New Rating issued on Pacific Mercantile Bancorp (PMBC): Initiated by Hovde Group to “Market Perform”

Pacific Mercantile Bancorp (PMBC) was Initiated by Hovde Group to “Market Perform” and the brokerage firm has set the Price Target at $8.25. Hovde Group advised their Clients and Investors in a research report released on Mar 15, 2017.

Based on several research reports , Hovde Group Initiated Pacific Mercantile Bancorp on Mar 15, 2017 to “Market Perform”, Price Target of the shares are set at $8.25.

Several company insiders have filed Insider transactions , on Mar 8, 2017, Thomas Vertin (President and CEO) sold 1,741 shares at $7.23 per share price. According to the SEC, on Mar 7, 2017, Nancy A Gray (CAO) sold 2,117 shares at $7.34 per share price. On Feb 21, 2017, Maxwell Sinclair (Chief Risk Officer) sold 1,124 shares at $7.54 per share price, according to the Form-4 filing with the securities and exchange commission.

Pacific Mercantile Bancorp closed down -0.05 points or -0.67% at $7.45 with 13,830 shares getting traded on Wednesday. Post opening the session at $7.305, the shares hit an intraday low of $7.305 and an intraday high of $7.5 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

Pacific Mercantile Bancorp is the holding company for Pacific Mercantile Bank (the Bank). The Company’s business operations are conducted by the Bank. The Bank conducts a commercial banking business in Orange Los Angeles San Bernardino and San Diego counties in Southern California. The Bank provides small and medium-size businesses professional firms and individuals with a range of products and services such as deposit accounts commercial and consumer loans cash management services and online banking services. The Bank offers its customers a number of different loan products including commercial loans and credit lines accounts receivable and inventory financing SBA guaranteed business loans and owner-occupied commercial real estate loans. The Bank’s sources of funds include deposits and borrowings and contractual obligations.

Pacific Mercantile Bancorp

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