SummerHaven Investment Management LLC Takes $799,000 Position in Bank of Marin Bancorp $BMRC

SummerHaven Investment Management LLC bought a new position in shares of Bank of Marin Bancorp (NASDAQ:BMRC) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 32,919 shares of the bank’s stock, valued at approximately $799,000. SummerHaven Investment Management LLC owned approximately 0.20% of Bank of Marin Bancorp at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Lodestar Private Asset Management LLC acquired a new stake in Bank of Marin Bancorp in the third quarter valued at $224,000. CWM LLC raised its position in shares of Bank of Marin Bancorp by 63.7% during the 3rd quarter. CWM LLC now owns 6,376 shares of the bank’s stock worth $155,000 after acquiring an additional 2,481 shares in the last quarter. Financial Connections Group Inc. purchased a new stake in Bank of Marin Bancorp during the third quarter worth approximately $291,000. Squarepoint Ops LLC acquired a new position in Bank of Marin Bancorp in the second quarter valued at approximately $1,365,000. Finally, Tower Research Capital LLC TRC increased its stake in Bank of Marin Bancorp by 124.6% in the second quarter. Tower Research Capital LLC TRC now owns 1,875 shares of the bank’s stock valued at $43,000 after purchasing an additional 1,040 shares during the last quarter. Hedge funds and other institutional investors own 52.26% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Stephens restated an “overweight” rating and set a $29.00 price objective on shares of Bank of Marin Bancorp in a research report on Tuesday. Piper Sandler reissued a “neutral” rating and issued a $30.50 price target on shares of Bank of Marin Bancorp in a research report on Tuesday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Bank of Marin Bancorp in a research report on Monday, December 29th. UBS Group set a $30.00 target price on Bank of Marin Bancorp in a research report on Wednesday, October 29th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $30.00 price target (up previously from $27.00) on shares of Bank of Marin Bancorp in a research report on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $30.10.

Bank of Marin Bancorp Stock Down 2.3%

Shares of BMRC stock opened at $26.05 on Thursday. The stock’s 50-day moving average price is $26.75 and its 200 day moving average price is $25.16. The stock has a market capitalization of $419.14 million, a PE ratio of -11.58 and a beta of 0.86. 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 posted its quarterly earnings data on Monday, January 26th. The bank reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.08. The company had revenue of ($35.47) million during the quarter, compared to analysts’ expectations of $32.96 million. Bank of Marin Bancorp had a positive return on equity of 6.00% and a negative net margin of 21.76%. Analysts expect that Bank of Marin Bancorp will post 1.61 earnings per share for the current fiscal year.

Bank of Marin Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 12th. Investors of record on Thursday, February 5th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Thursday, February 5th. Bank of Marin Bancorp’s dividend payout ratio (DPR) is -44.44%.

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.