Zacks Investment Management Acquires New Stake in Bank of Marin Bancorp (NASDAQ:BMRC)

Zacks Investment Management bought a new position in shares of Bank of Marin Bancorp (NASDAQ:BMRC - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 109,260 shares of the bank's stock, valued at approximately $2,195,000. Zacks Investment Management owned 0.68% of Bank of Marin Bancorp at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in BMRC. Basswood Capital Management L.L.C. bought a new stake in Bank of Marin Bancorp in the 3rd quarter valued at about $3,411,000. Acadian Asset Management LLC increased its stake in Bank of Marin Bancorp by 104.4% during the 2nd quarter. Acadian Asset Management LLC now owns 99,622 shares of the bank's stock worth $1,611,000 after acquiring an additional 50,874 shares during the period. AQR Capital Management LLC bought a new stake in shares of Bank of Marin Bancorp during the 2nd quarter valued at $709,000. Renaissance Technologies LLC grew its holdings in shares of Bank of Marin Bancorp by 29.5% during the 2nd quarter. Renaissance Technologies LLC now owns 150,192 shares of the bank's stock worth $2,432,000 after purchasing an additional 34,200 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Bank of Marin Bancorp by 4.9% in the second quarter. Dimensional Fund Advisors LP now owns 716,201 shares of the bank's stock worth $11,595,000 after purchasing an additional 33,280 shares during the period. 52.26% of the stock is owned by institutional investors and hedge funds.

Bank of Marin Bancorp Trading Up 1.9 %

Bank of Marin Bancorp stock traded up $0.47 during mid-day trading on Tuesday, reaching $24.95. The company had a trading volume of 43,677 shares, compared to its average volume of 74,913. The business has a fifty day simple moving average of $23.49 and a 200 day simple moving average of $20.15. The company has a market cap of $401.20 million, a P/E ratio of -29.01 and a beta of 0.93. Bank of Marin Bancorp has a fifty-two week low of $14.11 and a fifty-two week high of $27.11.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) last issued its quarterly earnings data on Monday, October 28th. The bank reported $0.28 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.01. The business had revenue of $39.21 million for the quarter, compared to analyst estimates of $27.30 million. Bank of Marin Bancorp had a positive return on equity of 3.05% and a negative net margin of 9.49%. During the same quarter in the previous year, the company posted $0.33 EPS. Research analysts forecast that Bank of Marin Bancorp will post 0.9 EPS for the current year.

Bank of Marin Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, November 7th were issued a $0.25 dividend. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $1.00 dividend on an annualized basis and a yield of 4.01%. Bank of Marin Bancorp's dividend payout ratio (DPR) is presently -116.28%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BMRC. DA Davidson upgraded shares of Bank of Marin Bancorp from a "neutral" rating to a "buy" rating and set a $24.00 price objective on the stock in a research note on Thursday, October 10th. StockNews.com downgraded shares of Bank of Marin Bancorp from a "hold" rating to a "sell" rating in a research report on Monday, November 11th. Keefe, Bruyette & Woods lifted their price target on Bank of Marin Bancorp from $26.00 to $30.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Finally, Stephens upgraded Bank of Marin Bancorp from an "equal weight" rating to an "overweight" rating in a research report on Monday.

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 small to medium-sized businesses, not-for-profit organizations, and commercial real estate investors in the United States. The company offers personal and business checking and savings accounts; and individual retirement, health savings, and demand deposit marketplace accounts, as well as time certificates of deposit, certificate of deposit account registry, and insured cash sweep services.