Keefe, Bruyette & Woods Lowers Bank of Marin Bancorp (NASDAQ:BMRC) Price Target to $29.00

Key Points

• Keefe, Bruyette & Woods cut its price target for Bank of Marin Bancorp from $30.00 to $29.00 while maintaining an "outperform" rating, implying roughly a 12.7% upside from the prior close.
• The stock trades around $25.73 and the analyst consensus is a "Moderate Buy" with a consensus price target of $28.40, amid mixed ratings and other recent price-target reductions.
• Q1 results missed estimates—EPS $0.53 vs. $0.56 expected—and the bank reported a negative net margin of 18.58%; institutional investors own about 52% of the shares, with several funds increasing positions.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) had its price objective cut by equities researchers at Keefe, Bruyette & Woods from $30.00 to $29.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an "outperform" rating on the bank's stock. Keefe, Bruyette & Woods' price objective indicates a potential upside of 12.73% from the stock's previous close.

A number of other equities research analysts also recently issued reports on BMRC. Zacks Research downgraded shares of Bank of Marin Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 9th. Wall Street Zen downgraded shares of Bank of Marin Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, January 31st. DA Davidson cut their price objective on shares of Bank of Marin Bancorp from $30.00 to $29.00 and set a "buy" rating for the company in a research report on Tuesday. Piper Sandler cut their price objective on shares of Bank of Marin Bancorp from $30.50 to $28.00 and set a "neutral" rating for the company in a research report on Thursday, April 2nd. Finally, Weiss Ratings raised shares of Bank of Marin Bancorp from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, April 17th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $28.40.

Bank of Marin Bancorp Stock Performance

NASDAQ:BMRC traded down $0.24 during trading hours on Wednesday, reaching $25.73. The company had a trading volume of 6,499 shares, compared to its average volume of 104,193. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.11. Bank of Marin Bancorp has a 52 week low of $20.12 and a 52 week high of $28.48. The firm has a market cap of $416.49 million, a price-to-earnings ratio of -12.74 and a beta of 0.84. The firm's 50 day moving average price is $25.52 and its 200-day moving average price is $26.03.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) last posted its earnings results on Monday, April 27th. The bank reported $0.53 EPS for the quarter, missing analysts' consensus estimates of $0.56 by ($0.03). Bank of Marin Bancorp had a positive return on equity of 7.07% and a negative net margin of 18.58%.The company had revenue of $34.14 million during the quarter, compared to the consensus estimate of $34.43 million. On average, analysts forecast that Bank of Marin Bancorp will post 2.42 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Lodestar Private Asset Management LLC boosted its holdings in Bank of Marin Bancorp by 10.0% in the 1st quarter. Lodestar Private Asset Management LLC now owns 10,156 shares of the bank's stock worth $260,000 after buying an additional 925 shares during the period. Apella Capital LLC bought a new position in Bank of Marin Bancorp in the 1st quarter worth $317,000. Westmount Partners LLC boosted its holdings in Bank of Marin Bancorp by 0.8% in the 1st quarter. Westmount Partners LLC now owns 115,484 shares of the bank's stock worth $2,960,000 after buying an additional 925 shares during the period. Occudo Quantitative Strategies LP boosted its holdings in Bank of Marin Bancorp by 32.9% in the 4th quarter. Occudo Quantitative Strategies LP now owns 12,237 shares of the bank's stock worth $318,000 after buying an additional 3,026 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in Bank of Marin Bancorp by 9.3% in the 4th quarter. AQR Capital Management LLC now owns 118,137 shares of the bank's stock worth $3,073,000 after buying an additional 10,041 shares during the period. Institutional investors own 52.26% of the company's stock.

About Bank of Marin Bancorp

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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