UPDATE: KBW Raises PT on Bank of Marin to $44 (BMRC)

KBW is out with its report today on Bank of Marin BMRC, raising its price target to $44. In a note to clients, KBW writes, "BMRC acquired certain assets and liabilities of Charter Oak Bank in an FDIC-assisted transaction on Friday, February 18; Charter Oak Bank was a two-branch institution in Napa County, California. We believe the transaction was a low-cost way for BMRC to extend its footprint as compared to the addition of de novo branches. Raising estimates and price target and reiterating Outperform rating on shares." Shares of BMRC closed Tuesday at $35.10.