Bank of Marin Bancorp (NASDAQ:BMRC) Price Target Raised to $33.00

Bank of Marin Bancorp (NASDAQ:BMRC) had its target price raised by Stephens from $30.00 to $33.00 in a research report released on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the bank’s stock.

A number of other brokerages have also weighed in on BMRC. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Bank of Marin Bancorp in a research report on Friday, September 25th. Brean Capital downgraded shares of Bank of Marin Bancorp from a “buy” rating to a “neutral” rating and set a $33.00 price target for the company. in a research report on Tuesday, July 28th. Keefe, Bruyette & Woods lifted their price target on shares of Bank of Marin Bancorp from $31.00 to $32.00 and gave the company an “outperform” rating in a research report on Tuesday, August 4th. DA Davidson restated a “buy” rating and set a $34.00 price target on shares of Bank of Marin Bancorp in a research note on Tuesday, October 27th. Finally, Piper Sandler restated a “neutral” rating and set a $29.00 price objective (down from $30.00) on shares of Bank of Marin Bancorp in a report on Thursday, October 1st. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Bank of Marin Bancorp currently has a consensus rating of “Hold” and a consensus price target of $32.20.

Bank of Marin Bancorp Stock Performance

Shares of Bank of Marin Bancorp stock opened at $29.52 on Monday. Bank of Marin Bancorp has a one year low of $23.35 and a one year high of $30.92. The firm has a market capitalization of $477.93 million, a price-to-earnings ratio of 12.52 and a beta of 0.83. The business has a 50-day simple moving average of $27.48 and a 200 day simple moving average of $26.85. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of Marin Bancorp (NASDAQ:BMRC) last posted its quarterly earnings results on Monday, October 26th. The bank reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.05. The business had revenue of $35.07 million for the quarter, compared to the consensus estimate of $35.11 million. Bank of Marin Bancorp had a positive return on equity of 9.38% and a negative net margin of 6.48%. On average, research analysts anticipate that Bank of Marin Bancorp will post 2.33 earnings per share for the current fiscal year.

Bank of Marin Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 12th. Shareholders of record on Thursday, November 5th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Thursday, November 5th. Bank of Marin Bancorp’s payout ratio is currently -131.58%.

Institutional Trading of Bank of Marin Bancorp

Several institutional investors and hedge funds have recently modified their holdings of BMRC. BlackRock Inc. purchased a new position in shares of Bank of Marin Bancorp during the second quarter valued at approximately $44,326,000. Dimensional Fund Advisors LP grew its holdings in Bank of Marin Bancorp by 4.2% during the first quarter. Dimensional Fund Advisors LP now owns 802,865 shares of the bank’s stock worth $20,577,000 after buying an additional 32,048 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Bank of Marin Bancorp by 1.9% during the first quarter. The Manufacturers Life Insurance Company now owns 458,812 shares of the bank’s stock worth $11,759,000 after buying an additional 8,758 shares in the last quarter. Heartland Advisors Inc. bought a new stake in Bank of Marin Bancorp during the second quarter worth $9,017,000. Finally, Algebris UK Ltd. purchased a new stake in Bank of Marin Bancorp in the 2nd quarter valued at $8,092,000. 52.26% of the stock is owned by hedge funds and other institutional investors.

Bank of Marin Bancorp Company Profile

Bank of Marin Bancorp is the holding company for Bank of Marin, a community bank headquartered in Novato, California. The bank provides financial services to individuals, families, professionals, nonprofit organizations and businesses, with a focus on relationship-based commercial banking.

Its products and services include business and personal checking and savings accounts, commercial and residential real estate loans, construction and commercial lending, small-business loans, consumer credit, cash-management services, online and mobile banking, and wealth management and trust services.