The Manufacturers Life Insurance Company Sells 9,574 Shares of Bank of Marin Bancorp (NASDAQ:BMRC)

The Manufacturers Life Insurance Company reduced its stake in Bank of Marin Bancorp (NASDAQ:BMRC) by 2.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 463,272 shares of the bank’s stock after selling 9,574 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Bank of Marin Bancorp were worth $9,307,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in BMRC. Acadian Asset Management LLC raised its holdings in 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 acquiring an additional 50,874 shares in the last quarter. AQR Capital Management LLC bought a new stake in Bank of Marin Bancorp during the second quarter worth about $709,000. Renaissance Technologies LLC grew its stake 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 in the last quarter. Dimensional Fund Advisors LP increased its holdings in Bank of Marin Bancorp by 4.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 716,201 shares of the bank’s stock valued at $11,595,000 after buying an additional 33,280 shares during the period. Finally, Choreo LLC bought a new position in Bank of Marin Bancorp in the 2nd quarter valued at about $426,000. Institutional investors and hedge funds own 52.26% of the company’s stock.

Bank of Marin Bancorp Price Performance

BMRC stock opened at $25.20 on Wednesday. Bank of Marin Bancorp has a 1 year low of $14.11 and a 1 year high of $27.11. The stock has a market cap of $405.22 million, a price-to-earnings ratio of -29.30 and a beta of 0.93. The company has a 50 day simple moving average of $23.07 and a 200 day simple moving average of $19.90.

Bank of Marin Bancorp (NASDAQ:BMRC) last announced its quarterly earnings results on Monday, October 28th. The bank reported $0.28 EPS for the quarter, beating 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 period in the prior year, the company earned $0.33 EPS. On average, equities research analysts anticipate that Bank of Marin Bancorp will post 0.88 EPS for the current fiscal year.

Bank of Marin Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, November 7th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.97%. The ex-dividend date of this dividend was Thursday, November 7th. Bank of Marin Bancorp’s dividend payout ratio (DPR) is currently -116.28%.

Wall Street Analysts Forecast Growth

BMRC has been the subject of a number of recent analyst reports. DA Davidson raised shares of Bank of Marin Bancorp from a “neutral” rating to a “buy” rating and set a $24.00 price target for the company in a report on Thursday, October 10th. StockNews.com downgraded Bank of Marin Bancorp from a “hold” rating to a “sell” rating in a report on Monday, November 11th.

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.