Zacks Research Downgrades Bank of Marin Bancorp (NASDAQ:BMRC) to Hold

Bank of Marin Bancorp (NASDAQ:BMRC) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the company. Wall Street Zen cut Bank of Marin Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, January 31st. Weiss Ratings restated a “hold (c+)” rating on shares of Bank of Marin Bancorp in a report on Monday, December 29th. Piper Sandler reaffirmed a “neutral” rating and issued a $30.50 target price on shares of Bank of Marin Bancorp in a research report on Tuesday, January 27th. Finally, Stephens reiterated an “overweight” rating and issued a $29.00 price target on shares of Bank of Marin Bancorp in a research note on Tuesday, January 27th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $30.10.

Bank of Marin Bancorp Price Performance

BMRC stock opened at $24.14 on Monday. Bank of Marin Bancorp has a 1 year low of $19.14 and a 1 year high of $28.48. The firm has a 50-day moving average of $26.40 and a 200 day moving average of $25.76. The company has a market cap of $388.41 million, a P/E ratio of -10.73 and a beta of 0.89.

Bank of Marin Bancorp (NASDAQ:BMRC) last posted its quarterly earnings data on Monday, January 26th. The bank reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.08. Bank of Marin Bancorp had a positive return on equity of 6.00% and a negative net margin of 21.76%.The business had revenue of ($35.47) million for the quarter, compared to analysts’ expectations of $32.96 million. On average, equities research analysts expect that Bank of Marin Bancorp will post 1.61 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bank of Marin Bancorp

Several large investors have recently bought and sold shares of the business. Wellington Management Group LLP raised its holdings in shares of Bank of Marin Bancorp by 268.7% during the third quarter. Wellington Management Group LLP now owns 943,534 shares of the bank’s stock valued at $22,909,000 after purchasing an additional 687,615 shares during the last quarter. HoldCo Asset Management LP bought a new stake in Bank of Marin Bancorp in the 2nd quarter worth approximately $9,305,000. Fourthstone LLC raised its stake in Bank of Marin Bancorp by 291.7% during the 2nd quarter. Fourthstone LLC now owns 276,578 shares of the bank’s stock valued at $6,317,000 after buying an additional 205,969 shares during the last quarter. Heartland Advisors Inc. purchased a new stake in Bank of Marin Bancorp during the 4th quarter valued at $5,191,000. Finally, Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of Bank of Marin Bancorp by 85.3% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 273,266 shares of the bank’s stock valued at $6,635,000 after buying an additional 125,816 shares during the period. 52.26% of the stock is currently owned by institutional investors.

About Bank of Marin Bancorp

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.