Bank of Marin Bancorp (NASDAQ:BMRC) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Bank of Marin Bancorp (NASDAQ:BMRC) has received a consensus recommendation of "Moderate Buy" from five brokerages, with an average price target of $26.25.
• The bank reported $0.29 earnings per share for the last quarter, missing estimates and generating $10.29 million in revenue, which is significantly below the expected $29.07 million.
• Bank of Marin Bancorp announced a stock repurchase plan authorizing $25 million to buy back up to 6.5% of its shares, indicating management’s belief that the stock is undervalued.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) has been given an average recommendation of "Moderate Buy" by the five brokerages that are currently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $26.25.

BMRC has been the topic of a number of research analyst reports. DA Davidson increased their price objective on shares of Bank of Marin Bancorp from $24.00 to $27.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Keefe, Bruyette & Woods upped their price objective 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 boosted their target price on shares of Bank of Marin Bancorp from $21.00 to $25.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Bank of Marin Bancorp in a research note on Saturday, September 27th.

Bank of Marin Bancorp Price Performance

NASDAQ BMRC traded up $0.13 on Friday, hitting $23.82. 55,757 shares of the company's stock were exchanged, compared to its average volume of 73,384. The firm's 50-day moving average price is $23.85 and its two-hundred day moving average price is $22.72. The firm has a market cap of $383.98 million, a price-to-earnings ratio of 55.40 and a beta of 0.89. Bank of Marin Bancorp has a fifty-two week low of $19.14 and a fifty-two week high of $27.11.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) last issued its quarterly earnings data on Monday, July 28th. The bank reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.07). Bank of Marin Bancorp had a return on equity of 4.60% and a net margin of 4.43%.The company had revenue of $10.29 million for the quarter, compared to analyst estimates of $29.07 million. On average, research analysts predict that Bank of Marin Bancorp will post 1.61 earnings per share for the current fiscal year.

Bank of Marin Bancorp declared that its board has authorized a stock repurchase plan on Monday, July 28th that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the bank to buy up to 6.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Bank of Marin Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, August 7th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend was Thursday, August 7th. Bank of Marin Bancorp's payout ratio is currently 232.56%.

Institutional Trading of Bank of Marin Bancorp

Hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC grew its position in shares of Bank of Marin Bancorp by 124.6% in the 2nd 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 period. Golden State Wealth Management LLC lifted its stake in Bank of Marin Bancorp by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 2,000 shares of the bank's stock valued at $44,000 after acquiring an additional 1,000 shares during the last quarter. CWM LLC increased its position in Bank of Marin Bancorp by 29.7% during the first quarter. CWM LLC now owns 2,753 shares of the bank's stock worth $61,000 after buying an additional 630 shares during the last quarter. Ameritas Advisory Services LLC acquired a new stake in Bank of Marin Bancorp during the 2nd quarter valued at $69,000. Finally, Quantbot Technologies LP acquired a new position in Bank of Marin Bancorp in the 2nd quarter valued at about $70,000. Institutional investors and hedge funds own 52.26% of the company's stock.

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.

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