Bank of Marin Bancorp (NASDAQ:BMRC) Raised to “Buy” at DA Davidson

DA Davidson upgraded shares of Bank of Marin Bancorp (NASDAQ:BMRC) from a neutral rating to a buy rating in a report released on Thursday morning, MarketBeat reports. The firm currently has $24.00 price target on the bank’s stock. DA Davidson also issued estimates for Bank of Marin Bancorp’s FY2025 earnings at $1.23 EPS.

A number of other research firms have also recently commented on BMRC. Stephens reiterated an equal weight rating and set a $16.00 price target on shares of Bank of Marin Bancorp in a report on Thursday, June 27th. Keefe, Bruyette & Woods boosted their target price on Bank of Marin Bancorp from $21.00 to $23.00 and gave the stock an outperform rating in a report on Wednesday, July 31st.

Bank of Marin Bancorp Stock Performance

Shares of NASDAQ BMRC opened at $21.81 on Thursday. The stock has a 50 day moving average price of $19.93 and a 200 day moving average price of $17.67. The stock has a market capitalization of $355.20 million, a PE ratio of 26.28 and a beta of 0.92. Bank of Marin Bancorp has a 52 week low of $14.11 and a 52 week high of $23.24.

Bank of Marin Bancorp (NASDAQ:BMRC) last released its earnings results on Monday, July 29th. The bank reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.13). Bank of Marin Bancorp had a negative net margin of 9.09% and a positive return on equity of 3.25%. The firm had revenue of $37.12 million during the quarter, compared to the consensus estimate of $25.85 million. During the same period in the prior year, the business posted $0.28 earnings per share. As a group, research analysts forecast that Bank of Marin Bancorp will post 0.47 EPS for the current year.

Bank of Marin Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Thursday, August 8th were given a dividend of $0.25 per share. The ex-dividend date was Thursday, August 8th. This represents a $1.00 annualized dividend and a yield of 4.59%. Bank of Marin Bancorp’s dividend payout ratio (DPR) is presently 120.48%.

Hedge Funds Weigh In On Bank of Marin Bancorp

Large investors have recently made changes to their positions in the company. Acadian Asset Management LLC acquired a new position in Bank of Marin Bancorp in the 1st quarter valued at $816,000. ProShare Advisors LLC increased its position in Bank of Marin Bancorp by 21.4% during the first quarter. ProShare Advisors LLC now owns 449,962 shares of the bank’s stock worth $7,546,000 after acquiring an additional 79,291 shares during the period. Choreo LLC acquired a new stake in Bank of Marin Bancorp in the 2nd quarter worth about $426,000. Assenagon Asset Management S.A. bought a new stake in Bank of Marin Bancorp in the 2nd quarter valued at about $396,000. Finally, Dimensional Fund Advisors LP boosted its holdings in Bank of Marin Bancorp by 4.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 716,201 shares of the bank’s stock valued at $11,595,000 after purchasing an additional 33,280 shares during the period. Institutional investors own 52.26% of the company’s stock.

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.