Corebridge Financial Inc. Cuts Holdings in Bank of Marin Bancorp (NASDAQ:BMRC)

Corebridge Financial Inc. trimmed its position in Bank of Marin Bancorp (NASDAQ:BMRC) by 8.2% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 7,864 shares of the bank’s stock after selling 707 shares during the period. Corebridge Financial Inc.’s holdings in Bank of Marin Bancorp were worth $187,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BMRC. Vanguard Group Inc. increased its position in shares of Bank of Marin Bancorp by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 826,177 shares of the bank’s stock valued at $19,638,000 after acquiring an additional 9,770 shares during the last quarter. American Century Companies Inc. grew its stake in Bank of Marin Bancorp by 2.1% in the 4th quarter. American Century Companies Inc. now owns 141,903 shares of the bank’s stock valued at $3,373,000 after purchasing an additional 2,945 shares during the period. Wulff Hansen & CO. bought a new position in Bank of Marin Bancorp in the 4th quarter valued at $200,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Bank of Marin Bancorp during the 4th quarter valued at $386,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Bank of Marin Bancorp during the 4th quarter worth $200,000. Hedge funds and other institutional investors own 52.26% of the company’s stock.

Bank of Marin Bancorp Stock Up 1.0 %

BMRC opened at $19.85 on Monday. The company has a market capitalization of $319.92 million, a price-to-earnings ratio of -38.17 and a beta of 0.84. The firm has a 50-day moving average price of $23.01 and a 200-day moving average price of $23.39. Bank of Marin Bancorp has a twelve month low of $14.11 and a twelve month high of $27.11.

Bank of Marin Bancorp (NASDAQ:BMRC) last issued its earnings results on Monday, January 27th. The bank reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.06. Bank of Marin Bancorp had a negative net margin of 5.52% and a positive return on equity of 3.33%. During the same quarter in the previous year, the business posted $0.04 EPS. On average, sell-side analysts expect that Bank of Marin Bancorp will post 1.61 earnings per share for the current fiscal year.

Bank of Marin Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 13th. Investors of record on Thursday, February 6th were issued a dividend of $0.25 per share. The ex-dividend date was Thursday, February 6th. This represents a $1.00 dividend on an annualized basis and a yield of 5.04%. Bank of Marin Bancorp’s dividend payout ratio (DPR) is -192.31%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on BMRC. StockNews.com upgraded shares of Bank of Marin Bancorp from a “sell” rating to a “hold” rating in a report on Friday, January 31st. Stephens restated an “overweight” rating and set a $30.00 price target on shares of Bank of Marin Bancorp in a research note on Wednesday, January 29th.

Bank of Marin Bancorp Company 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.