Bank of Marin Bancorp (NASDAQ:BMRC) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its holdings in Bank of Marin Bancorp (NASDAQ:BMRC) by 0.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 74,268 shares of the bank’s stock after selling 691 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.46% of Bank of Marin Bancorp worth $1,639,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC raised its position in Bank of Marin Bancorp by 157.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,084 shares of the bank’s stock valued at $26,000 after purchasing an additional 663 shares during the period. Golden State Wealth Management LLC raised its position in Bank of Marin Bancorp by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 2,000 shares of the bank’s stock valued at $44,000 after purchasing an additional 1,000 shares during the period. Raymond James Financial Inc. purchased a new position in Bank of Marin Bancorp in the fourth quarter valued at about $200,000. Blair William & Co. IL purchased a new position in Bank of Marin Bancorp in the fourth quarter valued at about $219,000. Finally, Quantinno Capital Management LP acquired a new stake in shares of Bank of Marin Bancorp during the fourth quarter valued at about $224,000. 52.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on BMRC shares. Keefe, Bruyette & Woods raised 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. DA Davidson raised their target price on Bank of Marin Bancorp from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday. Piper Sandler raised their target price on Bank of Marin Bancorp from $21.00 to $25.00 and gave the company a “neutral” rating in a research note on Wednesday, July 2nd. Finally, Stephens restated an “overweight” rating and set a $26.00 target price on shares of Bank of Marin Bancorp in a research note on Tuesday, April 29th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of Marin Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $26.25.

Bank of Marin Bancorp Stock Down 2.1%

Bank of Marin Bancorp stock opened at $23.15 on Wednesday. The company’s fifty day simple moving average is $23.09 and its 200-day simple moving average is $22.78. Bank of Marin Bancorp has a 12 month low of $16.97 and a 12 month high of $27.11. The stock has a market cap of $375.49 million, a P/E ratio of 53.84 and a beta of 0.86.

Bank of Marin Bancorp (NASDAQ:BMRC) last issued its quarterly earnings data 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 business had revenue of $10.29 million during the quarter, compared to the consensus estimate of $29.07 million. Bank of Marin Bancorp had a return on equity of 4.60% and a net margin of 4.43%. On average, equities research 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 will be paid on Thursday, August 14th. Stockholders of record on Thursday, August 7th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.32%. The ex-dividend date of this dividend is Thursday, August 7th. Bank of Marin Bancorp’s dividend payout ratio is currently -250.00%.

Bank of Marin Bancorp declared that its Board of Directors has approved a share buyback plan on Monday, July 28th that authorizes the company to buyback $25.00 million in shares. This buyback authorization authorizes the bank to reacquire up to 6.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

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.