Bank of Marin Bancorp $BMRC Shares Purchased by Heartland Advisors Inc.

Key Points

• Heartland Advisors Inc. increased its stake in Bank of Marin Bancorp by 25.3% in Q1, buying 50,430 additional shares and bringing its total holding to 250,000 shares worth about $6.4 million.
• Other institutional investors also added to BMRC, and hedge funds and other institutions now own 52.26% of the company’s shares, showing continued institutional interest.
• Analysts currently have a Hold consensus on the stock, with an average price target of $28.40; meanwhile, the shares were trading at $28.92 and the company recently reported earnings that missed EPS estimates but slightly beat revenue expectations.

Heartland Advisors Inc. raised its stake in shares of Bank of Marin Bancorp (NASDAQ:BMRC - Free Report) by 25.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 250,000 shares of the bank's stock after buying an additional 50,430 shares during the quarter. Heartland Advisors Inc. owned about 1.54% of Bank of Marin Bancorp worth $6,408,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its holdings in shares of Bank of Marin Bancorp by 7.1% in the first quarter. Bank of New York Mellon Corp now owns 77,699 shares of the bank's stock worth $1,991,000 after acquiring an additional 5,154 shares during the last quarter. Lodestar Private Asset Management LLC boosted its stake in shares of Bank of Marin Bancorp by 10.0% during the first quarter. Lodestar Private Asset Management LLC now owns 10,156 shares of the bank's stock valued at $260,000 after acquiring an additional 925 shares during the last quarter. Apella Capital LLC purchased a new stake in Bank of Marin Bancorp during the 1st quarter worth about $317,000. Westmount Partners LLC increased its position in Bank of Marin Bancorp by 0.8% during the 1st quarter. Westmount Partners LLC now owns 115,484 shares of the bank's stock worth $2,960,000 after purchasing an additional 925 shares in the last quarter. Finally, Occudo Quantitative Strategies LP raised its stake in Bank of Marin Bancorp by 32.9% in the 4th quarter. Occudo Quantitative Strategies LP now owns 12,237 shares of the bank's stock valued at $318,000 after purchasing an additional 3,026 shares during the last quarter. Hedge funds and other institutional investors own 52.26% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on BMRC. Stephens reaffirmed an "equal weight" rating and set a $26.00 price target on shares of Bank of Marin Bancorp in a research note on Tuesday, May 5th. Keefe, Bruyette & Woods cut their price objective on shares of Bank of Marin Bancorp from $30.00 to $29.00 and set an "outperform" rating for the company in a research report on Wednesday, April 29th. DA Davidson reduced their price objective on shares of Bank of Marin Bancorp from $30.00 to $29.00 and set a "buy" rating on the stock in a research note on Tuesday, April 28th. Wall Street Zen raised shares of Bank of Marin Bancorp from a "strong sell" rating to a "hold" rating in a research note on Saturday, May 16th. Finally, Zacks Research upgraded shares of Bank of Marin Bancorp from a "strong sell" rating to a "hold" rating in a research report on Monday, June 29th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Bank of Marin Bancorp has a consensus rating of "Hold" and an average price target of $28.40.

Bank of Marin Bancorp Price Performance

Shares of BMRC opened at $28.92 on Monday. Bank of Marin Bancorp has a fifty-two week low of $21.77 and a fifty-two week high of $30.34. The company's fifty day moving average is $26.69 and its two-hundred day moving average is $26.26. The firm has a market cap of $468.21 million, a PE ratio of -14.32 and a beta of 0.81. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.11.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) last released its quarterly earnings data on Monday, April 27th. The bank reported $0.53 EPS for the quarter, missing analysts' consensus estimates of $0.56 by ($0.03). Bank of Marin Bancorp had a positive return on equity of 7.20% and a negative net margin of 18.58%.The firm had revenue of $34.14 million for the quarter, compared to analyst estimates of $33.87 million. Analysts forecast that Bank of Marin Bancorp will post 2.21 earnings per share for the current year.

Bank of Marin Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Thursday, May 7th were paid a dividend of $0.25 per share. The ex-dividend date was Thursday, May 7th. This represents a $1.00 annualized dividend and a yield of 3.5%. Bank of Marin Bancorp's dividend payout ratio is currently -49.50%.

About Bank of Marin Bancorp

Bank of Marin Bancorp is the bank holding company for Bank of Marin, a community-oriented financial institution headquartered in Novato, California. Through its subsidiary, the company provides a broad range of banking services to individuals, small and medium-sized businesses, and nonprofit organizations. Its operating philosophy emphasizes personalized service and strong local relationships across the San Francisco North Bay region.

The company's core product offerings include deposit accounts such as checking, savings, money market and time certificates of deposit.

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