Piper Sandler Cuts Bank of Marin Bancorp (NASDAQ:BMRC) Price Target to $28.00

Bank of Marin Bancorp (NASDAQ:BMRC) had its price target reduced by Piper Sandler from $30.50 to $28.00 in a research report report published on Thursday,Benzinga reports. They currently have a neutral rating on the bank’s stock.

Several other analysts have also recently weighed in on the stock. Weiss Ratings cut shares of Bank of Marin Bancorp from a “hold (c+)” rating to a “sell (d+)” rating in a report on Monday, March 16th. Stephens reissued an “overweight” rating and issued a $29.00 price objective on shares of Bank of Marin Bancorp in a research report on Tuesday, January 27th. Wall Street Zen lowered shares of Bank of Marin Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, January 31st. Finally, Zacks Research cut shares of Bank of Marin Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 9th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $29.60.

Bank of Marin Bancorp Stock Performance

BMRC stock opened at $25.84 on Thursday. The firm has a 50-day simple moving average of $25.81 and a two-hundred day simple moving average of $25.78. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.70 and a current ratio of 0.70. Bank of Marin Bancorp has a one year low of $19.14 and a one year high of $28.48. The firm has a market cap of $416.70 million, a price-to-earnings ratio of -11.48 and a beta of 0.84.

Bank of Marin Bancorp (NASDAQ:BMRC) last posted its quarterly earnings results on Friday, March 13th. The bank reported $0.59 earnings per share (EPS) for the quarter. The company had revenue of ($39.66) million for the quarter. Bank of Marin Bancorp had a positive return on equity of 6.16% and a negative net margin of 21.76%. On average, equities analysts forecast that Bank of Marin Bancorp will post 1.61 EPS for the current fiscal year.

Bank of Marin Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 12th. Investors of record on Thursday, February 5th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend was Thursday, February 5th. Bank of Marin Bancorp’s dividend payout ratio is -44.44%.

Institutional Trading of Bank of Marin Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Occudo Quantitative Strategies LP lifted its position in shares of Bank of Marin Bancorp by 32.9% during the 4th quarter. Occudo Quantitative Strategies LP now owns 12,237 shares of the bank’s stock worth $318,000 after buying an additional 3,026 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Bank of Marin Bancorp by 9.3% in the 4th quarter. AQR Capital Management LLC now owns 118,137 shares of the bank’s stock valued at $3,073,000 after buying an additional 10,041 shares during the last quarter. Price T Rowe Associates Inc. MD acquired a new stake in Bank of Marin Bancorp during the 4th quarter worth $230,000. State of Wisconsin Investment Board raised its stake in Bank of Marin Bancorp by 33.5% during the 4th quarter. State of Wisconsin Investment Board now owns 16,613 shares of the bank’s stock worth $432,000 after acquiring an additional 4,172 shares in the last quarter. Finally, Blair William & Co. IL purchased a new stake in Bank of Marin Bancorp in the fourth quarter valued at $204,000. Institutional investors and hedge funds own 52.26% of the company’s stock.

Bank of Marin Bancorp Company Profile

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.