The Manufacturers Life Insurance Company Has $9.31 Million Position in Bank of Marin Bancorp (NASDAQ:BMRC)

The Manufacturers Life Insurance Company trimmed its holdings in shares of Bank of Marin Bancorp (NASDAQ:BMRC) by 2.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 463,272 shares of the bank’s stock after selling 9,574 shares during the period. The Manufacturers Life Insurance Company owned about 2.88% of Bank of Marin Bancorp worth $9,307,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of BMRC. Dimensional Fund Advisors LP boosted 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 valued at $11,595,000 after purchasing an additional 33,280 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Bank of Marin Bancorp by 29.5% in the second quarter. Renaissance Technologies LLC now owns 150,192 shares of the bank’s stock valued at $2,432,000 after buying an additional 34,200 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Bank of Marin Bancorp by 2.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 121,986 shares of the bank’s stock worth $2,451,000 after buying an additional 2,842 shares during the last quarter. Acadian Asset Management LLC raised its position in Bank of Marin Bancorp by 104.4% during the second 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 in the last quarter. Finally, AQR Capital Management LLC acquired a new stake in Bank of Marin Bancorp in the second quarter valued at $709,000. Institutional investors own 52.26% of the company’s stock.

Bank of Marin Bancorp Stock Performance

NASDAQ BMRC opened at $25.20 on Wednesday. The stock has a market cap of $405.22 million, a PE ratio of -29.30 and a beta of 0.93. The firm has a 50-day moving average of $23.07 and a 200-day moving average of $19.90. Bank of Marin Bancorp has a 52-week low of $14.11 and a 52-week high of $27.11.

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. As a group, analysts predict 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 disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, November 7th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.97%. The ex-dividend date was Thursday, November 7th. Bank of Marin Bancorp’s payout ratio is -116.28%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. StockNews.com lowered shares of Bank of Marin Bancorp from a “hold” rating to a “sell” rating in a research note on Monday, November 11th. DA Davidson raised Bank of Marin Bancorp from a “neutral” rating to a “buy” rating and set a $24.00 price objective for the company in a research report on Thursday, October 10th.

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.