California Public Employees Retirement System reduced its position in shares of Bank of Marin Bancorp (NASDAQ:BMRC) by 15.5% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 15,554 shares of the bank’s stock after selling 2,859 shares during the quarter. California Public Employees Retirement System owned 0.22% of Bank of Marin Bancorp worth $1,258,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in BMRC. Bank of Montreal Can bought a new stake in Bank of Marin Bancorp during the 2nd quarter valued at about $186,000. Voya Investment Management LLC bought a new stake in Bank of Marin Bancorp during the 2nd quarter valued at about $222,000. Brouwer & Janachowski LLC bought a new stake in Bank of Marin Bancorp during the 2nd quarter valued at about $335,000. Swiss National Bank bought a new stake in Bank of Marin Bancorp during the 2nd quarter valued at about $889,000. Finally, Acadian Asset Management LLC bought a new stake in Bank of Marin Bancorp during the 2nd quarter valued at about $915,000. Institutional investors and hedge funds own 44.74% of the company’s stock.
In other news, insider Peter Pelham sold 1,672 shares of Bank of Marin Bancorp stock in a transaction that occurred on Thursday, August 30th. The shares were sold at an average price of $88.44, for a total value of $147,871.68. Following the completion of the sale, the insider now directly owns 9,556 shares in the company, valued at $845,132.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.17% of the company’s stock.
A number of research firms have weighed in on BMRC. ValuEngine upgraded shares of Bank of Marin Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, November 1st. BidaskClub upgraded shares of Bank of Marin Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, November 1st. Zacks Investment Research upgraded shares of Bank of Marin Bancorp from a “hold” rating to a “buy” rating and set a $91.00 price objective for the company in a research note on Wednesday, October 24th. Piper Jaffray Companies set a $86.00 price objective on shares of Bank of Marin Bancorp and gave the company a “hold” rating in a research note on Tuesday, July 24th. Finally, DA Davidson raised their price objective on shares of Bank of Marin Bancorp to $88.00 and gave the company a “neutral” rating in a research note on Tuesday, July 24th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $85.40.
Shares of BMRC stock opened at $85.20 on Tuesday. Bank of Marin Bancorp has a 52 week low of $63.50 and a 52 week high of $90.85. The company has a market capitalization of $602.07 million, a PE ratio of 25.98, a P/E/G ratio of 2.74 and a beta of 0.62. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.86 and a quick ratio of 0.86.
Bank of Marin Bancorp (NASDAQ:BMRC) last announced its quarterly earnings results on Monday, October 22nd. The bank reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.06. Bank of Marin Bancorp had a net margin of 24.21% and a return on equity of 9.40%. The firm had revenue of $25.78 million during the quarter, compared to analyst estimates of $25.33 million. Equities research analysts anticipate that Bank of Marin Bancorp will post 4.49 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 8th. Stockholders of record on Thursday, November 1st will be paid a $0.35 dividend. The ex-dividend date is Wednesday, October 31st. This is a positive change from Bank of Marin Bancorp’s previous quarterly dividend of $0.32. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.64%. Bank of Marin Bancorp’s payout ratio is currently 42.68%.
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About Bank of Marin Bancorp
Bank of Marin Bancorp operates as the holding company for Bank of Marin that provides a range of financial services primarily to professionals, small and middle-market businesses, individuals, and not-for-profit organizations in California, the United States. The company offers personal and business checking and savings accounts; and time certificates of deposit, individual retirement accounts, health savings accounts, and demand deposit marketplace accounts, as well as certificate of deposit account registry and insured cash sweep services.
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