Short Interest in Bank of Marin Bancorp (NASDAQ:BMRC) Drops By 12.3%

Bank of Marin Bancorp (NASDAQ:BMRC) was the recipient of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 596,600 shares, a decline of 12.3% from the October 15th total of 680,500 shares. Based on an average daily volume of 79,300 shares, the days-to-cover ratio is currently 7.5 days.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of BMRC. Dimensional Fund Advisors LP increased its stake in shares of 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 valued at $11,595,000 after buying an additional 33,280 shares during the period. State Street Corp increased its position in Bank of Marin Bancorp by 0.9% during the 3rd quarter. State Street Corp now owns 363,110 shares of the bank’s stock valued at $7,295,000 after purchasing an additional 3,073 shares during the period. Geode Capital Management LLC lifted its position in shares of Bank of Marin Bancorp by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 362,376 shares of the bank’s stock worth $7,282,000 after purchasing an additional 6,555 shares during the period. Basswood Capital Management L.L.C. purchased a new stake in shares of Bank of Marin Bancorp in the 3rd quarter worth approximately $3,411,000. Finally, Renaissance Technologies LLC boosted its stake in shares of Bank of Marin Bancorp by 29.5% during the second 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 in the last quarter. Institutional investors own 52.26% of the company’s stock.

Bank of Marin Bancorp Trading Down 1.3 %

Shares of NASDAQ:BMRC traded down $0.35 during mid-day trading on Friday, reaching $26.22. 49,665 shares of the company traded hands, compared to its average volume of 68,098. The company’s 50 day moving average price is $21.81 and its 200-day moving average price is $19.04. Bank of Marin Bancorp has a 52 week low of $14.11 and a 52 week high of $26.94.

Bank of Marin Bancorp (NASDAQ:BMRC) last issued its quarterly earnings data on Monday, October 28th. The bank reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. The firm had revenue of $39.21 million during 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 last year, the business posted $0.33 earnings per share. As a group, equities research analysts expect that Bank of Marin Bancorp will post 0.88 EPS for the current year.

Bank of Marin Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, November 7th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.81%. The ex-dividend date was Thursday, November 7th. Bank of Marin Bancorp’s dividend payout ratio is currently -116.28%.

Analysts Set New Price Targets

Several analysts recently weighed in on BMRC shares. StockNews.com lowered Bank of Marin Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, November 11th. Keefe, Bruyette & Woods raised their price objective on Bank of Marin Bancorp from $21.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Finally, 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 report on Thursday, October 10th.

Bank of Marin Bancorp Company 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.