Bank of Marin Bancorp (NASDAQ:BMRC) to Repurchase $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 of Directors has approved a share buyback program on Monday, July 28th, RTT News reports. The company plans to repurchase $25.00 million in shares. This repurchase authorization authorizes the bank to reacquire up to 6.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

BMRC has been the subject of a number of recent research reports. Stephens reiterated an "overweight" rating and issued a $26.00 target price on shares of Bank of Marin Bancorp in a report on Tuesday, April 29th. Keefe, Bruyette & Woods lifted their target price 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. DA Davidson lifted their target price on Bank of Marin Bancorp from $24.00 to $27.00 and gave the stock a "buy" rating in a report on Tuesday. Finally, Piper Sandler lifted their target price 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. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $26.25.

Bank of Marin Bancorp Stock Down 1.3%

BMRC traded down $0.29 during trading hours on Friday, reaching $22.37. 31,126 shares of the company's stock traded hands, compared to its average volume of 86,632. The firm has a 50-day moving average price of $23.17 and a 200 day moving average price of $22.78. Bank of Marin Bancorp has a 52-week low of $16.97 and a 52-week high of $27.11. The firm has a market capitalization of $362.76 million, a PE ratio of 51.90 and a beta of 0.86.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The bank reported $0.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $10.29 million for the quarter, compared to analysts' expectations of $29.07 million. Equities analysts predict that Bank of Marin Bancorp will post 1.61 EPS for the current fiscal year.

Bank of Marin Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, August 7th will be issued a dividend of $0.25 per share. The ex-dividend date is Thursday, August 7th. This represents a $1.00 dividend on an annualized basis and a yield of 4.5%. Bank of Marin Bancorp's payout ratio is presently 232.56%.

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.