SummerHaven Investment Management LLC Takes $799,000 Position in Bank of Marin Bancorp $BMRC

SummerHaven Investment Management LLC purchased a new position in shares of Bank of Marin Bancorp (NASDAQ:BMRC) during the third quarter, HoldingsChannel reports. The firm purchased 32,919 shares of the bank’s stock, valued at approximately $799,000.

Other large investors have also recently added to or reduced their stakes in the company. HoldCo Asset Management LP purchased a new stake in Bank of Marin Bancorp in the 2nd quarter valued at approximately $9,305,000. Ameriprise Financial Inc. lifted its holdings in shares of Bank of Marin Bancorp by 1.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 370,043 shares of the bank’s stock valued at $8,452,000 after buying an additional 4,679 shares during the period. Fourthstone LLC boosted its stake in shares of Bank of Marin Bancorp by 291.7% in the second quarter. Fourthstone LLC now owns 276,578 shares of the bank’s stock valued at $6,317,000 after buying an additional 205,969 shares in the last quarter. Kennedy Capital Management LLC boosted its stake in shares of Bank of Marin Bancorp by 7.8% in the second quarter. Kennedy Capital Management LLC now owns 122,227 shares of the bank’s stock valued at $2,792,000 after buying an additional 8,805 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its holdings in Bank of Marin Bancorp by 2.3% during the second quarter. Bridgeway Capital Management LLC now owns 104,909 shares of the bank’s stock worth $2,396,000 after acquiring an additional 2,321 shares during the period. 52.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BMRC. Weiss Ratings reissued a “hold (c+)” rating on shares of Bank of Marin Bancorp in a report on Monday, December 29th. DA Davidson raised their price objective on shares of Bank of Marin Bancorp from $29.00 to $31.00 and gave the company a “buy” rating in a research note on Tuesday, October 28th. UBS Group set a $30.00 price objective on shares of Bank of Marin Bancorp in a report on Wednesday, October 29th. Piper Sandler reaffirmed a “neutral” rating and issued a $30.50 target price on shares of Bank of Marin Bancorp in a report on Tuesday. Finally, Stephens reissued an “overweight” rating and set a $29.00 price target on shares of Bank of Marin Bancorp in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Bank of Marin Bancorp has a consensus rating of “Moderate Buy” and an average target price of $30.10.

Bank of Marin Bancorp Trading Down 2.3%

NASDAQ:BMRC opened at $26.05 on Thursday. The firm has a 50-day moving average price of $26.75 and a two-hundred day moving average price of $25.16. Bank of Marin Bancorp has a twelve month low of $19.14 and a twelve month high of $28.48. The company has a market capitalization of $419.14 million, a P/E ratio of -11.58 and a beta of 0.86.

Bank of Marin Bancorp (NASDAQ:BMRC) last announced its quarterly earnings results on Monday, January 26th. The bank reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.08. The company had revenue of ($35.47) million for the quarter, compared to the consensus estimate of $32.96 million. Bank of Marin Bancorp had a negative net margin of 21.76% and a positive return on equity of 6.00%. On average, equities research analysts predict that Bank of Marin Bancorp will post 1.61 earnings per share for the current year.

Bank of Marin Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 12th. Investors of record on Thursday, February 5th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, February 5th. This represents a $1.00 dividend on an annualized basis and a yield of 3.8%. Bank of Marin Bancorp’s dividend payout ratio is presently -44.44%.

Bank of Marin Bancorp Company Profile

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.