Nuveen LLC Takes Position in Bank of Marin Bancorp $BMRC

Nuveen LLC purchased a new position in shares of Bank of Marin Bancorp (NASDAQ:BMRC - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 38,022 shares of the bank's stock, valued at approximately $839,000. Nuveen LLC owned approximately 0.23% of Bank of Marin Bancorp at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BMRC. Tower Research Capital LLC TRC raised its stake in shares of Bank of Marin Bancorp by 157.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,084 shares of the bank's stock worth $26,000 after purchasing an additional 663 shares in the last quarter. Golden State Wealth Management LLC raised its stake in shares of Bank of Marin Bancorp by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 2,000 shares of the bank's stock valued at $44,000 after acquiring an additional 1,000 shares in the last quarter. CWM LLC raised its stake in shares of Bank of Marin Bancorp by 29.7% in the 1st quarter. CWM LLC now owns 2,753 shares of the bank's stock valued at $61,000 after acquiring an additional 630 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Bank of Marin Bancorp in the 4th quarter valued at approximately $200,000. Finally, Quantinno Capital Management LP bought a new position in shares of Bank of Marin Bancorp in the 4th quarter valued at approximately $224,000. 52.26% of the stock is owned by hedge funds and other institutional investors.

Bank of Marin Bancorp Trading Down 0.3%

Shares of Bank of Marin Bancorp stock traded down $0.07 during midday trading on Friday, reaching $24.79. The company had a trading volume of 115,564 shares, compared to its average volume of 78,013. The company has a market capitalization of $399.61 million, a price-to-earnings ratio of 57.65 and a beta of 0.91. The stock has a fifty day simple moving average of $24.01 and a 200 day simple moving average of $22.57. Bank of Marin Bancorp has a 1-year low of $19.11 and a 1-year high of $27.11.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The bank reported $0.29 earnings per share 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 company had revenue of $10.29 million during the quarter, compared to analyst estimates of $29.07 million. Sell-side analysts expect that Bank of Marin Bancorp will post 1.61 earnings per share for the current year.

Bank of Marin Bancorp declared that its Board of Directors has initiated a stock repurchase plan on Monday, July 28th that permits the company to buyback $25.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 6.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership 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 paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Thursday, August 7th. Bank of Marin Bancorp's dividend payout ratio is 232.56%.

Wall Street Analysts Forecast Growth

BMRC has been the topic of a number of recent analyst reports. Piper Sandler raised their price objective on Bank of Marin Bancorp from $21.00 to $25.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. DA Davidson raised their price objective on Bank of Marin Bancorp from $24.00 to $27.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Finally, Keefe, Bruyette & Woods lifted their price objective 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. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Bank of Marin Bancorp currently 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.