bank’s stock valued at $4,491,000 after acquiring an additional 35,000 shares during the period. Finally, BlackRock Inc. grew its position in shares of Pacific Mercantile Bancorp by 0.6% in the 4th quarter. BlackRock Inc. now owns 1,063,345 shares of the bank’s stock valued at $5,466,000 after acquiring an additional 6,530 shares during the period. Hedge funds and other institutional investors own 66.34% of the company’s stock.
In other Pacific Mercantile Bancorp news, EVP Cindy Verity sold 71,489 shares of Pacific Mercantile Bancorp stock in a transaction dated Thursday, June 3rd. The shares were sold at an average price of $8.77, for a total value of $626,958.53. Following the completion of the sale, the executive vice president now owns 27,595 shares in the company, valued at approximately $242,008.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Bradford R. Dinsmore acquired 7,500 shares of the company’s stock in a transaction on Thursday, May 27th. The stock was acquired at an average price of $8.53 per share, with a total value of $63,975.00. Following the purchase, the chief executive officer now directly owns 141,705 shares in the company, valued at $1,208,743.65. The disclosure for this purchase can be found here. 4.70% of the stock is owned by insiders.
Pacific Mercantile Bancorp (NASDAQ:PMBC) last announced its earnings results on Sunday, April 25th. The bank reported $0.15 EPS for the quarter, topping the consensus estimate of $0.14 by $0.01. The business had revenue of $14.48 million during the quarter. Pacific Mercantile Bancorp had a net margin of 21.17% and a return on equity of 9.02%.
PMBC has been the subject of a number of analyst reports. Keefe, Bruyette & Woods raised shares of Pacific Mercantile Bancorp from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $6.50 to $12.00 in a research report on Wednesday, March 24th. TheStreet raised shares of Pacific Mercantile Bancorp from a “c+” rating to a “b-” rating in a research report on Wednesday, March 3rd.
About Pacific Mercantile Bancorp
Pacific Mercantile Bancorp operates as a holding company for the Pacific Mercantile Bank that provides a range of commercial banking products and services to middle-market businesses, professional firms, and individuals. 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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