Bank of Marin Bancorp (NASDAQ:BMRC) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Shares of Bank of Marin Bancorp (NASDAQ:BMRC) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $26.20 and traded as high as $28.75. Bank of Marin Bancorp shares last traded at $28.30, with a volume of 158,835 shares traded.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BMRC. Piper Sandler lowered their price objective on Bank of Marin Bancorp from $30.50 to $28.00 and set a “neutral” rating for the company in a report on Thursday, April 2nd. Wall Street Zen upgraded Bank of Marin Bancorp from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. DA Davidson reduced their target price on Bank of Marin Bancorp from $30.00 to $29.00 and set a “buy” rating on the stock in a report on Tuesday, April 28th. Keefe, Bruyette & Woods decreased their target price on Bank of Marin Bancorp from $30.00 to $29.00 and set an “outperform” rating for the company in a research report on Wednesday, April 29th. Finally, Weiss Ratings upgraded Bank of Marin Bancorp from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, June 29th. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Bank of Marin Bancorp has an average rating of “Hold” and a consensus target price of $28.40.

Bank of Marin Bancorp Stock Down 0.5%

The stock’s fifty day simple moving average is $26.47 and its two-hundred day simple moving average is $26.20. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.70 and a quick ratio of 0.70. The company has a market capitalization of $458.18 million, a price-to-earnings ratio of -14.01 and a beta of 0.81.

Bank of Marin Bancorp (NASDAQ:BMRC) last posted its quarterly earnings results on Monday, April 27th. The bank reported $0.53 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.03). Bank of Marin Bancorp had a negative net margin of 18.58% and a positive return on equity of 7.20%. The business had revenue of $34.14 million during the quarter, compared to analyst estimates of $33.87 million. On average, sell-side analysts predict that Bank of Marin Bancorp will post 2.21 earnings per share for the current fiscal year.

Bank of Marin Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Thursday, May 7th were issued a $0.25 dividend. The ex-dividend date of this dividend was Thursday, May 7th. This represents a $1.00 dividend on an annualized basis and a yield of 3.5%. Bank of Marin Bancorp’s dividend payout ratio (DPR) is currently -49.50%.

Hedge Funds Weigh In On Bank of Marin Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Torren Management LLC bought a new position in shares of Bank of Marin Bancorp during the fourth quarter valued at approximately $31,000. Russell Investments Group Ltd. lifted its holdings in shares of Bank of Marin Bancorp by 2,543.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,269 shares of the bank’s stock worth $31,000 after purchasing an additional 1,221 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Bank of Marin Bancorp by 33.6% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,507 shares of the bank’s stock worth $39,000 after purchasing an additional 379 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in Bank of Marin Bancorp by 124.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,875 shares of the bank’s stock valued at $43,000 after purchasing an additional 1,040 shares during the period. Finally, BNP Paribas Financial Markets boosted its position in Bank of Marin Bancorp by 88.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,893 shares of the bank’s stock valued at $70,000 after purchasing an additional 1,356 shares during the period. 52.26% of the stock is currently owned by institutional investors and hedge funds.

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.