Список проголосовавших за комментарий " <table class="BriefingDataTable" border="0" cellspacing="0" cellpadding="0"><tr> <td class="tickerColumn"> </td> <td class="articleColumn">Pacific Mercantile Bancorp initiated with a Market Perform at Hovde Group; tgt $8.25 (7.50)Hovde Group initiates PMBC with a Market Perform and price target of $8.25 noting PMBC is headquartered in Costa Mesa, California with $1.1 billion in assets, $1.0 billion in deposits, and a market cap of $174 million. The company operates 9 offices in Southern California. A new mgmt team was brought in during 2012 which resulted in an increased focus on commercial loans and relationship banking. Shares trades at 1.73x tangible book, 28.8x firm's 2017 EPS estimate and 16.7x their 2018 EPS estimate. This compares to the West peer medians of 2.01x, 19.0x, and 16.4x, respectively. The P/TBV for PMBC is overstated to some degree because of the significant DTA valuation, and earnings are also higher because of a zero tax rate est through 2018. They are utilizing their 4Q18 TBV est of $5.88, which includes a DTA recapture, for their valuation.</td> </tr></table>"