Bank of Marin Bancorp (NASDAQ:BMRC) Announces Earnings Results, Beats Estimates By $0.01 EPS

Posted by admin on Jan 25th, 2023

Bank of Marin Bancorp (NASDAQ:BMRC – Get Rating) issued its quarterly earnings results on Monday. The bank reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.01, MarketWatch Earnings reports. The company had revenue of $36.79 million during the quarter, compared to analysts’ expectations of $37.03 million. Bank of Marin Bancorp had a net margin of 33.05% and a return on equity of 11.54%.

Bank of Marin Bancorp Stock Down 3.5 %

BMRC opened at $29.90 on Wednesday. The firm has a 50 day moving average price of $33.31 and a 200-day moving average price of $32.66. Bank of Marin Bancorp has a twelve month low of $29.01 and a twelve month high of $38.74. The stock has a market capitalization of $479.30 million, a price-to-earnings ratio of 10.99 and a beta of 0.76.

Bank of Marin Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 10th. Stockholders of record on Friday, February 3rd will be issued a dividend of $0.25 per share. The ex-dividend date is Thursday, February 2nd. This represents a $1.00 annualized dividend and a dividend yield of 3.34%. Bank of Marin Bancorp’s payout ratio is 36.76%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC raised its holdings in shares of Bank of Marin Bancorp by 373.4% during the third quarter. Tower Research Capital LLC TRC now owns 2,599 shares of the bank’s stock valued at $78,000 after purchasing an additional 2,050 shares during the last quarter. Captrust Financial Advisors grew its position in Bank of Marin Bancorp by 54.9% during the first quarter. Captrust Financial Advisors now owns 3,172 shares of the bank’s stock valued at $111,000 after buying an additional 1,124 shares during the period. BNP Paribas Arbitrage SA grew its position in Bank of Marin Bancorp by 49.9% during the second quarter. BNP Paribas Arbitrage SA now owns 5,161 shares of the bank’s stock valued at $164,000 after buying an additional 1,719 shares during the period. BNP Paribas Arbitrage SNC grew its position in Bank of Marin Bancorp by 45.7% during the third quarter. BNP Paribas Arbitrage SNC now owns 7,517 shares of the bank’s stock valued at $225,000 after buying an additional 2,356 shares during the period. Finally, JPMorgan Chase & Co. grew its position in Bank of Marin Bancorp by 7.0% during the first quarter. JPMorgan Chase & Co. now owns 7,407 shares of the bank’s stock valued at $259,000 after buying an additional 486 shares during the period. 48.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BMRC has been the subject of several recent analyst reports. StockNews.com initiated coverage on shares of Bank of Marin Bancorp in a report on Wednesday, October 12th. They issued a “hold” rating for the company. TheStreet raised shares of Bank of Marin Bancorp from a “c+” rating to a “b” rating in a report on Friday, October 28th. Piper Sandler decreased their target price on shares of Bank of Marin Bancorp to $33.00 in a report on Friday, September 30th. Stephens lifted their target price on shares of Bank of Marin Bancorp from $33.00 to $35.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 25th. Finally, DA Davidson lifted their target price on shares of Bank of Marin Bancorp to $34.00 in a report on Thursday, October 27th.

About Bank of Marin Bancorp

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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, professionals, not-for-profit organizations, and individuals in California, the United States. It 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.