AQR Capital Management LLC Acquires New Stake in Bank of Marin Bancorp (NASDAQ:BMRC)

AQR Capital Management LLC purchased a new position in Bank of Marin Bancorp (NASDAQ:BMRC) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 43,806 shares of the bank’s stock, valued at approximately $709,000. AQR Capital Management LLC owned about 0.27% of Bank of Marin Bancorp as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Acadian Asset Management LLC acquired a new stake in Bank of Marin Bancorp during the 1st quarter worth about $816,000. ProShare Advisors LLC boosted its holdings in Bank of Marin Bancorp by 21.4% in the first quarter. ProShare Advisors LLC now owns 449,962 shares of the bank’s stock worth $7,546,000 after purchasing an additional 79,291 shares in the last quarter. Choreo LLC acquired a new position in shares of Bank of Marin Bancorp during the 2nd quarter valued at about $426,000. Assenagon Asset Management S.A. bought a new position in shares of Bank of Marin Bancorp in the second quarter valued at approximately $396,000. Finally, Dimensional Fund Advisors LP lifted its position in Bank of Marin Bancorp by 4.9% during the 2nd 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 during the last quarter. Institutional investors and hedge funds own 52.26% of the company’s stock.

Bank of Marin Bancorp Stock Up 3.2 %

Shares of NASDAQ:BMRC opened at $21.81 on Monday. The firm has a market cap of $355.20 million, a PE ratio of 26.28 and a beta of 0.92. Bank of Marin Bancorp has a 12-month low of $14.11 and a 12-month high of $23.24. The company’s 50 day moving average price is $19.93 and its two-hundred day moving average price is $17.67.

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

Bank of Marin Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Thursday, August 8th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 4.59%. The ex-dividend date of this dividend was Thursday, August 8th. Bank of Marin Bancorp’s payout ratio is 120.48%.

Wall Street Analysts Forecast Growth

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

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.