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

Pacific Mercantile Bancorp (NASDAQ:PMBC) saw a significant decrease in short interest in October. As of October 31st, there was short interest totalling 76,100 shares, a decrease of 12.6% from the September 30th total of 87,100 shares. Based on an average daily volume of 29,700 shares, the days-to-cover ratio is currently 2.6 days. Approximately 0.4% of the shares of the stock are sold short.

In other news, CEO Bradford R. Dinsmore bought 28,000 shares of Pacific Mercantile Bancorp stock in a transaction dated Friday, September 13th. The shares were acquired at an average price of $7.98 per share, with a total value of $223,440.00. Following the completion of the purchase, 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 SEC, which is available at this hyperlink. Also, EVP Thomas J. Inserra sold 50,000 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $7.05, for a total transaction of $352,500.00. Following the completion of the sale, the executive vice president now directly owns 95,044 shares in the company, valued at approximately $670,060.20. The disclosure for this sale can be found here. 12.30% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its position in shares of Pacific Mercantile Bancorp by 19.7% during the second quarter. BlackRock Inc. now owns 1,106,903 shares of the bank’s stock valued at $9,132,000 after buying an additional 182,045 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Pacific Mercantile Bancorp by 4.6% during the second quarter. Vanguard Group Inc. now owns 786,215 shares of the bank’s stock valued at $6,486,000 after buying an additional 34,916 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Pacific Mercantile Bancorp by 4.5% during the second quarter. Renaissance Technologies LLC now owns 702,400 shares of the bank’s stock valued at $5,795,000 after buying an additional 30,500 shares during the last quarter. Dalton Greiner Hartman Maher & Co. lifted its position in shares of Pacific Mercantile Bancorp by 9.2% during the third quarter. Dalton Greiner Hartman Maher & Co. now owns 391,957 shares of the bank’s stock valued at $2,944,000 after buying an additional 32,948 shares during the last quarter. Finally, Context BH Capital Management LP lifted its position in shares of Pacific Mercantile Bancorp by 2.7% during the second quarter. Context BH Capital Management LP now owns 292,136 shares of the bank’s stock valued at $2,410,000 after buying an additional 7,657 shares during the last quarter. 69.55% of the stock is owned by institutional investors and hedge funds.

Several equities research analysts have recently weighed in on the stock. ValuEngine raised shares of Pacific Mercantile Bancorp from a “hold” rating to a “buy” rating in a research note on Tuesday, October 29th. TheStreet downgraded shares of Pacific Mercantile Bancorp from a “b-” rating to a “c+” rating in a research note on Friday, October 18th.

Shares of PMBC traded down $0.06 during midday trading on Friday, hitting $7.11. The stock had a trading volume of 18,500 shares, compared to its average volume of 47,647. The firm has a market cap of $159.11 million, a PE ratio of 17.19 and a beta of 0.58. The stock’s 50 day moving average is $7.26 and its 200 day moving average is $7.76. Pacific Mercantile Bancorp has a 1 year low of $6.76 and a 1 year high of $8.91. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.13 and a quick ratio of 1.13.

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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