Bank of Marin Bancorp’s (BMRC) Buy Rating Reiterated at DA Davidson

DA Davidson reiterated their buy rating on shares of Bank of Marin Bancorp (NASDAQ:BMRC) in a research report sent to investors on Tuesday morning,Benzinga reports. DA Davidson currently has a $34.00 target price on the bank’s stock.

A number of other analysts have also recently commented on BMRC. Brean Capital cut shares of Bank of Marin Bancorp from a “buy” rating to a “neutral” rating and set a $33.00 target price for the company. in a research note on Tuesday, July 28th. Stephens set a $30.00 price target on shares of Bank of Marin Bancorp and gave the stock an “equal weight” rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods raised their price target on shares of Bank of Marin Bancorp from $31.00 to $32.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Zacks Research upgraded Bank of Marin Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, June 29th. Finally, Piper Sandler reiterated a “neutral” rating and set a $29.00 price objective (down from $30.00) on shares of Bank of Marin Bancorp in a research note on Thursday, October 1st. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Bank of Marin Bancorp has an average rating of “Hold” and an average target price of $31.60.

Bank of Marin Bancorp Price Performance

Shares of NASDAQ BMRC opened at $28.80 on Tuesday. The firm has a market cap of $466.27 million, a PE ratio of 12.45 and a beta of 0.82. The firm has a fifty day moving average of $27.31 and a 200 day moving average of $26.79. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.72 and a current ratio of 0.72. Bank of Marin Bancorp has a one year low of $23.35 and a one year high of $30.92.

Bank of Marin Bancorp (NASDAQ:BMRC) last posted its quarterly earnings data on Monday, October 26th. The bank reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.05. The company had revenue of $35.07 million during the quarter, compared to analysts’ expectations of $35.11 million. Bank of Marin Bancorp had a negative net margin of 6.48% and a positive return on equity of 9.38%. As a group, research analysts predict that Bank of Marin Bancorp will post 2.33 EPS for the current fiscal year.

Bank of Marin Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 12th. Investors of record on Thursday, November 5th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Thursday, November 5th. Bank of Marin Bancorp’s dividend payout ratio is currently -109.89%.

Institutional Investors Weigh In On Bank of Marin Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Legal & General Group Plc purchased a new stake in shares of Bank of Marin Bancorp during the second quarter worth $43,000. Allworth Financial LP purchased a new position in shares of Bank of Marin Bancorp in the second quarter worth about $87,000. Wealth Enhancement Advisory Services LLC acquired a new position in Bank of Marin Bancorp during the second quarter worth about $266,000. Lodestar Private Asset Management LLC boosted its position in Bank of Marin Bancorp by 10.0% during the first quarter. Lodestar Private Asset Management LLC now owns 10,156 shares of the bank’s stock worth $260,000 after acquiring an additional 925 shares during the last quarter. Finally, Ieq Capital LLC acquired a new position in Bank of Marin Bancorp during the second quarter worth about $380,000. Institutional investors and hedge funds own 52.26% of the company’s stock.

About Bank of Marin Bancorp

Bank of Marin Bancorp is the holding company for Bank of Marin, a community bank headquartered in Novato, California. The bank provides financial services to individuals, families, professionals, nonprofit organizations and businesses, with a focus on relationship-based commercial banking.

Its products and services include business and personal checking and savings accounts, commercial and residential real estate loans, construction and commercial lending, small-business loans, consumer credit, cash-management services, online and mobile banking, and wealth management and trust services.