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

Pacific Mercantile Bancorp (NASDAQ:PMBC) was the target of a large drop in short interest during the month of October. As of October 15th, there was short interest totalling 87,100 shares, a drop of 24.8% from the September 15th total of 115,900 shares. Based on an average daily volume of 22,900 shares, the short-interest ratio is presently 3.8 days. Currently, 0.5% of the shares of the company are short sold.

In other news, CEO Bradford R. Dinsmore purchased 28,000 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was acquired at an average cost of $7.98 per share, with a total value of $223,440.00. Following the acquisition, the chief executive officer now owns 28,000 shares in the company, valued at approximately $223,440. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 12.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in PMBC. Strs Ohio raised its holdings in Pacific Mercantile Bancorp by 5.4% in the 2nd quarter. Strs Ohio now owns 25,300 shares of the bank’s stock valued at $208,000 after acquiring an additional 1,300 shares in the last quarter. Rhumbline Advisers raised its holdings in Pacific Mercantile Bancorp by 10.0% in the 3rd quarter. Rhumbline Advisers now owns 27,773 shares of the bank’s stock valued at $209,000 after acquiring an additional 2,532 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Pacific Mercantile Bancorp by 21.9% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 44,903 shares of the bank’s stock valued at $371,000 after acquiring an additional 8,064 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Pacific Mercantile Bancorp by 15.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 90,022 shares of the bank’s stock valued at $743,000 after acquiring an additional 11,787 shares in the last quarter. Finally, Russell Investments Group Ltd. acquired a new position in Pacific Mercantile Bancorp in the 2nd quarter valued at $748,000. 69.52% of the stock is owned by hedge funds and other institutional investors.

NASDAQ PMBC traded down $0.04 during midday trading on Monday, hitting $7.18. The company had a trading volume of 74,400 shares, compared to its average volume of 28,818. The company has a market capitalization of $159.21 million, a PE ratio of 13.89 and a beta of 0.59. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.39. The firm has a 50-day moving average price of $7.53 and a 200-day moving average price of $7.83. Pacific Mercantile Bancorp has a twelve month low of $6.76 and a twelve month high of $8.91.

Separately, TheStreet cut Pacific Mercantile Bancorp from a “b-” rating to a “c+” rating in a report on Friday, October 18th.

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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