Bank of Marin Bancorp (NASDAQ:BMRC) Releases Quarterly Earnings Results, Misses Estimates By $0.04 EPS
by Jessica Moore · The Cerbat GemBank of Marin Bancorp (NASDAQ:BMRC – Get Free Report) released its quarterly earnings results on Monday. The bank reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.04), FiscalAI reports. Bank of Marin Bancorp had a positive return on equity of 6.16% and a negative net margin of 21.76%.The firm had revenue of $34.14 million during the quarter, compared to analysts’ expectations of $34.43 million.
Bank of Marin Bancorp Stock Performance
NASDAQ:BMRC opened at $25.87 on Monday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a 50-day simple moving average of $25.59 and a two-hundred day simple moving average of $25.99. The firm has a market capitalization of $418.84 million, a PE ratio of -11.50 and a beta of 0.84. Bank of Marin Bancorp has a 52-week low of $19.74 and a 52-week high of $28.48.
Institutional Investors Weigh In On Bank of Marin Bancorp
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blair William & Co. IL bought a new position in Bank of Marin Bancorp in the 4th quarter worth about $204,000. Ieq Capital LLC raised its stake in shares of Bank of Marin Bancorp by 11.9% during the fourth quarter. Ieq Capital LLC now owns 9,556 shares of the bank’s stock valued at $249,000 after acquiring an additional 1,015 shares in the last quarter. Occudo Quantitative Strategies LP purchased a new stake in shares of Bank of Marin Bancorp in the third quarter valued at approximately $224,000. Sei Investments Co. bought a new position in Bank of Marin Bancorp in the third quarter worth approximately $221,000. Finally, Raymond James Financial Inc. bought a new position in Bank of Marin Bancorp in the second quarter worth approximately $193,000. Institutional investors own 52.26% of the company’s stock.
Analyst Ratings Changes
A number of research firms recently commented on BMRC. Zacks Research cut Bank of Marin Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 9th. Piper Sandler cut their price target on Bank of Marin Bancorp from $30.50 to $28.00 and set a “neutral” rating for the company in a research note on Thursday, April 2nd. Stephens reaffirmed an “overweight” rating and set a $29.00 price target on shares of Bank of Marin Bancorp in a research report on Tuesday, January 27th. Wall Street Zen cut shares of Bank of Marin Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, January 31st. Finally, Weiss Ratings upgraded shares of Bank of Marin Bancorp from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, April 17th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $29.60.
Check Out Our Latest Report on Bank of Marin Bancorp
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.