Keefe, Bruyette & Woods Increases Bank of Marin Bancorp (NASDAQ:BMRC) Price Target to $32.00

Bank of Marin Bancorp (NASDAQ:BMRC) had its price target hoisted by analysts at Keefe, Bruyette & Woods from $31.00 to $32.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 8.24% from the company’s previous close.

Several other brokerages have also issued reports on BMRC. Wall Street Zen upgraded shares of Bank of Marin Bancorp from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. Weiss Ratings upgraded shares of Bank of Marin Bancorp from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, June 29th. Stephens set a $30.00 price objective on Bank of Marin Bancorp and gave the company an “equal weight” rating in a report on Wednesday, July 29th. Zacks Research raised Bank of Marin Bancorp from a “strong sell” rating to a “hold” rating in a research report on Monday, June 29th. Finally, Piper Sandler reiterated a “neutral” rating and set a $30.00 target price (up from $28.00) on shares of Bank of Marin Bancorp in a report on Friday. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $31.50.

Bank of Marin Bancorp Stock Up 0.9%

Shares of NASDAQ BMRC traded up $0.27 during midday trading on Tuesday, reaching $29.57. The company’s stock had a trading volume of 8,565 shares, compared to its average volume of 120,262. 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 fifty-two week low of $21.77 and a fifty-two week high of $30.92. The stock has a market capitalization of $478.66 million, a price-to-earnings ratio of -32.35 and a beta of 0.79. The stock has a 50 day simple moving average of $27.37 and a 200-day simple moving average of $26.48.

Bank of Marin Bancorp (NASDAQ:BMRC) last announced its quarterly earnings data on Monday, July 27th. The bank reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.06. Bank of Marin Bancorp had a negative net margin of 7.98% and a positive return on equity of 8.44%. The business had revenue of $33.95 million for the quarter, compared to analyst estimates of $34.02 million. Equities research analysts predict that Bank of Marin Bancorp will post 2.31 earnings per share for the current year.

Institutional Investors Weigh In On Bank of Marin Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of BMRC. Wellington Management Group LLP increased its position in Bank of Marin Bancorp by 268.7% during 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 during the last quarter. Heartland Advisors Inc. acquired a new stake in shares of Bank of Marin Bancorp in the fourth quarter valued at approximately $5,191,000. Hotchkis & Wiley Capital Management LLC lifted its position in shares of Bank of Marin Bancorp by 85.3% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 273,266 shares of the bank’s stock valued at $6,635,000 after buying an additional 125,816 shares during the last quarter. UBS Group AG lifted its position in shares of Bank of Marin Bancorp by 143.9% in the third quarter. UBS Group AG now owns 166,615 shares of the bank’s stock valued at $4,045,000 after buying an additional 98,311 shares during the last quarter. Finally, Bank of Marin boosted its stake in shares of Bank of Marin Bancorp by 364.7% during the 4th quarter. Bank of Marin now owns 104,046 shares of the bank’s stock worth $2,706,000 after acquiring an additional 81,656 shares during the period. 52.26% of the stock is owned by institutional investors.

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.