State Street Corp Acquires 3,073 Shares of Bank of Marin Bancorp (NASDAQ:BMRC)

State Street Corp grew its stake in Bank of Marin Bancorp (NASDAQ:BMRC) by 0.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 363,110 shares of the bank’s stock after acquiring an additional 3,073 shares during the period. State Street Corp owned 2.26% of Bank of Marin Bancorp worth $7,295,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of BMRC. Basswood Capital Management L.L.C. acquired a new position in Bank of Marin Bancorp during the third quarter valued at approximately $3,411,000. Acadian Asset Management LLC boosted its holdings in shares of Bank of Marin Bancorp by 104.4% in the 2nd quarter. Acadian Asset Management LLC now owns 99,622 shares of the bank’s stock valued at $1,611,000 after buying an additional 50,874 shares during the last quarter. AQR Capital Management LLC bought a new position in shares of Bank of Marin Bancorp in the second quarter valued at $709,000. Renaissance Technologies LLC increased its holdings in Bank of Marin Bancorp by 29.5% during the second quarter. Renaissance Technologies LLC now owns 150,192 shares of the bank’s stock worth $2,432,000 after buying an additional 34,200 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Bank of Marin Bancorp by 4.9% during the second quarter. Dimensional Fund Advisors LP now owns 716,201 shares of the bank’s stock worth $11,595,000 after acquiring an additional 33,280 shares in the last quarter. Institutional investors and hedge funds own 52.26% of the company’s stock.

Bank of Marin Bancorp Stock Performance

Shares of BMRC stock opened at $23.52 on Friday. Bank of Marin Bancorp has a 52 week low of $14.11 and a 52 week high of $27.11. The company has a market capitalization of $378.27 million, a price-to-earnings ratio of -27.35 and a beta of 0.93. The company has a 50-day simple moving average of $24.40 and a 200 day simple moving average of $20.96.

Bank of Marin Bancorp (NASDAQ:BMRC) last issued its quarterly earnings data on Monday, October 28th. The bank reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. The company had revenue of $39.21 million during the quarter, compared to analysts’ expectations 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 earnings per share. Sell-side analysts forecast that Bank of Marin Bancorp will post 0.9 EPS for the current year.

Bank of Marin Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, November 7th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 4.25%. The ex-dividend date of this dividend was Thursday, November 7th. Bank of Marin Bancorp’s dividend payout ratio is -116.28%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of Marin Bancorp from $26.00 to $30.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. StockNews.com raised Bank of Marin Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, December 10th. Stephens raised Bank of Marin Bancorp from an “equal weight” rating to an “overweight” rating in a research report on Monday, December 9th. Finally, DA Davidson raised Bank of Marin Bancorp from a “neutral” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Thursday, October 10th.

Bank of Marin Bancorp Profile

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.