Bank of Marin Bancorp (NASDAQ:BMRC) Stock Rating Reaffirmed as Buy by DA Davidson

Bank of Marin Bancorp (NASDAQ:BMRC)‘s stock had its “buy” rating restated by research analysts at DA Davidson in a report issued on Tuesday, Benzinga reports. They presently have a $34.00 price target on the bank’s stock. DA Davidson‘s price objective suggests a potential upside of 19.68% from the stock’s previous close.

BMRC has been the subject of several other research reports. Zacks Research raised Bank of Marin Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, June 29th. Keefe, Bruyette & Woods lifted their price objective on Bank of Marin Bancorp from $31.00 to $32.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Brean Capital lowered Bank of Marin Bancorp from a “buy” rating to a “neutral” rating and set a $33.00 price objective on the stock. in a research note on Tuesday, July 28th. Weiss Ratings restated a “hold (c-)” rating on shares of Bank of Marin Bancorp in a report on Friday, September 25th. Finally, Stephens set a $30.00 target price on Bank of Marin Bancorp and gave the stock an “equal weight” rating in a research note on Wednesday, July 29th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $31.33.

Bank of Marin Bancorp Price Performance

Shares of NASDAQ:BMRC traded up $0.61 during midday trading on Tuesday, hitting $28.41. The company’s stock had a trading volume of 27,564 shares, compared to its average volume of 127,310. The business’s 50 day simple moving average is $27.26 and its 200 day simple moving average is $26.74. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.72 and a current ratio of 0.72. The company has a market cap of $460.07 million, a P/E ratio of -31.15 and a beta of 0.82. Bank of Marin Bancorp has a 12-month low of $23.35 and a 12-month high of $30.92.

Bank of Marin Bancorp (NASDAQ:BMRC) last released its quarterly earnings data on Monday, October 26th. The bank reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.05. Bank of Marin Bancorp had a negative net margin of 7.98% and a positive return on equity of 8.51%. The company had revenue of $35.07 million during the quarter, compared to the consensus estimate of $35.11 million. On average, analysts forecast that Bank of Marin Bancorp will post 2.28 EPS for the current year.

Institutional Investors Weigh In On Bank of Marin Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Heartland Advisors Inc. purchased a new position in shares of Bank of Marin Bancorp during the 2nd quarter worth approximately $9,017,000. Bank of New York Mellon Corp acquired a new stake in Bank of Marin Bancorp in the 2nd quarter valued at approximately $2,214,000. BlackRock Inc. purchased a new stake in Bank of Marin Bancorp in the second quarter valued at approximately $44,326,000. Algebris UK Ltd. purchased a new stake in Bank of Marin Bancorp in the second quarter valued at approximately $8,092,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Bank of Marin Bancorp in the second quarter valued at approximately $1,115,000. 52.26% of the stock is owned by hedge funds and other institutional investors.

More Bank of Marin Bancorp News

Here are the key news stories impacting Bank of Marin Bancorp this week:

• Positive Sentiment: Q3 earnings beat expectations: Bank of Marin reported third-quarter EPS of $0.62, up from $0.47 a year earlier and above the $0.57 consensus estimate. Net income was approximately $9.9 million. Bank of Marin Q3 Earnings and Revenues Surpass Estimates
• Positive Sentiment: Potential margin tailwinds: Management outlined an approximately 25-basis-point monthly benefit to loan yields over the next year, which could support net interest income and profitability as loan repricing flows through. Bank of Marin outlines loan-yield benefit
• Positive Sentiment: Dividend maintained: The bank declared a quarterly cash dividend of $0.25 per share, payable November 12 to shareholders of record November 5. The annualized $1.00 payout represents a stated yield of about 3.6%, supporting the stock’s income appeal. Bank of Marin declares quarterly cash dividend
• Neutral Sentiment: Revenue was essentially in line: Quarterly revenue totaled $35.07 million versus the $35.11 million estimate, a minor shortfall that partly offsets the EPS outperformance.
• Neutral Sentiment: Credit metrics remain in focus: Bank of Marin separately reported third-quarter net charge-offs. Investors will monitor the disclosure for evidence of deterioration in loan quality, although the available report details do not quantify the impact. Bank of Marin reports third-quarter net charge-offs
• Neutral Sentiment: Short-interest data: Reported short interest was zero shares as of October 26, indicating little evidence of short-covering activity as a catalyst.

About Bank of Marin Bancorp

Bank of Marin Bancorp is the holding company for Bank of Marin, a community bank headquartered in Novato, California. The bank provides financial services to individuals, families, professionals, nonprofit organizations and businesses, with a focus on relationship-based commercial banking.

Its products and services include business and personal checking and savings accounts, commercial and residential real estate loans, construction and commercial lending, small-business loans, consumer credit, cash-management services, online and mobile banking, and wealth management and trust services.