The Manufacturers Life Insurance Company bought a new position in Bank of Marin Bancorp (NASDAQ:BMRC – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 456,401 shares of the bank’s stock, valued at approximately $12,642,000.
A number of other hedge funds have also bought and sold shares of the business. Paladin Partners LLC bought a new position in Bank of Marin Bancorp during the 2nd quarter valued at about $53,000. Torren Management LLC bought a new stake in shares of Bank of Marin Bancorp in the fourth quarter worth approximately $31,000. Russell Investments Group Ltd. raised its holdings in shares of Bank of Marin Bancorp by 2,543.8% during the third quarter. Russell Investments Group Ltd. now owns 1,269 shares of the bank’s stock valued at $31,000 after purchasing an additional 1,221 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in shares of Bank of Marin Bancorp by 33.6% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,507 shares of the bank’s stock valued at $39,000 after purchasing an additional 379 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in Bank of Marin Bancorp by 124.6% during the second quarter. Tower Research Capital LLC TRC now owns 1,875 shares of the bank’s stock valued at $43,000 after purchasing an additional 1,040 shares during the period. Hedge funds and other institutional investors own 52.26% of the company’s stock.
Bank of Marin Bancorp Price Performance
Shares of NASDAQ:BMRC opened at $26.63 on Friday. The firm’s 50 day moving average price is $28.12 and its 200-day moving average price is $26.60. Bank of Marin Bancorp has a twelve month low of $22.50 and a twelve month high of $30.92. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $431.14 million, a PE ratio of -29.26 and a beta of 0.79.
Bank of Marin Bancorp Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 13th. Shareholders of record on Thursday, August 6th were given a $0.25 dividend. The ex-dividend date was Thursday, August 6th. This represents a $1.00 annualized dividend and a yield of 3.8%. Bank of Marin Bancorp’s dividend payout ratio (DPR) is presently -109.89%.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on BMRC shares. Zacks Research upgraded shares of Bank of Marin Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, June 29th. Brean Capital lowered shares of Bank of Marin Bancorp from a “buy” rating to a “neutral” rating and set a $33.00 target price for the company. in a research note on Tuesday, July 28th. Keefe, Bruyette & Woods increased their price target on Bank of Marin Bancorp from $31.00 to $32.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. Wall Street Zen upgraded Bank of Marin Bancorp from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $30.00 price objective (up from $28.00) on shares of Bank of Marin Bancorp in a report on Friday, July 31st. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $31.50.
Check Out Our Latest Stock Report on BMRC
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.
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