Vanguard Group Inc. Acquires 10,250 Shares of Bank of Marin Bancorp $BMRC

Key Points

• Vanguard Group Inc. has increased its holdings in Bank of Marin Bancorp by 1.2%, owning approximately 5.16% of the company's stock, valued at about $18.46 million.
• The bank reported a quarterly EPS of $0.29, missing estimates of $0.36, and had a revenue of $10.29 million compared to expectations of $29.07 million.
• Bank of Marin Bancorp announced a $25 million share buyback program and declared a quarterly dividend of $0.25, reflecting a robust annualized yield of 4.1%.

Vanguard Group Inc. boosted its position in Bank of Marin Bancorp (NASDAQ:BMRC - Free Report) by 1.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 836,427 shares of the bank's stock after purchasing an additional 10,250 shares during the period. Vanguard Group Inc. owned 5.16% of Bank of Marin Bancorp worth $18,460,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in BMRC. Tower Research Capital LLC TRC grew its holdings in shares of Bank of Marin Bancorp by 157.5% during the fourth 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 during the last quarter. Golden State Wealth Management LLC grew its holdings in Bank of Marin Bancorp by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 2,000 shares of the bank's stock worth $44,000 after acquiring an additional 1,000 shares during the last quarter. CWM LLC increased its position in 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 during the period. Raymond James Financial Inc. acquired a new position in 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 during the fourth quarter valued at $224,000. 52.26% of the stock is owned by institutional investors and hedge funds.

Bank of Marin Bancorp Stock Performance

Shares of Bank of Marin Bancorp stock traded down $0.37 on Wednesday, reaching $23.90. 39,586 shares of the company's stock were exchanged, compared to its average volume of 86,847. The company has a market capitalization of $385.19 million, a P/E ratio of 55.57 and a beta of 0.91. Bank of Marin Bancorp has a 52 week low of $19.11 and a 52 week high of $27.11. The firm's 50-day moving average is $23.89 and its two-hundred day moving average is $22.58.

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). The company had revenue of $10.29 million for the quarter, compared to analyst estimates of $29.07 million. Bank of Marin Bancorp had a net margin of 4.43% and a return on equity of 4.60%. On average, analysts expect that Bank of Marin Bancorp will post 1.61 EPS for the current fiscal year.

Bank of Marin Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Thursday, August 7th were paid a $0.25 dividend. The ex-dividend date was Thursday, August 7th. This represents a $1.00 annualized dividend and a dividend yield of 4.2%. Bank of Marin Bancorp's dividend payout ratio (DPR) is currently 232.56%.

Bank of Marin Bancorp announced that its board has approved a stock repurchase program on Monday, July 28th that allows the company to buyback $25.00 million in shares. This buyback authorization allows the bank to repurchase up to 6.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts recently weighed in on BMRC shares. Keefe, Bruyette & Woods increased their price objective 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. DA Davidson upped their price target 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. Finally, Piper Sandler raised their price objective 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. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price 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.