Exchange Traded Concepts LLC Makes New Investment in Bank of Marin Bancorp (NASDAQ:BMRC)

Exchange Traded Concepts LLC acquired a new stake in shares of Bank of Marin Bancorp (NASDAQ:BMRC) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 14,552 shares of the bank’s stock, valued at approximately $292,000.

Several other hedge funds have also recently modified their holdings of BMRC. Dimensional Fund Advisors LP boosted its position in 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 valued at $11,595,000 after buying an additional 33,280 shares during the last quarter. ProShare Advisors LLC raised its stake in shares of Bank of Marin Bancorp by 21.4% during the 1st quarter. ProShare Advisors LLC now owns 449,962 shares of the bank’s stock worth $7,546,000 after buying an additional 79,291 shares during the period. Renaissance Technologies LLC raised its stake in Bank of Marin Bancorp by 29.5% in the 2nd quarter. Renaissance Technologies LLC now owns 150,192 shares of the bank’s stock valued at $2,432,000 after purchasing an additional 34,200 shares during the last quarter. Acadian Asset Management LLC raised its stake 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 purchasing an additional 50,874 shares during the last quarter. Finally, Rosenthal Henry Capital Advisors Inc. raised its stake in Bank of Marin Bancorp by 6.9% in the 1st quarter. Rosenthal Henry Capital Advisors Inc. now owns 46,500 shares of the bank’s stock valued at $729,000 after purchasing an additional 3,000 shares during the last quarter. Institutional investors and hedge funds own 52.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BMRC. Keefe, Bruyette & Woods raised their target price on Bank of Marin Bancorp from $21.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Stephens reiterated an “equal weight” rating and set a $16.00 price target on shares of Bank of Marin Bancorp in a report on Thursday, June 27th. Finally, DA Davidson upgraded Bank of Marin Bancorp from a “neutral” rating to a “buy” rating and set a $24.00 target price for the company in a report on Thursday, October 10th.

Bank of Marin Bancorp Stock Performance

Shares of BMRC opened at $22.15 on Monday. The stock has a 50-day simple moving average of $20.35 and a 200-day simple moving average of $17.88. The stock has a market capitalization of $360.73 million, a PE ratio of 26.69 and a beta of 0.92. Bank of Marin Bancorp has a 1 year low of $14.11 and a 1 year high of $23.24.

Bank of Marin Bancorp (NASDAQ:BMRC) last issued its earnings results on Monday, July 29th. The bank reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.13). Bank of Marin Bancorp had a positive return on equity of 3.25% and a negative net margin of 9.09%. The business had revenue of $37.12 million for the quarter, compared to analyst estimates of $25.85 million. During the same period last year, the business posted $0.28 EPS. Analysts predict that Bank of Marin Bancorp will post 0.47 EPS for the current year.

Bank of Marin Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Thursday, August 8th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 4.51%. The ex-dividend date was Thursday, August 8th. Bank of Marin Bancorp’s dividend payout ratio (DPR) is presently 120.48%.

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.