Bank of Marin Bancorp (NASDAQ:BMRC) Cut to “Neutral” at Brean Capital

Brean Capital downgraded shares of Bank of Marin Bancorp (NASDAQ:BMRC) from a buy rating to a neutral rating in a report issued on Tuesday, MarketBeat reports. Brean Capital currently has $33.00 price objective on the bank’s stock.

Other analysts also recently issued reports about the stock. Keefe, Bruyette & Woods cut their price target on shares of Bank of Marin Bancorp from $30.00 to $29.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 29th. Stephens restated an “equal weight” rating and set a $26.00 price objective on shares of Bank of Marin Bancorp in a report on Tuesday, May 5th. Zacks Research upgraded shares of Bank of Marin Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, June 29th. Weiss Ratings raised shares of Bank of Marin Bancorp from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, June 29th. Finally, Piper Sandler cut their target price on shares of Bank of Marin Bancorp from $30.50 to $28.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $30.67.

Bank of Marin Bancorp Trading Up 1.0%

NASDAQ BMRC opened at $28.70 on Tuesday. The stock has a 50-day simple moving average of $27.24 and a 200 day simple moving average of $26.43. The company has a market capitalization of $464.65 million, a PE ratio of -31.54 and a beta of 0.81. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.11. Bank of Marin Bancorp has a 12 month low of $21.77 and a 12 month high of $30.92.

Bank of Marin Bancorp (NASDAQ:BMRC) last issued its earnings results on Monday, July 27th. The bank reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.06. The firm had revenue of $33.95 million for the quarter, compared to analysts’ expectations of $34.02 million. Bank of Marin Bancorp had a positive return on equity of 8.44% and a negative net margin of 7.98%. Research analysts forecast that Bank of Marin Bancorp will post 2.28 EPS for the current year.

Bank of Marin Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 13th. Stockholders of record on Thursday, August 6th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.5%. Bank of Marin Bancorp’s dividend payout ratio (DPR) is currently -109.89%.

Hedge Funds Weigh In On Bank of Marin Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the business. CANADA LIFE ASSURANCE Co increased its holdings in Bank of Marin Bancorp by 33.6% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,507 shares of the bank’s stock worth $39,000 after purchasing an additional 379 shares in the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of Bank of Marin Bancorp by 17.3% in the fourth quarter. Quadrant Capital Group LLC now owns 2,753 shares of the bank’s stock valued at $72,000 after purchasing an additional 407 shares in the last quarter. State of Wyoming lifted its holdings in shares of Bank of Marin Bancorp by 2.8% in the fourth quarter. State of Wyoming now owns 15,885 shares of the bank’s stock valued at $413,000 after purchasing an additional 433 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Bank of Marin Bancorp by 7.1% during the second quarter. First Trust Advisors LP now owns 10,536 shares of the bank’s stock worth $241,000 after buying an additional 696 shares during the period. Finally, Westmount Partners LLC boosted its position in shares of Bank of Marin Bancorp by 0.8% during the first quarter. Westmount Partners LLC now owns 115,484 shares of the bank’s stock worth $2,960,000 after buying an additional 925 shares during the period. 52.26% of the stock is currently owned by institutional investors and hedge funds.

About Bank of Marin Bancorp

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.