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

Zacks Investment Research cut shares of Bank of Marin Bancorp (NASDAQ:BMRC) from a buy rating to a hold rating in a research report sent to investors on Monday, October 16th.

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

Other equities analysts have also recently issued research reports about the company. BidaskClub upgraded Bank of Marin Bancorp from a hold rating to a buy rating in a report on Tuesday, July 11th. Piper Jaffray Companies set a $68.00 price objective on Bank of Marin Bancorp and gave the company a hold rating in a report on Sunday, July 30th. Finally, Keefe, Bruyette & Woods reiterated a hold rating and set a $68.00 price objective 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 stock. Bank of Marin Bancorp currently has an average rating of Hold and an average target price of $71.80.

Shares of Bank of Marin Bancorp (NASDAQ BMRC) opened at 71.20 on Monday. The stock has a 50 day moving average of $67.82 and a 200 day moving average of $64.82. The stock has a market cap of $435.03 million, a P/E ratio of 19.58 and a beta of 0.88. 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 posted its earnings results on Monday, October 23rd. The bank reported $0.83 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.83. Bank of Marin Bancorp had a return on equity of 8.94% and a net margin of 24.74%. The company had revenue of $20.85 million during the quarter, compared to analyst estimates of $20.71 million. Equities analysts expect that Bank of Marin Bancorp will post $3.25 EPS for the current fiscal year.

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The company also recently announced a quarterly dividend, which will be paid on Friday, November 10th. Shareholders of record on Friday, November 3rd will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 1.63%. The ex-dividend date is Thursday, November 2nd. Bank of Marin Bancorp’s payout ratio is 34.73%.

Several institutional investors have recently made changes to their positions in BMRC. Bank of America Corp DE raised its stake in shares of Bank of Marin Bancorp by 13.9% during the 1st quarter. Bank of America Corp DE now owns 1,684 shares of the bank’s stock worth $108,000 after purchasing an additional 206 shares in the last quarter. Grandeur Peak Global Advisors LLC raised its stake in shares of Bank of Marin Bancorp by 15.5% during the 1st quarter. Grandeur Peak Global Advisors LLC now owns 2,975 shares of the bank’s stock worth $191,000 after purchasing an additional 400 shares in the last quarter. Aperio Group LLC bought a new stake in shares of Bank of Marin Bancorp during the 3rd quarter worth approximately $205,000. Cornerstone Capital Management Holdings LLC. raised its stake in shares of Bank of Marin Bancorp by 42.3% during the 1st quarter. Cornerstone Capital Management Holdings LLC. now owns 3,273 shares of the bank’s stock worth $210,000 after purchasing an additional 973 shares in the last quarter. Finally, American International Group Inc. raised its stake in shares of Bank of Marin Bancorp by 7.0% during the 1st quarter. American International Group Inc. now owns 3,670 shares of the bank’s stock worth $236,000 after purchasing an additional 240 shares in the last quarter. Institutional investors own 42.39% of the company’s stock.

About Bank of Marin Bancorp

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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