Bank of Marin Bancorp Announces Quarterly Dividend of $0.25 (NASDAQ:BMRC)

Key Points

• Bank of Marin Bancorp has declared a quarterly dividend of $0.25 per share, which equates to an annualized dividend of $1.00 and a yield of 4.28% for shareholders on record by August 7th.
• The bank missed analysts' expectations with $0.29 earnings per share reported for the last quarter, falling short of the $0.36 consensus estimate.
• Analysts have set a consensus rating of "Moderate Buy" for Bank of Marin Bancorp with an average target price of $25.50, indicating potential upside for the stock.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) declared a quarterly dividend on Monday, July 28th, RTT News reports. Stockholders of record on Thursday, August 7th will be paid a dividend of 0.25 per share by the bank on Thursday, August 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.23%.

Bank of Marin Bancorp has a dividend payout ratio of 57.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Bank of Marin Bancorp to earn $1.89 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 52.9%.

Bank of Marin Bancorp Price Performance

Shares of NASDAQ:BMRC traded down $0.14 during trading on Monday, reaching $23.64. 118,138 shares of the company were exchanged, compared to its average volume of 94,429. The firm has a market capitalization of $383.44 million, a PE ratio of -59.10 and a beta of 0.86. The business's fifty day simple moving average is $23.06 and its 200-day simple moving average is $22.77. Bank of Marin Bancorp has a 12-month low of $16.97 and a 12-month high of $27.11.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The bank reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.02). The business had revenue of $35.24 million for the quarter, compared to analysts' expectations of $27.99 million. Bank of Marin Bancorp had a negative net margin of 4.20% and a positive return on equity of 3.77%. On average, sell-side analysts anticipate that Bank of Marin Bancorp will post 1.61 EPS for the current fiscal year.

Bank of Marin Bancorp announced that its Board of Directors has authorized a stock buyback plan on Monday, July 28th that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the bank to repurchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Institutional Investors Weigh In On Bank of Marin Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the stock. Jones Financial Companies Lllp lifted its stake in shares of Bank of Marin Bancorp by 4,337.9% during the first quarter. Jones Financial Companies Lllp now owns 8,432 shares of the bank's stock worth $186,000 after buying an additional 8,242 shares during the period. Jane Street Group LLC purchased a new stake in shares of Bank of Marin Bancorp during the 1st quarter worth about $441,000. Empowered Funds LLC increased its stake in shares of Bank of Marin Bancorp by 8.3% in the 1st quarter. Empowered Funds LLC now owns 25,775 shares of the bank's stock valued at $569,000 after purchasing an additional 1,981 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in Bank of Marin Bancorp by 43.4% in the 1st quarter. AQR Capital Management LLC now owns 39,735 shares of the bank's stock valued at $877,000 after acquiring an additional 12,019 shares during the period. 52.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods raised their target price on shares of Bank of Marin Bancorp from $26.00 to $27.00 and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. Piper Sandler raised their target price on shares of Bank of Marin Bancorp from $21.00 to $25.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Finally, Stephens restated an "overweight" rating and issued a $26.00 target price on shares of Bank of Marin Bancorp in a research note on Tuesday, April 29th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $25.50.

Bank of Marin Bancorp Company Profile

Bank of Marin Bancorp operates as the holding company for Bank of Marin that provides a range of financial services primarily to small to medium-sized businesses, not-for-profit organizations, and commercial real estate investors in the United States. The company offers personal and business checking and savings accounts; and individual retirement, health savings, and demand deposit marketplace accounts, as well as time certificates of deposit, certificate of deposit account registry, and insured cash sweep services.