Wellington Management Group LLP Invests $1.67 Million in Bank of Marin Bancorp $BMRC

Key Points

• Wellington Management Group LLP purchased 75,578 shares of Bank of Marin Bancorp, valued at approximately $1.67 million, increasing its ownership to 0.47% of the company.
• Bank of Marin Bancorp reported a $0.29 EPS for the quarter, missing the consensus estimate of $0.36, and its revenue was significantly below expectations at $10.29 million against an anticipated $29.07 million.
• The bank's Board of Directors has initiated a $25 million stock buyback plan, allowing for the repurchase of up to 6.5% of its shares, signaling belief in the stock's undervaluation.

Wellington Management Group LLP acquired a new stake in Bank of Marin Bancorp (NASDAQ:BMRC - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 75,578 shares of the bank's stock, valued at approximately $1,668,000. Wellington Management Group LLP owned 0.47% of Bank of Marin Bancorp at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Tower Research Capital LLC TRC lifted its position in shares of Bank of Marin Bancorp by 157.5% in 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 during the period. Golden State Wealth Management LLC boosted its holdings 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 worth $44,000 after buying an additional 1,000 shares during the last quarter. CWM LLC lifted its holdings in Bank of Marin Bancorp by 29.7% during the first quarter. CWM LLC now owns 2,753 shares of the bank's stock valued at $61,000 after purchasing an additional 630 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Bank of Marin Bancorp during the fourth quarter valued at about $200,000. Finally, Quantinno Capital Management LP bought a new position in shares of Bank of Marin Bancorp in the fourth quarter worth approximately $224,000. 52.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have commented on BMRC shares. 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 report on Wednesday, July 2nd. Keefe, Bruyette & Woods lifted their target price on Bank of Marin Bancorp from $26.00 to $27.00 and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. Finally, DA Davidson upped their target price on Bank of Marin Bancorp from $24.00 to $27.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $26.25.

Bank of Marin Bancorp Stock Down 0.7%

NASDAQ BMRC traded down $0.17 during trading hours on Friday, hitting $24.69. The company had a trading volume of 12,744 shares, compared to its average volume of 86,486. Bank of Marin Bancorp has a fifty-two week low of $19.11 and a fifty-two week high of $27.11. The firm has a market cap of $398.00 million, a P/E ratio of 57.64 and a beta of 0.91. The business has a fifty day simple moving average of $23.97 and a 200-day simple moving average of $22.59.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) last released 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). The company had revenue of $10.29 million during 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%. Equities analysts forecast that Bank of Marin Bancorp will post 1.61 EPS for the current fiscal year.

Bank of Marin Bancorp declared that its board has authorized a stock repurchase plan on Monday, July 28th that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the bank to buy up to 6.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Bank of Marin Bancorp Dividend Announcement

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 4.1%. The ex-dividend date of this dividend was Thursday, August 7th. Bank of Marin Bancorp's dividend payout ratio is 232.56%.

Bank of Marin Bancorp 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.