Piper Sandler Lowers Bank of Marin Bancorp (NASDAQ:BMRC) Price Target to $28.00

Bank of Marin Bancorp (NASDAQ:BMRC) had its price objective cut by equities researchers at Piper Sandler from $30.50 to $28.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the bank’s stock. Piper Sandler’s price objective would indicate a potential upside of 8.36% from the stock’s current price.

Several other research firms have also recently weighed in on BMRC. Zacks Research cut Bank of Marin Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, March 9th. Stephens restated an “overweight” rating and issued a $29.00 price objective on shares of Bank of Marin Bancorp in a research report on Tuesday, January 27th. Weiss Ratings downgraded shares of Bank of Marin Bancorp from a “hold (c+)” rating to a “sell (d+)” rating in a research note on Monday, March 16th. Finally, Wall Street Zen lowered shares of Bank of Marin Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, January 31st. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Bank of Marin Bancorp has a consensus rating of “Hold” and a consensus price target of $29.60.

Bank of Marin Bancorp Stock Performance

Bank of Marin Bancorp stock opened at $25.84 on Thursday. The stock has a market cap of $416.80 million, a P/E ratio of -11.48 and a beta of 0.84. Bank of Marin Bancorp has a fifty-two week low of $19.14 and a fifty-two week high of $28.48. The firm’s fifty day moving average price is $25.81 and its 200-day moving average price is $25.77. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.70 and a current ratio of 0.70.

Bank of Marin Bancorp (NASDAQ:BMRC) last posted its quarterly earnings data on Friday, March 13th. The bank reported $0.59 earnings per share (EPS) for the quarter. Bank of Marin Bancorp had a positive return on equity of 6.16% and a negative net margin of 21.76%.The company had revenue of ($39.66) million during the quarter. Equities research analysts forecast that Bank of Marin Bancorp will post 1.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bank of Marin Bancorp

A number of large investors have recently modified their holdings of the company. Wellington Management Group LLP boosted its stake in Bank of Marin Bancorp by 268.7% in the third quarter. Wellington Management Group LLP now owns 943,534 shares of the bank’s stock worth $22,909,000 after buying an additional 687,615 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Bank of Marin Bancorp by 0.7% during the third quarter. Vanguard Group Inc. now owns 838,623 shares of the bank’s stock worth $20,362,000 after acquiring an additional 5,690 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Bank of Marin Bancorp by 1.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 787,584 shares of the bank’s stock worth $19,123,000 after acquiring an additional 14,089 shares during the last quarter. HoldCo Asset Management LP lifted its holdings in shares of Bank of Marin Bancorp by 23.8% in the 3rd quarter. HoldCo Asset Management LP now owns 504,411 shares of the bank’s stock worth $12,247,000 after acquiring an additional 97,000 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Bank of Marin Bancorp by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 385,827 shares of the bank’s stock valued at $10,038,000 after purchasing an additional 13,258 shares in the last quarter. 52.26% of the stock is owned by hedge funds and other institutional investors.

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.