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

Posted by William Tyler on Jan 25th, 2023

Bank of Marin Bancorp (NASDAQ:BMRC – Get Rating) released its quarterly earnings data on Monday. The bank reported $0.81 EPS for the quarter, topping the consensus estimate of $0.80 by $0.01, MarketWatch Earnings reports. The company had revenue of $36.79 million during the quarter, compared to the consensus estimate 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 Performance

Bank of Marin Bancorp stock opened at $29.90 on Wednesday. The firm’s fifty day moving average price is $33.31 and its 200-day moving average price is $32.66. The stock has a market cap of $479.30 million, a P/E ratio of 10.99 and a beta of 0.76. Bank of Marin Bancorp has a fifty-two week low of $29.01 and a fifty-two week high of $38.74.

Bank of Marin Bancorp Announces Dividend

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 given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend is Thursday, February 2nd. Bank of Marin Bancorp’s dividend payout ratio (DPR) is currently 36.76%.

Institutional Trading of Bank of Marin Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in BMRC. The Manufacturers Life Insurance Company raised its position in shares of Bank of Marin Bancorp by 14.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 761,742 shares of the bank’s stock valued at $26,714,000 after buying an additional 96,155 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Bank of Marin Bancorp by 3.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 722,673 shares of the bank’s stock worth $25,344,000 after purchasing an additional 21,712 shares during the period. Trexquant Investment LP bought a new stake in Bank of Marin Bancorp in the third quarter worth $412,000. First Trust Advisors LP boosted its position in Bank of Marin Bancorp by 42.6% during the third quarter. First Trust Advisors LP now owns 43,574 shares of the bank’s stock valued at $1,305,000 after buying an additional 13,012 shares during the period. Finally, Citadel Advisors LLC grew its stake in shares of Bank of Marin Bancorp by 16.5% during the third quarter. Citadel Advisors LLC now owns 79,803 shares of the bank’s stock valued at $2,390,000 after buying an additional 11,301 shares during the last quarter. Hedge funds and other institutional investors own 48.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on BMRC. TheStreet raised shares of Bank of Marin Bancorp from a “c+” rating to a “b” rating in a report on Friday, October 28th. Stephens raised their price target on shares of Bank of Marin Bancorp from $33.00 to $35.00 and gave the company an “equal weight” rating in a report on Tuesday, October 25th. DA Davidson raised their price target on shares of Bank of Marin Bancorp to $34.00 in a report on Thursday, October 27th. Piper Sandler cut their price target on shares of Bank of Marin Bancorp to $33.00 in a report on Friday, September 30th. Finally, StockNews.com started coverage on shares of Bank of Marin Bancorp in a report on Wednesday, October 12th. They issued a “hold” rating for the company.

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.