The Manufacturers Life Insurance Company Invests $12.64 Million in Bank of Marin Bancorp $BMRC

Key Points

• The Manufacturers Life Insurance Company acquired 456,401 shares of Bank of Marin Bancorp, valued at approximately $12.64 million, giving it a 2.82% stake. Institutional investors collectively own 52.26% of the company.
• Analyst sentiment remains cautious, with an average rating of “Hold” and a consensus price target of $31.50; individual targets range from $30 to $34.
• Bank of Marin Bancorp reported quarterly EPS of $0.58, exceeding estimates of $0.52, and pays a quarterly dividend of $0.25, representing a 3.8% annualized yield.

The Manufacturers Life Insurance Company purchased a new position in Bank of Marin Bancorp (NASDAQ:BMRC - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 456,401 shares of the bank's stock, valued at approximately $12,642,000. The Manufacturers Life Insurance Company owned approximately 2.82% of Bank of Marin Bancorp at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Paladin Partners LLC bought a new stake in Bank of Marin Bancorp during the second quarter worth about $53,000. CANADA LIFE ASSURANCE Co grew its holdings in Bank of Marin Bancorp by 33.6% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,507 shares of the bank's stock worth $39,000 after purchasing an additional 379 shares during the period. Quadrant Capital Group LLC increased its stake in shares of Bank of Marin Bancorp by 17.3% during the fourth quarter. Quadrant Capital Group LLC now owns 2,753 shares of the bank's stock valued at $72,000 after purchasing an additional 407 shares in the last quarter. State of Wyoming increased its stake in shares of Bank of Marin Bancorp by 2.8% during the fourth quarter. State of Wyoming now owns 15,885 shares of the bank's stock valued at $413,000 after purchasing an additional 433 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of Bank of Marin Bancorp by 7.1% during the second quarter. First Trust Advisors LP now owns 10,536 shares of the bank's stock valued at $241,000 after purchasing an additional 696 shares during the last quarter. 52.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BMRC has been the topic of a number of analyst reports. Piper Sandler reissued a "neutral" rating and issued a $30.00 price target (up from $28.00) on shares of Bank of Marin Bancorp in a research report on Friday, July 31st. DA Davidson set a $34.00 price objective on Bank of Marin Bancorp and gave the company a "buy" rating in a research report on Tuesday, July 28th. Weiss Ratings upgraded Bank of Marin Bancorp from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, June 29th. Stephens set a $30.00 target price on Bank of Marin Bancorp and gave the stock an "equal weight" rating in a report on Wednesday, July 29th. Finally, Wall Street Zen raised Bank of Marin Bancorp from a "strong sell" rating to a "hold" rating in a research note on Saturday, May 16th. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $31.50.

Bank of Marin Bancorp Stock Down 0.4%

NASDAQ:BMRC opened at $26.63 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a market cap of $431.14 million, a P/E ratio of -29.26 and a beta of 0.79. Bank of Marin Bancorp has a fifty-two week low of $22.50 and a fifty-two week high of $30.92. The firm has a 50-day simple moving average of $28.12 and a two-hundred day simple moving average of $26.60.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) last issued its earnings results on Monday, July 27th. The bank reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.06. Bank of Marin Bancorp had a negative net margin of 7.98% and a positive return on equity of 8.51%. The firm had revenue of $33.95 million for the quarter, compared to the consensus estimate of $34.02 million. Analysts predict that Bank of Marin Bancorp will post 2.31 earnings per share for the current fiscal year.

Bank of Marin Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 13th. Investors of record on Thursday, August 6th were given a $0.25 dividend. The ex-dividend date of this dividend was Thursday, August 6th. This represents a $1.00 annualized dividend and a yield of 3.8%. Bank of Marin Bancorp's dividend payout ratio is -109.89%.

Bank of Marin Bancorp Profile

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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