Pacific Mercantile Bancorp Gets a Hold Rating from KBW

By Ryan Adsit

KBW analyst Frederick Cannon reiterated a Hold rating on Pacific Mercantile Bancorp (NASDAQ: PMBC) yesterday and set a price target of $10. The company’s shares closed yesterday at $7.95, close to its 52-week high of $8.45.

According to TipRanks.com, Cannon is a 4-star analyst with an average return of 14.0% and a 64.7% success rate. Cannon covers the Financial sector, focusing on stocks such as Pacific Premier Bancorp Inc, Pinnacle Financial Partners, and Dime Community Bancshares.

Pacific Mercantile Bancorp has an analyst consensus of Hold, with a price target consensus of $10.

Based on Pacific Mercantile Bancorp’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $12.57 million and quarterly net profit of $1.78 million. In comparison, last year the company earned revenue of $10.71 million and had a net profit of $284K.

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Pacific Mercantile Bancorp is a holding company of Pacific Mercantile Bank, a California state-chartered bank. It operates through one segment: Commercial Banking. The commercial banking segment provides small and medium-size businesses, professional firms and individuals with a diversified range of products and services such as various types of deposit accounts, various types of commercial and consumer loans, cash management services, and online banking services. The company was founded in January 2000 and is headquartered in Costa Mesa, CA.