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

Key Points

• Weiss Ratings has reiterated a “hold (c)” rating for Bank of Marin Bancorp (NASDAQ:BMRC), while multiple brokerages have recently adjusted their price targets, indicating a range from $25.00 to $27.00.
• The company's board has initiated a $25 million share buyback plan, allowing for the repurchase of up to 6.5% of its shares, which often reflects management's belief that the stock is undervalued.
• As of the latest reports, Bank of Marin Bancorp has a market cap of $394.46 million and a consensus rating of “Moderate Buy” from research analysts.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report)'s stock had its "hold (c)" rating reiterated by Weiss Ratings in a research note issued to investors on Friday,Weiss Ratings reports.

A number of other brokerages also recently commented on BMRC. Piper Sandler boosted their price objective on 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. Keefe, Bruyette & Woods boosted their price objective on Bank of Marin Bancorp from $26.00 to $27.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Finally, DA Davidson boosted their price objective on Bank of Marin Bancorp from $24.00 to $27.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $26.25.

Bank of Marin Bancorp Price Performance

Shares of Bank of Marin Bancorp stock traded up $0.98 on Friday, reaching $24.47. 57,538 shares of the company were exchanged, compared to its average volume of 83,362. Bank of Marin Bancorp has a 1-year low of $19.14 and a 1-year high of $27.11. The company has a market cap of $394.46 million, a P/E ratio of 56.91 and a beta of 0.89. The stock's 50 day moving average price is $24.09 and its 200-day moving average price is $22.88.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) last announced its quarterly earnings data on Monday, March 7th. The bank reported $0.61 EPS for the quarter. Bank of Marin Bancorp had a return on equity of 4.60% and a net margin of 4.43%.The business had revenue of $31.32 million during the quarter. 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 of Directors has initiated a share buyback plan on Monday, July 28th that allows the company to repurchase $25.00 million in shares. This repurchase authorization allows the bank to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's leadership believes its stock is undervalued.

Hedge Funds Weigh In On Bank of Marin Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BMRC. Tower Research Capital LLC TRC boosted its holdings in 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 purchasing an additional 1,040 shares in the last quarter. 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 buying an additional 1,000 shares during the last quarter. CWM LLC lifted its stake in 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 purchased a new stake in Bank of Marin Bancorp in the second quarter valued at approximately $69,000. Finally, Quantbot Technologies LP purchased a new stake in 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.

About Bank of Marin Bancorp

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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