Bank of Marin Bancorp (NASDAQ:BMRC) to Buyback $25.00 million in Outstanding Stock

Key Points

• Bank of Marin Bancorp announced a share repurchase plan to buy back $25.00 million in outstanding stock, signaling confidence in the company's value.
• Brokerages have recently upgraded their price targets for BMRC shares, with Keefe, Bruyette & Woods setting a new target of $27.00 and Piper Sandler raising theirs to $25.00.
• The bank also declared a quarterly dividend of $0.25 per share, which will be paid out on August 14th, representing an annualized yield of 4.23%.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) declared that its board has approved a share repurchase plan on Monday, July 28th, RTT News reports. The company plans to repurchase $25.00 million in shares. This repurchase authorization permits the bank to purchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BMRC. Keefe, Bruyette & Woods raised their target price 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 upped their price target on shares of Bank of Marin Bancorp from $21.00 to $25.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Finally, Stephens restated an "overweight" rating and issued a $26.00 price target on shares of Bank of Marin Bancorp in a research note on Tuesday, April 29th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Bank of Marin Bancorp currently has an average rating of "Moderate Buy" and a consensus price target of $25.50.

Bank of Marin Bancorp Stock Down 0.6%

Shares of BMRC stock traded down $0.14 during trading hours on Monday, hitting $23.64. 118,138 shares of the company's stock were exchanged, compared to its average volume of 94,429. The firm has a 50 day moving average of $23.06 and a two-hundred day moving average of $22.77. Bank of Marin Bancorp has a fifty-two week low of $16.97 and a fifty-two week high of $27.11. The firm has a market cap of $383.44 million, a P/E ratio of -59.10 and a beta of 0.86.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The bank reported $0.30 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.32 by ($0.02). The business had revenue of $35.24 million for the quarter, compared to analyst estimates of $27.99 million. Bank of Marin Bancorp had a positive return on equity of 3.77% and a negative net margin of 4.20%. On average, equities analysts forecast that Bank of Marin Bancorp will post 1.61 earnings per share for the current fiscal year.

Bank of Marin Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, August 7th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 4.23%. Bank of Marin Bancorp's payout ratio is -250.00%.

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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