Bank of Marin Bancorp (NASDAQ:BMRC) Share Price Crosses Above 200-Day Moving Average - What's Next?

Key Points

• Bank of Marin Bancorp's stock price has recently crossed above its 200-day moving average, reaching a high of $24.63 during trading, closing at $24.11 with a volume of 109,277 shares.
• Analyst ratings for the company reflect optimism, with targets raised by several firms, resulting in a consensus target price of $26.25 and an average rating of "Moderate Buy."
• The company also announced a quarterly dividend of $0.25 per share and a $25 million stock buyback program, indicative of management's belief in the stock's undervaluation.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $22.74 and traded as high as $24.63. Bank of Marin Bancorp shares last traded at $24.11, with a volume of 109,277 shares traded.

Analyst Ratings Changes

Several equities research analysts have recently commented on BMRC shares. Keefe, Bruyette & Woods boosted their price target on Bank of Marin Bancorp from $26.00 to $27.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Weiss Ratings reiterated a "hold (c)" rating on shares of Bank of Marin Bancorp in a research report on Saturday, September 27th. Piper Sandler boosted their target price 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. Finally, DA Davidson boosted their price objective on shares of 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 investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Bank of Marin Bancorp presently has an average rating of "Moderate Buy" and a consensus target price of $26.25.

Bank of Marin Bancorp Price Performance

The company has a 50-day moving average price of $23.88 and a 200-day moving average price of $22.74. The firm has a market capitalization of $388.65 million, a PE ratio of 56.07 and a beta of 0.89.

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). The company had revenue of $10.29 million during the quarter, compared to analysts' expectations of $29.07 million. Bank of Marin Bancorp had a net margin of 4.43% and a return on equity of 4.60%. 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, August 7th were given a dividend of $0.25 per share. The ex-dividend date was Thursday, August 7th. This represents a $1.00 annualized dividend and a yield of 4.1%. Bank of Marin Bancorp's dividend payout ratio is 232.56%.

Bank of Marin Bancorp declared that its board has authorized a stock buyback program on Monday, July 28th that allows the company to buyback $25.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Squarepoint Ops LLC purchased a new position in shares of Bank of Marin Bancorp during the 2nd quarter worth about $1,365,000. Tower Research Capital LLC TRC raised its stake in Bank of Marin Bancorp by 124.6% during the second quarter. Tower Research Capital LLC TRC now owns 1,875 shares of the bank's stock worth $43,000 after purchasing an additional 1,040 shares during the period. HoldCo Asset Management LP purchased a new position in Bank of Marin Bancorp during the second quarter worth approximately $9,305,000. Bridgeway Capital Management LLC raised its position in shares of Bank of Marin Bancorp by 2.3% in the 2nd quarter. Bridgeway Capital Management LLC now owns 104,909 shares of the bank's stock worth $2,396,000 after buying an additional 2,321 shares during the period. Finally, Bank of America Corp DE raised its position in shares of Bank of Marin Bancorp by 12.6% in the 2nd quarter. Bank of America Corp DE now owns 39,782 shares of the bank's stock worth $909,000 after buying an additional 4,456 shares during the period. 52.26% of the stock is currently owned by hedge funds and other institutional investors.

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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