Bank of Marin Bancorp (NASDAQ:BMRC) Given "Buy" Rating at DA Davidson

Key Points

• DA Davidson reaffirmed a “Buy” rating on Bank of Marin Bancorp and set a $34 price target, implying approximately 20% upside from the prior close.
• Analyst sentiment remains mixed: BMRC has an average rating of “Hold” and an average price target of $31.33, with two Buy ratings and five Holds.
• Bank of Marin exceeded third-quarter EPS expectations, reporting $0.62 versus the $0.57 consensus, while revenue was essentially in line at $35.07 million.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at DA Davidson in a report issued on Tuesday, Benzinga reports. They currently have a $34.00 target price on the bank's stock. DA Davidson's price objective suggests a potential upside of 20.08% from the company's previous close.

BMRC has been the subject of several other research reports. Brean Capital downgraded 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 note on Tuesday, July 28th. Piper Sandler reaffirmed a "neutral" rating and issued a $29.00 target price (down from $30.00) on shares of Bank of Marin Bancorp in a report on Thursday, October 1st. Stephens set a $30.00 price objective on shares of Bank of Marin Bancorp and gave the stock an "equal weight" rating in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods lifted their target price on shares of Bank of Marin Bancorp from $31.00 to $32.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 4th. Finally, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Bank of Marin Bancorp in a research note on Friday, September 25th. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $31.33.

Bank of Marin Bancorp Stock Performance

NASDAQ BMRC traded up $0.52 during trading hours on Tuesday, hitting $28.32. The company had a trading volume of 37,673 shares, compared to its average volume of 127,350. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.72 and a current ratio of 0.72. Bank of Marin Bancorp has a 1-year low of $23.35 and a 1-year high of $30.92. The company has a market cap of $458.53 million, a PE ratio of -31.10 and a beta of 0.82. The business has a 50 day moving average of $27.26 and a 200-day moving average of $26.74.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) last released its quarterly earnings data on Monday, October 26th. The bank reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.05. Bank of Marin Bancorp had a negative net margin of 7.98% and a positive return on equity of 8.51%. The company had revenue of $35.07 million during the quarter, compared to the consensus estimate of $35.11 million. As a group, equities research analysts expect that Bank of Marin Bancorp will post 2.28 EPS 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 the stock. BlackRock Inc. acquired a new position in shares of Bank of Marin Bancorp during the 2nd quarter valued at $44,326,000. Dimensional Fund Advisors LP lifted its holdings in shares of Bank of Marin Bancorp by 4.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 802,865 shares of the bank's stock valued at $20,577,000 after acquiring an additional 32,048 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Bank of Marin Bancorp by 1.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 458,812 shares of the bank's stock valued at $11,759,000 after acquiring an additional 8,758 shares in the last quarter. Heartland Advisors Inc. acquired a new position in shares of Bank of Marin Bancorp during the 2nd quarter valued at $9,017,000. Finally, Algebris UK Ltd. acquired a new position in shares of Bank of Marin Bancorp during the 2nd quarter valued at $8,092,000. Institutional investors and hedge funds own 52.26% of the company's stock.

Key Stories Impacting Bank of Marin Bancorp

Here are the key news stories impacting Bank of Marin Bancorp this week:

• Positive Sentiment: Q3 earnings beat expectations: Bank of Marin reported third-quarter EPS of $0.62, up from $0.47 a year earlier and above the $0.57 consensus estimate. Net income was approximately $9.9 million. Bank of Marin Q3 Earnings and Revenues Surpass Estimates
• Positive Sentiment: Potential margin tailwinds: Management outlined an approximately 25-basis-point monthly benefit to loan yields over the next year, which could support net interest income and profitability as loan repricing flows through. Bank of Marin outlines loan-yield benefit
• Positive Sentiment: Dividend maintained: The bank declared a quarterly cash dividend of $0.25 per share, payable November 12 to shareholders of record November 5. The annualized $1.00 payout represents a stated yield of about 3.6%, supporting the stock’s income appeal. Bank of Marin declares quarterly cash dividend
• Neutral Sentiment: Revenue was essentially in line: Quarterly revenue totaled $35.07 million versus the $35.11 million estimate, a minor shortfall that partly offsets the EPS outperformance.
• Neutral Sentiment: Credit metrics remain in focus: Bank of Marin separately reported third-quarter net charge-offs. Investors will monitor the disclosure for evidence of deterioration in loan quality, although the available report details do not quantify the impact. Bank of Marin reports third-quarter net charge-offs
• Neutral Sentiment: Short-interest data: Reported short interest was zero shares as of October 26, indicating little evidence of short-covering activity as a catalyst.

About Bank of Marin Bancorp

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.