Alliancebernstein L.P. Acquires 46,020 Shares of Bank of Marin Bancorp $BMRC

Key Points

• Alliancebernstein L.P. increased its stake in Bank of Marin Bancorp by 7.0%, owning approximately 4.33% of the company after acquiring 46,020 additional shares.
• Bank of Marin Bancorp reported earnings per share (EPS) of $0.29 for the last quarter, falling short of the consensus estimate of $0.36, with total revenue of $10.29 million against an expected $29.07 million.
• The bank's board approved a $25 million stock repurchase program, indicating that they believe the stock is currently undervalued.

Alliancebernstein L.P. raised its position in Bank of Marin Bancorp (NASDAQ:BMRC - Free Report) by 7.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 701,534 shares of the bank's stock after purchasing an additional 46,020 shares during the period. Alliancebernstein L.P. owned about 4.33% of Bank of Marin Bancorp worth $15,483,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BMRC. Tower Research Capital LLC TRC lifted its holdings in Bank of Marin Bancorp by 157.5% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,084 shares of the bank's stock valued at $26,000 after purchasing an additional 663 shares in the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of Bank of Marin Bancorp by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 2,000 shares of the bank's stock worth $44,000 after acquiring an additional 1,000 shares during the period. CWM LLC lifted its holdings in shares of Bank of Marin Bancorp by 29.7% during the 1st quarter. CWM LLC now owns 2,753 shares of the bank's stock worth $61,000 after acquiring an additional 630 shares during the period. Quantinno Capital Management LP purchased a new position in shares of Bank of Marin Bancorp during the 4th quarter worth about $224,000. Finally, Stephens Inc. AR purchased a new position in shares of Bank of Marin Bancorp during the 1st quarter worth about $250,000. 52.26% of the stock is currently owned by hedge funds and other institutional investors.

Bank of Marin Bancorp Price Performance

NASDAQ:BMRC traded up $0.12 during mid-day trading on Wednesday, reaching $24.48. The stock had a trading volume of 64,366 shares, compared to its average volume of 74,043. The business's 50 day moving average is $23.96 and its 200 day moving average is $22.59. Bank of Marin Bancorp has a fifty-two week low of $19.11 and a fifty-two week high of $27.11. The stock has a market cap of $394.62 million, a P/E ratio of 56.93 and a beta of 0.91.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) last announced its quarterly earnings results 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 analyst estimates of $29.07 million. Equities analysts expect that Bank of Marin Bancorp will post 1.61 EPS for the current year.

Bank of Marin Bancorp announced that its board has authorized a stock repurchase 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 management believes its shares are undervalued.

Bank of Marin Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Thursday, August 7th were given a $0.25 dividend. 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 currently 232.56%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on BMRC shares. DA Davidson raised their price target on shares of Bank of Marin Bancorp from $24.00 to $27.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Piper Sandler lifted their price target on shares of 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. Finally, Keefe, Bruyette & Woods lifted their price target on shares of 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. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $26.25.

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.