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

Key Points

• Stephens raised Bank of Marin Bancorp’s price target from $30 to $33 while maintaining an “equal weight” rating, implying approximately 12.19% upside from the stock’s $29.41 price.
• Analyst sentiment remains cautious overall: BMRC has an average “Hold” rating and a consensus price target of $32.20, with two Buy ratings and five Hold ratings.
• The bank reported quarterly EPS of $0.62, exceeding estimates of $0.57, while revenue of $35.07 million was roughly in line with expectations. Institutional investors and hedge funds own 52.26% of the company.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) had its price objective boosted by investment analysts at Stephens from $30.00 to $33.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has an "equal weight" rating on the bank's stock. Stephens's price target would indicate a potential upside of 12.19% from the stock's current price.

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

Bank of Marin Bancorp Stock Performance

Shares of BMRC stock traded up $1.04 during trading on Monday, reaching $29.41. The company had a trading volume of 21,717 shares, compared to its average volume of 127,400. The firm's 50 day simple moving average is $27.34 and its two-hundred day simple moving average is $26.80. 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 has a one year low of $23.35 and a one year high of $30.92. The company has a market capitalization of $476.35 million, a PE ratio of -38.70 and a beta of 0.82.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) last announced its earnings results on Monday, October 26th. The bank reported $0.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.05. The firm had revenue of $35.07 million during the quarter, compared to analysts' expectations 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%. Sell-side analysts forecast that Bank of Marin Bancorp will post 2.33 earnings per share for the current year.

Hedge Funds Weigh In On Bank of Marin Bancorp

A number of hedge funds have recently made changes to their positions in BMRC. BlackRock Inc. acquired a new stake in shares of Bank of Marin Bancorp during the 2nd quarter valued at about $44,326,000. Dimensional Fund Advisors LP raised its position in Bank of Marin Bancorp by 4.2% in the first quarter. Dimensional Fund Advisors LP now owns 802,865 shares of the bank's stock worth $20,577,000 after purchasing an additional 32,048 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new position in Bank of Marin Bancorp in the second quarter worth about $12,642,000. Heartland Advisors Inc. acquired a new position in Bank of Marin Bancorp in the second quarter worth about $9,017,000. Finally, Algebris UK Ltd. bought a new position in Bank of Marin Bancorp during the second quarter worth about $8,092,000. Institutional investors and hedge funds own 52.26% of the company's stock.

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.

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