Bank of Marin Bancorp (NASDAQ:BMRC) Issues Earnings Results

Key Points

• Bank of Marin Bancorp exceeded earnings expectations: Quarterly EPS was $0.58, above the $0.52 analyst consensus, while revenue of $33.95 million was slightly below the $34.02 million estimate.
• Shares rose 0.2% to open at $28.84, near the company’s $30.34 12-month high. The bank reported a 7.20% return on equity but a negative net margin of 18.58%.
• Analyst sentiment remains cautious: BMRC has a consensus “Hold” rating from six analysts, with an average price target of $28.40; institutional investors own 52.26% of the stock.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) announced its quarterly earnings results on Monday. The bank reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.52 by $0.06, FiscalAI reports. Bank of Marin Bancorp had a negative net margin of 18.58% and a positive return on equity of 7.20%. The business had revenue of $33.95 million for the quarter, compared to analyst estimates of $34.02 million.

Bank of Marin Bancorp Stock Up 0.2%

Shares of BMRC stock opened at $28.84 on Monday. The company has a 50 day simple moving average of $26.99 and a two-hundred day simple moving average of $26.35. Bank of Marin Bancorp has a 12 month low of $21.77 and a 12 month high of $30.34. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.11. The stock has a market cap of $466.92 million, a P/E ratio of -14.28 and a beta of 0.81.

Analyst Ratings Changes

A number of analysts have recently weighed in on BMRC shares. Stephens reiterated an "equal weight" rating and set a $26.00 target price on shares of Bank of Marin Bancorp in a report on Tuesday, May 5th. Weiss Ratings upgraded Bank of Marin Bancorp from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, June 29th. Wall Street Zen raised Bank of Marin Bancorp from a "strong sell" rating to a "hold" rating in a research report on Saturday, May 16th. DA Davidson dropped their price target on 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. Finally, Piper Sandler decreased their price objective on shares of Bank of Marin Bancorp from $30.50 to $28.00 and set a "neutral" rating for the company in a report on Thursday, April 2nd. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Bank of Marin Bancorp currently has a consensus rating of "Hold" and an average target price of $28.40.

Institutional Investors Weigh In On Bank of Marin Bancorp

Several large investors have recently made changes to their positions in BMRC. AQR Capital Management LLC grew its position in 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 acquiring an additional 12,019 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of Bank of Marin Bancorp by 4,337.9% in the 1st 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 during the period. Empowered Funds LLC increased its position in shares of Bank of Marin Bancorp by 8.3% during the 1st quarter. Empowered Funds LLC now owns 25,775 shares of the bank's stock valued at $569,000 after purchasing an additional 1,981 shares during the last quarter. Jane Street Group LLC bought a new stake in Bank of Marin Bancorp in the first quarter worth $441,000. Finally, Quantbot Technologies LP purchased a new position in Bank of Marin Bancorp during the second quarter worth $70,000. 52.26% of the stock is owned by institutional investors.

About Bank of Marin Bancorp

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.

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