Trexquant Investment LP Boosts Stake in Bank of Marin Bancorp $BMRC

Key Points

• Trexquant Investment LP increased its stake in Bank of Marin Bancorp by 80.3%, owning 41,397 shares valued at approximately $914,000 as of its latest filing.
• The bank's quarterly earnings report showed an EPS of $0.29, missing estimates by $0.07, and revenue of $10.29 million, significantly below the expected $29.07 million.
• Bank of Marin Bancorp has initiated a $25 million stock repurchase plan, which allows the company to buy back up to 6.5% of its shares, indicating potential undervaluation according to the board.

Trexquant Investment LP increased its holdings in Bank of Marin Bancorp (NASDAQ:BMRC - Free Report) by 80.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,397 shares of the bank's stock after purchasing an additional 18,442 shares during the period. Trexquant Investment LP owned 0.26% of Bank of Marin Bancorp worth $914,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in BMRC. Essex Investment Management Co. LLC purchased a new stake in shares of Bank of Marin Bancorp during the 1st quarter worth approximately $2,934,000. Wellington Management Group LLP purchased a new stake in Bank of Marin Bancorp during the 1st quarter valued at $1,668,000. Legato Capital Management LLC purchased a new stake in Bank of Marin Bancorp during the 1st quarter valued at $871,000. Nuveen LLC purchased a new stake in Bank of Marin Bancorp during the 1st quarter valued at $839,000. Finally, XTX Topco Ltd bought a new position in Bank of Marin Bancorp in the 1st quarter valued at $392,000. 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 recent research reports. Piper Sandler increased 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 boosted their price target on Bank of Marin Bancorp from $26.00 to $27.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Finally, DA Davidson boosted their price objective on Bank of Marin Bancorp from $24.00 to $27.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Bank of Marin Bancorp presently has a consensus rating of "Moderate Buy" and an average target price of $26.25.

Bank of Marin Bancorp Stock Up 0.2%

BMRC traded up $0.06 during trading on Thursday, hitting $24.83. 17,814 shares of the stock were exchanged, compared to its average volume of 86,423. The firm has a market capitalization of $400.26 million, a P/E ratio of 57.74 and a beta of 0.91. Bank of Marin Bancorp has a 1-year low of $19.11 and a 1-year high of $27.11. The stock has a fifty day moving average price of $24.06 and a two-hundred day moving average price of $22.59.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) last announced its earnings results on Monday, July 28th. The bank reported $0.29 earnings per share for the quarter, missing the consensus estimate 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 analysts' expectations of $29.07 million. Analysts predict that Bank of Marin Bancorp will post 1.61 EPS for the current year.

Bank of Marin Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Thursday, August 7th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 4.0%. The ex-dividend date was Thursday, August 7th. Bank of Marin Bancorp's dividend payout ratio is presently 232.56%.

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

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.