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

Posted by Doug Madison on Jan 25th, 2023

Bank of Marin Bancorp (NASDAQ:BMRC – Get Rating) announced its 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. Bank of Marin Bancorp had a return on equity of 11.54% and a net margin of 33.05%. The firm had revenue of $36.79 million for the quarter, compared to analyst estimates of $37.03 million.

Bank of Marin Bancorp Trading Down 3.5 %

Shares of NASDAQ BMRC opened at $29.90 on Wednesday. The stock has a market cap of $479.30 million, a PE ratio of 10.99 and a beta of 0.76. Bank of Marin Bancorp has a 12-month low of $29.01 and a 12-month high of $38.74. The company has a 50-day moving average of $33.31 and a 200 day moving average of $32.66.

Bank of Marin Bancorp Announces Dividend

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

Institutional Trading of Bank of Marin Bancorp

A number of hedge funds have recently bought and sold shares of the business. Tower Research Capital LLC TRC grew its position in shares of Bank of Marin Bancorp by 373.4% in 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 in the last quarter. Captrust Financial Advisors grew its holdings in Bank of Marin Bancorp by 54.9% in the 1st 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 in the last quarter. BNP Paribas Arbitrage SA raised its holdings in shares of Bank of Marin Bancorp by 49.9% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,161 shares of the bank’s stock worth $164,000 after acquiring an additional 1,719 shares during the period. BNP Paribas Arbitrage SNC raised its holdings in shares of Bank of Marin Bancorp by 45.7% during the 3rd quarter. BNP Paribas Arbitrage SNC now owns 7,517 shares of the bank’s stock worth $225,000 after acquiring an additional 2,356 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Bank of Marin Bancorp by 7.0% during the 1st quarter. JPMorgan Chase & Co. now owns 7,407 shares of the bank’s stock worth $259,000 after acquiring an additional 486 shares during the period. Institutional investors and hedge funds own 48.88% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on BMRC shares. DA Davidson upped their price objective on shares of Bank of Marin Bancorp to $34.00 in a research report on Thursday, October 27th. StockNews.com started coverage on shares of Bank of Marin Bancorp in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. TheStreet upgraded Bank of Marin Bancorp from a “c+” rating to a “b” rating in a report on Friday, October 28th. Piper Sandler cut their price objective on Bank of Marin Bancorp to $33.00 in a research note on Friday, September 30th. Finally, Stephens raised their target price on Bank of Marin Bancorp from $33.00 to $35.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 25th.

Bank of Marin Bancorp Company Profile

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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.