Bank of Marin Bancorp (NASDAQ:BMRC) Releases Earnings Results, Misses Expectations By $0.07 EPS

Key Points

• Bank of Marin Bancorp reported quarterly earnings of $0.29 per share, missing expectations by $0.07 EPS, reflecting a negative net margin of 4.20% and a positive return on equity of 3.77%.
• Despite the earnings miss, analysts have mixed ratings on the stock, with a "Moderate Buy" average rating and a price target ranging from $25.00 to $27.00.
• Institutional investors have shown significant interest, with AQR Capital Management increasing its stake by 43.4%, contributing to 52.26% institutional ownership of the stock.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) announced its earnings results on Monday. The bank reported $0.29 earnings per share for the quarter, missing analysts' consensus estimates of $0.36 by ($0.07), Zacks reports. The company had revenue of $10.29 million for the quarter, compared to analysts' expectations of $29.07 million. Bank of Marin Bancorp had a net margin of 4.43% and a return on equity of 4.60%.

Bank of Marin Bancorp Stock Performance

Shares of Bank of Marin Bancorp stock traded up $0.04 on Thursday, hitting $22.74. 81,600 shares of the company's stock were exchanged, compared to its average volume of 84,884. The company has a 50-day simple moving average of $23.13 and a 200-day simple moving average of $22.78. The stock has a market capitalization of $368.67 million, a PE ratio of 52.84 and a beta of 0.86. Bank of Marin Bancorp has a 1 year low of $16.97 and a 1 year high of $27.11.

Bank of Marin Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Thursday, August 7th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Thursday, August 7th. Bank of Marin Bancorp's dividend payout ratio (DPR) is currently 232.56%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC increased its stake in shares of Bank of Marin Bancorp by 43.4% in the first quarter. AQR Capital Management LLC now owns 39,735 shares of the bank's stock worth $877,000 after purchasing an additional 12,019 shares in the last quarter. Jones Financial Companies Lllp increased its stake in shares of Bank of Marin Bancorp by 4,337.9% in the first quarter. Jones Financial Companies Lllp now owns 8,432 shares of the bank's stock worth $186,000 after purchasing an additional 8,242 shares in the last quarter. Empowered Funds LLC increased its stake in shares of Bank of Marin Bancorp by 8.3% in the first quarter. Empowered Funds LLC now owns 25,775 shares of the bank's stock worth $569,000 after purchasing an additional 1,981 shares in the last quarter. Finally, Jane Street Group LLC purchased a new stake in shares of Bank of Marin Bancorp in the first quarter worth $441,000. 52.26% of the stock is currently owned by institutional investors.

Bank of Marin Bancorp declared that its Board of Directors has authorized a stock buyback program on Monday, July 28th that allows the company to buyback $25.00 million in outstanding shares. This buyback authorization allows the bank to reacquire up to 6.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. DA Davidson increased their price target on Bank of Marin Bancorp from $24.00 to $27.00 and gave the company a "buy" rating in a report on Tuesday. Stephens reissued an "overweight" rating and set a $26.00 price target on shares of Bank of Marin Bancorp in a report on Tuesday, April 29th. Piper Sandler increased their price target on Bank of Marin Bancorp from $21.00 to $25.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Finally, Keefe, Bruyette & Woods increased their price target on Bank of Marin Bancorp from $26.00 to $27.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $26.25.

About Bank of Marin Bancorp

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, not-for-profit organizations, and commercial real estate investors in the United States. The company 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.