Nuveen LLC Buys New Shares in Bank of Marin Bancorp $BMRC

Nuveen LLC purchased a new position in shares of Bank of Marin Bancorp (NASDAQ:BMRC) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 38,022 shares of the bank’s stock, valued at approximately $839,000. Nuveen LLC owned about 0.23% of Bank of Marin Bancorp at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CWM LLC grew its stake in shares of Bank of Marin Bancorp by 29.7% in the first quarter. CWM LLC now owns 2,753 shares of the bank’s stock valued at $61,000 after buying an additional 630 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in shares of 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 buying an additional 663 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Bank of Marin Bancorp by 0.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 121,721 shares of the bank’s stock valued at $2,686,000 after buying an additional 954 shares in the last quarter. Golden State Wealth Management LLC grew its stake in shares of 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 buying an additional 1,000 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its stake in shares of Bank of Marin Bancorp by 1.2% in the fourth quarter. Bridgeway Capital Management LLC now owns 100,607 shares of the bank’s stock valued at $2,391,000 after buying an additional 1,150 shares in the last quarter. 52.26% of the stock is currently owned by institutional investors and hedge funds.

Bank of Marin Bancorp Stock Down 1.1%

NASDAQ:BMRC opened at $24.26 on Wednesday. The business’s 50 day moving average is $23.89 and its two-hundred day moving average is $22.58. Bank of Marin Bancorp has a 52 week low of $19.11 and a 52 week high of $27.11. The company has a market cap of $391.07 million, a PE ratio of 56.42 and a beta of 0.91.

Bank of Marin Bancorp (NASDAQ:BMRC) last announced its quarterly earnings results on Monday, July 28th. The bank reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.07). Bank of Marin Bancorp had a return on equity of 4.60% and a net margin of 4.43%.The company had revenue of $10.29 million during the quarter, compared to the consensus estimate of $29.07 million. As a group, sell-side analysts expect that Bank of Marin Bancorp will post 1.61 EPS for the current fiscal year.

Bank of Marin Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Thursday, August 7th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Thursday, August 7th. Bank of Marin Bancorp’s payout ratio is currently 232.56%.

Bank of Marin Bancorp declared that its Board of Directors has initiated a share buyback program on Monday, July 28th that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 6.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts recently commented on BMRC shares. Piper Sandler increased their price target on Bank of Marin Bancorp from $21.00 to $25.00 and gave the company a “neutral” rating in a report on Wednesday, July 2nd. DA Davidson increased their price target on Bank of Marin Bancorp from $24.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, July 29th. Finally, Keefe, Bruyette & Woods increased their price target on Bank of Marin Bancorp from $26.00 to $27.00 and gave the company an “outperform” rating in a report on Wednesday, July 2nd. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Bank of Marin Bancorp has an average rating of “Moderate Buy” and an average target price of $26.25.

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.