Hotchkis & Wiley Capital Management LLC Sells 66,810 Shares of Bank of Marin Bancorp $BMRC

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its holdings in Bank of Marin Bancorp by 33.6%, now owning 131,790 shares valued at $2.91 million.
• The bank reported a quarterly earnings miss with earnings per share at $0.29, below the consensus estimate of $0.36, alongside a significant revenue shortfall.
• Bank of Marin Bancorp has launched a $25 million stock repurchase plan, indicating management's belief that its shares may be undervalued.

Hotchkis & Wiley Capital Management LLC cut its holdings in Bank of Marin Bancorp (NASDAQ:BMRC - Free Report) by 33.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 131,790 shares of the bank's stock after selling 66,810 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned about 0.81% of Bank of Marin Bancorp worth $2,909,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of BMRC. Wells Fargo & Company MN boosted its position in Bank of Marin Bancorp by 8.8% during the 4th quarter. Wells Fargo & Company MN now owns 21,147 shares of the bank's stock worth $503,000 after acquiring an additional 1,714 shares during the last quarter. Invesco Ltd. increased its position in Bank of Marin Bancorp by 7.2% during the 4th quarter. Invesco Ltd. now owns 38,506 shares of the bank's stock worth $915,000 after buying an additional 2,601 shares during the period. Raymond James Financial Inc. bought a new position in Bank of Marin Bancorp during the 4th quarter worth $200,000. Barclays PLC increased its position in Bank of Marin Bancorp by 6.5% during the 4th quarter. Barclays PLC now owns 48,320 shares of the bank's stock worth $1,149,000 after buying an additional 2,950 shares during the period. Finally, First Trust Advisors LP bought a new position in Bank of Marin Bancorp during the 4th quarter worth $236,000. Institutional investors and hedge funds own 52.26% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Piper Sandler raised their price target on Bank of Marin Bancorp from $21.00 to $25.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Keefe, Bruyette & Woods raised their price target on Bank of Marin Bancorp from $26.00 to $27.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Finally, DA Davidson raised their price target on Bank of Marin Bancorp from $24.00 to $27.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $26.25.

Bank of Marin Bancorp Trading Up 0.2%

Bank of Marin Bancorp stock traded up $0.06 during midday trading on Friday, reaching $24.54. The company's stock had a trading volume of 40,491 shares, compared to its average volume of 87,349. Bank of Marin Bancorp has a 52 week low of $19.11 and a 52 week high of $27.11. The business has a 50-day moving average price of $23.80 and a 200-day moving average price of $22.58. The stock has a market cap of $395.58 million, a PE ratio of 57.07 and a beta of 0.89.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) last released its earnings results 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 during the quarter, compared to the consensus estimate of $29.07 million. As a group, research analysts predict that Bank of Marin Bancorp will post 1.61 EPS for the current fiscal year.

Bank of Marin Bancorp announced that its Board of Directors has approved a stock buyback plan on Monday, July 28th that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the bank to purchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Bank of Marin Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Thursday, August 7th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Thursday, August 7th. Bank of Marin Bancorp's payout ratio is 232.56%.

Bank of Marin Bancorp Company Profile

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.