Bank of New York Mellon Corp Sells 691 Shares of Bank of Marin Bancorp (NASDAQ:BMRC)

Bank of New York Mellon Corp reduced its stake in shares of Bank of Marin Bancorp (NASDAQ:BMRC) by 0.9% during the 1st quarter, Holdings Channel.com reports. The firm owned 74,268 shares of the bank’s stock after selling 691 shares during the quarter. Bank of New York Mellon Corp’s holdings in Bank of Marin Bancorp were worth $1,639,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Tower Research Capital LLC TRC grew its position in shares of Bank of Marin Bancorp by 157.5% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,084 shares of the bank’s stock valued at $26,000 after acquiring an additional 663 shares during the period. Golden State Wealth Management LLC grew its position in shares of Bank of Marin Bancorp by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 2,000 shares of the bank’s stock valued at $44,000 after acquiring an additional 1,000 shares during the period. Bridgeway Capital Management LLC grew its position in shares of Bank of Marin Bancorp by 1.2% in the 4th quarter. Bridgeway Capital Management LLC now owns 100,607 shares of the bank’s stock valued at $2,391,000 after acquiring an additional 1,150 shares during the period. Wells Fargo & Company MN grew its position in shares of Bank of Marin Bancorp by 8.8% in the 4th quarter. Wells Fargo & Company MN now owns 21,147 shares of the bank’s stock valued at $503,000 after acquiring an additional 1,714 shares during the period. Finally, Invesco Ltd. grew its position in shares of Bank of Marin Bancorp by 7.2% in the 4th quarter. Invesco Ltd. now owns 38,506 shares of the bank’s stock valued at $915,000 after acquiring an additional 2,601 shares during the period. 52.26% of the stock is owned by institutional investors.

Bank of Marin Bancorp Stock Performance

NASDAQ:BMRC opened at $23.15 on Wednesday. The firm’s fifty day moving average is $23.09 and its 200-day moving average is $22.78. Bank of Marin Bancorp has a 52 week low of $16.97 and a 52 week high of $27.11. The firm has a market cap of $375.49 million, a P/E ratio of 53.84 and a beta of 0.86.

Bank of Marin Bancorp (NASDAQ:BMRC) last posted its quarterly earnings data on Monday, July 28th. The bank reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.07). The firm had revenue of $10.29 million during the quarter, compared to the consensus estimate of $29.07 million. Bank of Marin Bancorp had a net margin of 4.43% and a return on equity of 4.60%. As a group, sell-side analysts anticipate that Bank of Marin Bancorp will post 1.61 earnings per share for the current year.

Bank of Marin Bancorp announced that its Board of Directors has approved a stock buyback plan on Monday, July 28th that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the bank to buy up to 6.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Bank of Marin Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, August 7th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $1.00 annualized dividend and a yield of 4.32%. Bank of Marin Bancorp’s payout ratio is -250.00%.

Analysts Set New Price Targets

A number of brokerages have recently commented on BMRC. Piper Sandler lifted their price objective on shares of Bank of Marin Bancorp from $21.00 to $25.00 and gave the company a “neutral” rating in a research report on Wednesday, July 2nd. DA Davidson lifted their price objective on shares of Bank of Marin Bancorp from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday. Stephens reissued an “overweight” rating and issued a $26.00 price objective on shares of Bank of Marin Bancorp in a research report on Tuesday, April 29th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Bank of Marin Bancorp from $26.00 to $27.00 and gave the company an “outperform” rating in a research report on Wednesday, July 2nd. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $26.25.

Bank of Marin Bancorp Company Profile

Bank of Marin Bancorp operates as the holding company for Bank of Marin that provides a range of financial services primarily to small to medium-sized businesses, not-for-profit organizations, and commercial real estate investors in the United States. The company offers personal and business checking and savings accounts; and individual retirement, health savings, and demand deposit marketplace accounts, as well as time certificates of deposit, certificate of deposit account registry, and insured cash sweep services.