Bank of New York Mellon Corp Takes Position in Bank of Marin Bancorp $BMRC

Key Points

• Bank of New York Mellon acquired 79,941 shares of Bank of Marin Bancorp, worth approximately $2.2 million, representing about 0.49% of the company. Institutional investors collectively own 52.26% of BMRC.
• Bank of Marin reported quarterly EPS of $0.58, beating analysts’ $0.52 estimate, while revenue of $33.95 million was slightly below expectations.
• The company paid a quarterly dividend of $0.25 per share, or $1.00 annualized, for a 3.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $31.50.

Bank of New York Mellon Corp purchased a new stake in Bank of Marin Bancorp (NASDAQ:BMRC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 79,941 shares of the bank's stock, valued at approximately $2,214,000. Bank of New York Mellon Corp owned approximately 0.49% of Bank of Marin Bancorp as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its position in shares of Bank of Marin Bancorp by 268.7% in the third quarter. Wellington Management Group LLP now owns 943,534 shares of the bank's stock worth $22,909,000 after buying an additional 687,615 shares during the period. Heartland Advisors Inc. acquired a new position in Bank of Marin Bancorp during the fourth quarter valued at $5,191,000. Hotchkis & Wiley Capital Management LLC lifted its stake in Bank of Marin Bancorp by 85.3% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 273,266 shares of the bank's stock worth $6,635,000 after acquiring an additional 125,816 shares in the last quarter. UBS Group AG lifted its stake in Bank of Marin Bancorp by 143.9% in the 3rd quarter. UBS Group AG now owns 166,615 shares of the bank's stock worth $4,045,000 after acquiring an additional 98,311 shares in the last quarter. Finally, Bank of Marin boosted its position in Bank of Marin Bancorp by 364.7% during the 4th quarter. Bank of Marin now owns 104,046 shares of the bank's stock worth $2,706,000 after acquiring an additional 81,656 shares during the period. Institutional investors and hedge funds own 52.26% of the company's stock.

Bank of Marin Bancorp Price Performance

BMRC opened at $27.73 on Tuesday. Bank of Marin Bancorp has a fifty-two week low of $22.50 and a fifty-two week high of $30.92. The business has a 50-day moving average of $28.17 and a 200-day moving average of $26.59. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.72 and a quick ratio of 0.72. The company has a market capitalization of $448.95 million, a PE ratio of -30.47 and a beta of 0.78.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) last announced its quarterly earnings results on Monday, July 27th. The bank reported $0.58 EPS for the quarter, beating the consensus estimate of $0.52 by $0.06. Bank of Marin Bancorp had a positive return on equity of 8.51% and a negative net margin of 7.98%.The business had revenue of $33.95 million during the quarter, compared to analysts' expectations of $34.02 million. Equities research analysts forecast that Bank of Marin Bancorp will post 2.31 EPS for the current fiscal year.

Bank of Marin Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 13th. Stockholders of record on Thursday, August 6th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Thursday, August 6th. Bank of Marin Bancorp's dividend payout ratio is -109.89%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on BMRC. Brean Capital downgraded Bank of Marin Bancorp from a "buy" rating to a "neutral" rating and set a $33.00 target price on the stock. in a report on Tuesday, July 28th. Stephens set a $30.00 price objective on shares of Bank of Marin Bancorp and gave the company an "equal weight" rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods upped their price objective on shares of Bank of Marin Bancorp from $31.00 to $32.00 and gave the company an "outperform" rating in a research note on Tuesday, August 4th. 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. Finally, Weiss Ratings raised shares of Bank of Marin Bancorp from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, June 29th. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Bank of Marin Bancorp currently has a consensus rating of "Hold" and an average price target of $31.50.

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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