Bank of Marin Bancorp Forecasted to Post FY2024 Earnings of $0.80 Per Share (NASDAQ:BMRC)

Bank of Marin Bancorp (NASDAQ:BMRC - Free Report) - Equities researchers at DA Davidson decreased their FY2024 earnings per share estimates for shares of Bank of Marin Bancorp in a report released on Tuesday, April 30th. DA Davidson analyst J. Rulis now expects that the bank will earn $0.80 per share for the year, down from their previous forecast of $1.10. DA Davidson currently has a "Neutral" rating and a $15.00 target price on the stock. The consensus estimate for Bank of Marin Bancorp's current full-year earnings is $1.23 per share.

Bank of Marin Bancorp (NASDAQ:BMRC - Get Free Report) last posted its quarterly earnings data on Monday, April 29th. The bank reported $0.18 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.10). The firm had revenue of $36.90 million during the quarter, compared to analyst estimates of $26.90 million. Bank of Marin Bancorp had a net margin of 9.28% and a return on equity of 4.11%. During the same period in the prior year, the company posted $0.59 earnings per share.

Separately, Stephens dropped their target price on Bank of Marin Bancorp from $19.00 to $16.00 and set an "equal weight" rating for the company in a report on Tuesday.

Bank of Marin Bancorp Trading Up 2.6 %

NASDAQ:BMRC traded up $0.38 during trading hours on Thursday, hitting $15.19. The company had a trading volume of 90,840 shares, compared to its average volume of 66,298. The company has a 50-day moving average of $16.05 and a 200 day moving average of $18.28. The company has a market cap of $247.60 million, a P/E ratio of 17.84 and a beta of 0.88. Bank of Marin Bancorp has a 1 year low of $12.89 and a 1 year high of $23.24.

Bank of Marin Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 9th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.58%. The ex-dividend date is Wednesday, May 8th. Bank of Marin Bancorp's dividend payout ratio is presently 120.48%.

Hedge Funds Weigh In On Bank of Marin Bancorp

Several hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets lifted its stake in Bank of Marin Bancorp by 60.3% during the 1st quarter. BNP Paribas Financial Markets now owns 27,418 shares of the bank's stock worth $460,000 after acquiring an additional 10,316 shares in the last quarter. Bridge City Capital LLC lifted its stake in Bank of Marin Bancorp by 17.9% during the 1st quarter. Bridge City Capital LLC now owns 11,497 shares of the bank's stock worth $193,000 after acquiring an additional 1,747 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in Bank of Marin Bancorp by 348.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,358 shares of the bank's stock worth $52,000 after acquiring an additional 1,832 shares in the last quarter. Trexquant Investment LP acquired a new position in Bank of Marin Bancorp during the 4th quarter worth about $432,000. Finally, Wealthspire Advisors LLC acquired a new stake in Bank of Marin Bancorp in the 4th quarter valued at about $355,000. Institutional investors and hedge funds own 52.26% of the company's stock.

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.