Bank of Marin Bancorp (NASDAQ:BMRC) Given "Hold (C)" Rating at Weiss Ratings

Key Points

• Weiss Ratings has restated a "hold (c)" rating for Bank of Marin Bancorp (NASDAQ:BMRC), while other analysts have given the stock mixed reviews, with price targets ranging from $25 to $27.
• The company reported quarterly earnings of $0.29 per share, missing the consensus estimate of $0.36, with total revenue of $10.29 million against an expected $29.07 million.
• Bank of Marin Bancorp's Board of Directors has approved a stock repurchase plan allowing the company to buy back $25 million in shares, indicating a belief that the stock is undervalued.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report)'s stock had its "hold (c)" rating restated by stock analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

BMRC has been the subject of several other reports. Piper Sandler increased their price target on Bank of Marin Bancorp from $21.00 to $25.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. DA Davidson increased their price objective on Bank of Marin Bancorp from $24.00 to $27.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. Finally, Keefe, Bruyette & Woods increased their price objective on Bank of Marin Bancorp from $26.00 to $27.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $26.25.

Bank of Marin Bancorp Stock Down 0.4%

NASDAQ BMRC traded down $0.09 on Wednesday, reaching $24.02. The company had a trading volume of 54,981 shares, compared to its average volume of 85,530. Bank of Marin Bancorp has a 52 week low of $19.14 and a 52 week high of $27.11. The stock's 50 day moving average is $23.88 and its 200-day moving average is $22.74. The stock has a market cap of $387.20 million, a price-to-earnings ratio of 55.86 and a beta of 0.89.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $10.29 million during the quarter, compared to the consensus estimate of $29.07 million. As a group, analysts forecast that Bank of Marin Bancorp will post 1.61 EPS for the current year.

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

Institutional Trading of Bank of Marin Bancorp

A number of hedge funds have recently made changes to their positions in BMRC. Tower Research Capital LLC TRC lifted its position in shares of 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 buying an additional 1,040 shares during the last quarter. Golden State Wealth Management LLC lifted its position in shares of 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 buying an additional 1,000 shares during the last quarter. CWM LLC lifted its position in shares of Bank of Marin Bancorp by 29.7% in the first quarter. CWM LLC now owns 2,753 shares of the bank's stock valued at $61,000 after buying an additional 630 shares during the last quarter. Ameritas Advisory Services LLC acquired a new stake in shares of Bank of Marin Bancorp in the second quarter valued at approximately $69,000. Finally, Quantbot Technologies LP acquired a new stake in shares of Bank of Marin Bancorp in the second quarter valued at approximately $70,000. 52.26% of the stock is owned by institutional investors and hedge funds.

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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