Bank of Marin Bancorp (NASDAQ:BMRC) Downgraded to Hold Rating by Zacks Research

Zacks Research cut shares of Bank of Marin Bancorp (NASDAQ:BMRC) from a strong-buy rating to a hold rating in a research note issued to investors on Monday,Zacks.com reports.

Several other research firms have also weighed in on BMRC. Piper Sandler reiterated a “neutral” rating and issued a $30.50 target price on shares of Bank of Marin Bancorp in a report on Tuesday, January 27th. Weiss Ratings restated a “hold (c+)” rating on shares of Bank of Marin Bancorp in a report on Monday, December 29th. Wall Street Zen lowered shares of Bank of Marin Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, January 31st. Finally, Stephens reiterated an “overweight” rating and issued a $29.00 price objective on shares of Bank of Marin Bancorp in a report on Tuesday, January 27th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $30.10.

Bank of Marin Bancorp Stock Up 0.3%

NASDAQ BMRC opened at $24.14 on Monday. The business’s fifty day simple moving average is $26.40 and its 200-day simple moving average is $25.76. The firm has a market cap of $388.41 million, a PE ratio of -10.73 and a beta of 0.89. Bank of Marin Bancorp has a 52 week low of $19.14 and a 52 week high of $28.48.

Bank of Marin Bancorp (NASDAQ:BMRC) last announced its quarterly earnings data on Monday, January 26th. The bank reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.08. Bank of Marin Bancorp had a negative net margin of 21.76% and a positive return on equity of 6.00%. The firm had revenue of ($35.47) million during the quarter, compared to analyst estimates of $32.96 million. Research analysts expect that Bank of Marin Bancorp will post 1.61 EPS for the current year.

Bank of Marin Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 12th. Shareholders of record on Thursday, February 5th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Thursday, February 5th. Bank of Marin Bancorp’s dividend payout ratio (DPR) is -44.44%.

Institutional Investors Weigh In On Bank of Marin Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Squarepoint Ops LLC purchased a new position in shares of Bank of Marin Bancorp during the 2nd quarter worth approximately $1,365,000. HoldCo Asset Management LP acquired a new stake in Bank of Marin Bancorp in the 2nd quarter valued at approximately $9,305,000. Creative Planning raised its position in Bank of Marin Bancorp by 101.1% in the second quarter. Creative Planning now owns 53,363 shares of the bank’s stock valued at $1,219,000 after purchasing an additional 26,824 shares during the period. Fourthstone LLC lifted its stake in Bank of Marin Bancorp by 291.7% during the second quarter. Fourthstone LLC now owns 276,578 shares of the bank’s stock worth $6,317,000 after purchasing an additional 205,969 shares in the last quarter. Finally, SummerHaven Investment Management LLC acquired a new position in Bank of Marin Bancorp during the third quarter worth $799,000. 52.26% of the stock is owned by hedge funds and other institutional investors.

About Bank of Marin Bancorp

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.