Alliancebernstein L.P. Raises Position in Bank of Marin Bancorp $BMRC

Alliancebernstein L.P. grew its position in Bank of Marin Bancorp (NASDAQ:BMRC) by 7.0% in the 1st quarter, Holdings Channel reports. The institutional investor owned 701,534 shares of the bank’s stock after purchasing an additional 46,020 shares during the quarter. Alliancebernstein L.P.’s holdings in Bank of Marin Bancorp were worth $15,483,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. CWM LLC raised its holdings in Bank of Marin Bancorp by 29.7% in the first quarter. CWM LLC now owns 2,753 shares of the bank’s stock worth $61,000 after buying an additional 630 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in Bank of Marin Bancorp by 157.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,084 shares of the bank’s stock worth $26,000 after buying an additional 663 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Bank of Marin Bancorp by 0.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 121,721 shares of the bank’s stock worth $2,686,000 after buying an additional 954 shares during the last quarter. Golden State Wealth Management LLC raised its holdings in Bank of Marin Bancorp by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 2,000 shares of the bank’s stock worth $44,000 after buying an additional 1,000 shares during the last quarter. Finally, Wealthspire Advisors LLC raised its holdings in Bank of Marin Bancorp by 7.5% in the first quarter. Wealthspire Advisors LLC now owns 22,056 shares of the bank’s stock worth $487,000 after buying an additional 1,531 shares during the last quarter. 52.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on BMRC shares. Piper Sandler lifted their target price on shares of Bank of Marin Bancorp from $21.00 to $25.00 and gave the stock a “neutral” rating in a report on Wednesday, July 2nd. DA Davidson boosted 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 report on Tuesday, July 29th. Finally, Keefe, Bruyette & Woods boosted 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 report on Wednesday, July 2nd. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $26.25.

Bank of Marin Bancorp Trading Up 1.0%

Shares of NASDAQ BMRC opened at $25.02 on Friday. The firm has a 50 day moving average of $24.05 and a 200 day moving average of $22.59. The firm has a market capitalization of $403.32 million, a price-to-earnings ratio of 58.19 and a beta of 0.91. Bank of Marin Bancorp has a 12-month low of $19.11 and a 12-month high of $27.11.

Bank of Marin Bancorp (NASDAQ:BMRC) last announced its earnings results on Monday, July 28th. The bank reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.07). The business had revenue of $10.29 million for 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%. Sell-side analysts predict that Bank of Marin Bancorp will post 1.61 EPS for the current year.

Bank of Marin Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Thursday, August 7th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date was Thursday, August 7th. Bank of Marin Bancorp’s dividend payout ratio is presently 232.56%.

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

Bank of Marin Bancorp 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.