Bank of Marin Bancorp (NASDAQ:BMRC) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Bank of Marin Bancorp (NASDAQ:BMRC) announced its earnings results on Monday. The bank reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.06, FiscalAI reports. The firm had revenue of $33.95 million during the quarter, compared to the consensus estimate of $34.02 million. Bank of Marin Bancorp had a positive return on equity of 7.20% and a negative net margin of 18.58%.

Bank of Marin Bancorp Trading Up 5.2%

Shares of BMRC opened at $30.27 on Monday. The stock’s 50-day moving average price is $26.99 and its 200 day moving average price is $26.35. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $490.07 million, a price-to-earnings ratio of -14.99 and a beta of 0.81. Bank of Marin Bancorp has a 12-month low of $21.77 and a 12-month high of $30.74.

Institutional Trading of Bank of Marin Bancorp

Institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. increased its position in shares of Bank of Marin Bancorp by 2,543.8% during the third quarter. Russell Investments Group Ltd. now owns 1,269 shares of the bank’s stock valued at $31,000 after purchasing an additional 1,221 shares during the period. CANADA LIFE ASSURANCE Co lifted its position in Bank of Marin Bancorp by 33.6% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,507 shares of the bank’s stock worth $39,000 after purchasing an additional 379 shares during the period. Tower Research Capital LLC TRC lifted its position in Bank of Marin Bancorp by 124.6% in the second quarter. Tower Research Capital LLC TRC now owns 1,875 shares of the bank’s stock worth $43,000 after purchasing an additional 1,040 shares during the period. Quantbot Technologies LP bought a new position in Bank of Marin Bancorp in the second quarter worth $70,000. Finally, BNP Paribas Financial Markets boosted its stake in Bank of Marin Bancorp by 88.2% during the third quarter. BNP Paribas Financial Markets now owns 2,893 shares of the bank’s stock worth $70,000 after buying an additional 1,356 shares in the last quarter. Institutional investors and hedge funds own 52.26% of the company’s stock.

Wall Street Analysts Forecast Growth

BMRC has been the topic of several recent analyst reports. Keefe, Bruyette & Woods dropped their price target on Bank of Marin Bancorp from $30.00 to $29.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 29th. Piper Sandler lowered their price objective on shares of Bank of Marin Bancorp from $30.50 to $28.00 and set a “neutral” rating on the stock in a research note on Thursday, April 2nd. Stephens reaffirmed an “equal weight” rating and set a $26.00 target price on shares of Bank of Marin Bancorp in a research report on Tuesday, May 5th. Zacks Research raised shares of Bank of Marin Bancorp from a “strong sell” rating to a “hold” rating in a research report on Monday, June 29th. Finally, DA Davidson cut their target price on shares of Bank of Marin Bancorp from $30.00 to $29.00 and set a “buy” rating for the company in a research note on Tuesday, April 28th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Bank of Marin Bancorp presently has a consensus rating of “Hold” and a consensus price target of $28.40.

Bank of Marin Bancorp Company Profile

Bank of Marin Bancorp is the bank holding company for Bank of Marin, a community-oriented financial institution headquartered in Novato, California. Through its subsidiary, the company provides a broad range of banking services to individuals, small and medium-sized businesses, and nonprofit organizations. Its operating philosophy emphasizes personalized service and strong local relationships across the San Francisco North Bay region.

The company’s core product offerings include deposit accounts such as checking, savings, money market and time certificates of deposit.