Heartland Advisors Inc. Boosts Position in Bank of Marin Bancorp $BMRC

Heartland Advisors Inc. raised its holdings in shares of Bank of Marin Bancorp (NASDAQ:BMRC) by 25.3% during the first quarter, HoldingsChannel reports. The institutional investor owned 250,000 shares of the bank’s stock after acquiring an additional 50,430 shares during the quarter. Heartland Advisors Inc.’s holdings in Bank of Marin Bancorp were worth $6,408,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of BMRC. Bank of New York Mellon Corp grew its stake in Bank of Marin Bancorp by 7.1% during the first quarter. Bank of New York Mellon Corp now owns 77,699 shares of the bank’s stock worth $1,991,000 after buying an additional 5,154 shares during the period. Lodestar Private Asset Management LLC raised its stake in shares of Bank of Marin Bancorp by 10.0% in the 1st quarter. Lodestar Private Asset Management LLC now owns 10,156 shares of the bank’s stock valued at $260,000 after acquiring an additional 925 shares during the period. Apella Capital LLC purchased a new position in shares of Bank of Marin Bancorp in the 1st quarter valued at $317,000. Westmount Partners LLC lifted its holdings in shares of Bank of Marin Bancorp by 0.8% during the 1st quarter. Westmount Partners LLC now owns 115,484 shares of the bank’s stock valued at $2,960,000 after acquiring an additional 925 shares in the last quarter. Finally, Occudo Quantitative Strategies LP lifted its holdings in shares of Bank of Marin Bancorp by 32.9% during the 4th quarter. Occudo Quantitative Strategies LP now owns 12,237 shares of the bank’s stock valued at $318,000 after acquiring an additional 3,026 shares in the last quarter. 52.26% of the stock is currently owned by hedge funds and other institutional investors.

Bank of Marin Bancorp Stock Performance

BMRC opened at $28.92 on Monday. The firm’s 50 day moving average is $26.69 and its 200-day moving average is $26.26. Bank of Marin Bancorp has a 52-week low of $21.77 and a 52-week high of $30.34. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $468.21 million, a P/E ratio of -14.32 and a beta of 0.81.

Bank of Marin Bancorp (NASDAQ:BMRC) last announced its earnings results on Monday, April 27th. The bank reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.03). The firm had revenue of $34.14 million during the quarter, compared to analysts’ expectations of $33.87 million. Bank of Marin Bancorp had a negative net margin of 18.58% and a positive return on equity of 7.20%. Analysts expect that Bank of Marin Bancorp will post 2.21 EPS for the current fiscal year.

Bank of Marin Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Thursday, May 7th were issued a $0.25 dividend. The ex-dividend date was Thursday, May 7th. This represents a $1.00 dividend on an annualized basis and a yield of 3.5%. Bank of Marin Bancorp’s payout ratio is currently -49.50%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Stephens reaffirmed an “equal weight” rating and set a $26.00 price target on shares of Bank of Marin Bancorp in a research report on Tuesday, May 5th. Weiss Ratings raised Bank of Marin Bancorp from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, June 29th. DA Davidson reduced their price objective on Bank of Marin Bancorp from $30.00 to $29.00 and set a “buy” rating on the stock in a research note on Tuesday, April 28th. Keefe, Bruyette & Woods decreased their target price on Bank of Marin Bancorp from $30.00 to $29.00 and set an “outperform” rating for the company in a research report on Wednesday, April 29th. Finally, Zacks Research upgraded Bank of Marin Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, June 29th. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $28.40.

Bank of Marin Bancorp Company Profile

Bank of Marin Bancorp is the bank holding company for Bank of Marin, a community-oriented financial institution headquartered in Novato, California. Through its subsidiary, the company provides a broad range of banking services to individuals, small and medium-sized businesses, and nonprofit organizations. Its operating philosophy emphasizes personalized service and strong local relationships across the San Francisco North Bay region.

The company’s core product offerings include deposit accounts such as checking, savings, money market and time certificates of deposit.