Bank of Marin Bancorp (NASDAQ:BMRC) Cut to Hold at Zacks Research

Zacks Research cut shares of Bank of Marin Bancorp (NASDAQ:BMRC) from a strong-buy rating to a hold rating in a research note issued to investors on Monday morning,Zacks.com reports.

A number of other equities research analysts have also recently commented on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of Bank of Marin Bancorp in a research report on Monday, December 29th. Piper Sandler reaffirmed a “neutral” rating and set a $30.50 price objective on shares of Bank of Marin Bancorp in a research note on Tuesday, January 27th. Stephens reiterated an “overweight” rating and issued a $29.00 price objective on shares of Bank of Marin Bancorp in a report on Tuesday, January 27th. Finally, Wall Street Zen lowered shares of Bank of Marin Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, January 31st. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Bank of Marin Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $30.10.

Bank of Marin Bancorp Stock Performance

Shares of BMRC opened at $24.04 on Monday. The stock has a 50 day moving average price of $26.36 and a 200 day moving average price of $25.75. Bank of Marin Bancorp has a one year low of $19.14 and a one year high of $28.48. The stock has a market capitalization of $386.80 million, a price-to-earnings ratio of -10.68 and a beta of 0.89.

Bank of Marin Bancorp (NASDAQ:BMRC) last announced its quarterly earnings data on Monday, January 26th. The bank reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.08. Bank of Marin Bancorp had a positive return on equity of 6.00% and a negative net margin of 21.76%.The company had revenue of ($35.47) million for the quarter, compared to analyst estimates of $32.96 million. On average, analysts predict that Bank of Marin Bancorp will post 1.61 earnings per share for the current year.

Bank of Marin Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 12th. Stockholders of record on Thursday, February 5th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend was Thursday, February 5th. Bank of Marin Bancorp’s dividend payout ratio is -44.44%.

Institutional Trading of Bank of Marin Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the business. Squarepoint Ops LLC acquired a new stake in shares of Bank of Marin Bancorp during the second quarter valued at about $1,365,000. HoldCo Asset Management LP purchased a new stake in shares of Bank of Marin Bancorp in the 2nd quarter valued at approximately $9,305,000. Creative Planning lifted its holdings in shares of Bank of Marin Bancorp by 101.1% in the 2nd quarter. Creative Planning now owns 53,363 shares of the bank’s stock worth $1,219,000 after acquiring an additional 26,824 shares during the last quarter. Fourthstone LLC boosted its position in shares of Bank of Marin Bancorp by 291.7% during the 2nd quarter. Fourthstone LLC now owns 276,578 shares of the bank’s stock worth $6,317,000 after purchasing an additional 205,969 shares during the period. Finally, SummerHaven Investment Management LLC purchased a new position in shares of Bank of Marin Bancorp during the 3rd quarter worth approximately $799,000. 52.26% of the stock is owned by institutional investors and hedge funds.

Bank of Marin Bancorp Company Profile

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.