Bank of Marin Bancorp (NASDAQ:BMRC) Share Price Passes Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Bank of Marin Bancorp shares rose above their 200-day moving average, reaching $28.02 before closing near $27.96, compared with a 200-day average of $26.64.
• Analysts maintain a consensus “Hold” rating with an average price target of $31.50, although recent targets range from $30 to $34.
• The bank exceeded quarterly EPS expectations, reporting $0.58 versus the $0.52 consensus estimate, and paid a quarterly dividend of $0.25, representing a 3.6% annualized yield.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $26.64 and traded as high as $28.02. Bank of Marin Bancorp shares last traded at $27.96, with a volume of 94,872 shares changing hands.

Wall Street Analysts Forecast Growth

BMRC has been the subject of several recent research reports. Piper Sandler restated a "neutral" rating and set a $30.00 target price (up from $28.00) on shares of Bank of Marin Bancorp in a report on Friday, July 31st. Keefe, Bruyette & Woods boosted their price target on shares of Bank of Marin Bancorp from $31.00 to $32.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 4th. Brean Capital downgraded shares of Bank of Marin Bancorp from a "buy" rating to a "neutral" rating and set a $33.00 price objective for the company. in a research note on Tuesday, July 28th. DA Davidson set a $34.00 price objective on shares of Bank of Marin Bancorp and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Finally, Stephens set a $30.00 price objective on Bank of Marin Bancorp and gave the company an "equal weight" rating in a report on Wednesday, July 29th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $31.50.

Bank of Marin Bancorp Stock Up 1.1%

The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.11. The firm has a 50 day simple moving average of $28.08 and a 200-day simple moving average of $26.64. The stock has a market cap of $452.67 million, a P/E ratio of -30.72 and a beta of 0.78.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) last posted its earnings results on Monday, July 27th. The bank reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company had revenue of $33.95 million during the quarter, compared to analysts' expectations of $34.02 million. On average, equities research analysts forecast that Bank of Marin Bancorp will post 2.31 earnings per share for the current fiscal year.

Bank of Marin Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 13th. Shareholders of record on Thursday, August 6th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Thursday, August 6th. Bank of Marin Bancorp's dividend payout ratio is currently -109.89%.

Institutional Investors Weigh In On Bank of Marin Bancorp

A number of institutional investors have recently modified their holdings of BMRC. BlackRock Inc. bought a new stake in Bank of Marin Bancorp in the 2nd quarter valued at about $44,326,000. The Manufacturers Life Insurance Company bought a new position in shares of Bank of Marin Bancorp during the second quarter worth approximately $12,642,000. Heartland Advisors Inc. acquired a new stake in shares of Bank of Marin Bancorp in the second quarter valued at approximately $9,017,000. Algebris UK Ltd. acquired a new stake in shares of Bank of Marin Bancorp in the second quarter valued at approximately $8,092,000. Finally, Algert Global LLC bought a new stake in shares of Bank of Marin Bancorp in the second quarter valued at approximately $2,574,000. Institutional investors own 52.26% of the company's stock.

Bank of Marin Bancorp Company Profile

Bank of Marin Bancorp is the bank holding company for Bank of Marin, a community-focused financial institution serving businesses, professionals, nonprofit organizations and individuals in Northern California. The bank provides relationship-based banking through branches and digital channels, with an emphasis on local decision-making and personalized service.

Its products and services include commercial and small-business lending, commercial real estate loans, residential real estate financing, consumer loans, deposit accounts, cash-management services and online and mobile banking.

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