Bank of Marin Bancorp (BMRC) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Bank of Marin Bancorp (NASDAQ:BMRC) from a strong-buy rating to a hold rating in a research note released on Thursday.

According to Zacks, “Bank of Marin is a California State chartered bank. “

Several other brokerages have also issued reports on BMRC. DA Davidson reaffirmed a hold rating and set a $72.00 price target on shares of Bank of Marin Bancorp in a report on Tuesday, October 24th. Piper Jaffray Companies set a $68.00 price target on shares of Bank of Marin Bancorp and gave the company a hold rating in a report on Sunday, July 30th. BidaskClub raised shares of Bank of Marin Bancorp from a hold rating to a buy rating in a report on Tuesday, July 11th. Finally, Keefe, Bruyette & Woods reaffirmed a hold rating and set a $68.00 price target on shares of Bank of Marin Bancorp in a report on Wednesday, June 28th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Bank of Marin Bancorp presently has a consensus rating of Hold and an average price target of $71.80.

Bank of Marin Bancorp (NASDAQ:BMRC) traded down 3.63% during mid-day trading on Thursday, hitting $69.05. 7,472 shares of the stock traded hands. The stock has a market capitalization of $421.90 million, a PE ratio of 18.99 and a beta of 0.88. The company has a 50 day moving average price of $68.25 and a 200-day moving average price of $64.91. Bank of Marin Bancorp has a one year low of $49.70 and a one year high of $75.05.

Bank of Marin Bancorp (NASDAQ:BMRC) last announced its quarterly earnings results on Monday, October 23rd. The bank reported $0.83 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.83. The company had revenue of $20.85 million for the quarter, compared to analyst estimates of $20.71 million. Bank of Marin Bancorp had a net margin of 24.74% and a return on equity of 8.94%. Equities analysts anticipate that Bank of Marin Bancorp will post $3.25 earnings per share for the current fiscal year.

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The firm also recently announced a quarterly dividend, which will be paid on Friday, November 10th. Shareholders of record on Friday, November 3rd will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date of this dividend is Thursday, November 2nd. Bank of Marin Bancorp’s payout ratio is 34.73%.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. The Manufacturers Life Insurance Company grew its holdings in Bank of Marin Bancorp by 2.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 244,158 shares of the bank’s stock worth $15,028,000 after acquiring an additional 4,688 shares during the last quarter. Vanguard Group Inc. grew its holdings in Bank of Marin Bancorp by 5.0% during the 2nd quarter. Vanguard Group Inc. now owns 223,925 shares of the bank’s stock worth $13,782,000 after acquiring an additional 10,713 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Bank of Marin Bancorp by 6.2% during the 1st quarter. Renaissance Technologies LLC now owns 123,800 shares of the bank’s stock worth $7,967,000 after acquiring an additional 7,280 shares during the last quarter. State Street Corp grew its holdings in Bank of Marin Bancorp by 0.4% during the 2nd quarter. State Street Corp now owns 102,879 shares of the bank’s stock worth $6,328,000 after acquiring an additional 396 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in Bank of Marin Bancorp by 6.3% during the 2nd quarter. Northern Trust Corp now owns 88,886 shares of the bank’s stock worth $5,471,000 after acquiring an additional 5,300 shares during the last quarter. 42.41% of the stock is currently owned by hedge funds and other institutional investors.

Bank of Marin Bancorp Company Profile

Bank of Marin Bancorp (Bancorp) is the holding company for Bank of Marin (the Bank). The Company’s business banking focus is on small to medium-sized businesses, professionals and not-for-profit organizations. As of December 31, 2016, the Company operated through 20 offices in Marin, Sonoma, San Francisco, Napa and Alameda counties.

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