Bank of Marin Bancorp (NASDAQ:BMRC) Shares Cross Above 200 Day Moving Average - Here's What Happened

Key Points

• Bank of Marin Bancorp's stock price has recently surpassed its 200-day moving average, reaching a high of $22.82 during trading, indicating potential upward momentum.
• Analysts have boosted their price targets for the stock, with a consensus rating of "Moderate Buy" and an average price target of $26.25, reflecting positive growth forecasts.
• The company announced a $25 million stock buyback program and a quarterly dividend of $0.25 per share, signaling confidence from management in the stock's value.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $22.63 and traded as high as $22.82. Bank of Marin Bancorp shares last traded at $22.82, with a volume of 34,466 shares.

Analyst Ratings Changes

Several research firms have recently commented on BMRC. Keefe, Bruyette & Woods upped their price objective 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. Piper Sandler upped their price objective on Bank of Marin Bancorp from $21.00 to $25.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Stephens restated an "overweight" rating and issued a $26.00 price objective on shares of Bank of Marin Bancorp in a research note on Tuesday, April 29th. Finally, DA Davidson upped their price objective on Bank of Marin Bancorp from $24.00 to $27.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $26.25.

Bank of Marin Bancorp Stock Performance

The company has a market cap of $390.91 million, a P/E ratio of 56.40 and a beta of 0.89. The firm's fifty day moving average is $23.51 and its two-hundred day moving average is $22.60.

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

Bank of Marin Bancorp Dividend Announcement

The business also recently disclosed 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 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend was Thursday, August 7th. Bank of Marin Bancorp's dividend payout ratio is 232.56%.

Bank of Marin Bancorp declared that its board 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 reacquire up to 6.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Bank of Marin Bancorp by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 836,427 shares of the bank's stock valued at $18,460,000 after purchasing an additional 10,250 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Bank of Marin Bancorp by 7.0% during the 1st quarter. Alliancebernstein L.P. now owns 701,534 shares of the bank's stock valued at $15,483,000 after purchasing an additional 46,020 shares during the last quarter. North Reef Capital Management LP boosted its holdings in shares of Bank of Marin Bancorp by 45.8% during the 4th quarter. North Reef Capital Management LP now owns 470,956 shares of the bank's stock valued at $11,195,000 after purchasing an additional 148,020 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Bank of Marin Bancorp by 0.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 467,373 shares of the bank's stock valued at $11,109,000 after purchasing an additional 4,101 shares during the last quarter. Finally, HoldCo Asset Management LP bought a new position in shares of Bank of Marin Bancorp during the 2nd quarter valued at about $9,305,000. Institutional investors own 52.26% of the company's stock.

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.