FY2024 Earnings Forecast for Bank of Marin Bancorp Issued By DA Davidson (NASDAQ:BMRC)

Bank of Marin Bancorp (NASDAQ:BMRC) – Equities research analysts at DA Davidson lowered their FY2024 earnings per share estimates for shares of Bank of Marin Bancorp in a research note issued to investors on Tuesday, April 30th. DA Davidson analyst J. Rulis now expects that the bank will post earnings per share of $0.80 for the year, down from their prior estimate of $1.10. DA Davidson has a “Neutral” rating and a $15.00 price objective on the stock. The consensus estimate for Bank of Marin Bancorp’s current full-year earnings is $0.96 per share.

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

A number of other research analysts have also recently weighed in on the company. Keefe, Bruyette & Woods reduced their target price on Bank of Marin Bancorp from $25.00 to $21.00 and set an “outperform” rating on the stock in a report on Friday. Stephens cut their price objective on Bank of Marin Bancorp from $19.00 to $16.00 and set an “equal weight” rating on the stock in a report on Tuesday.

Bank of Marin Bancorp Stock Up 2.4 %

Shares of BMRC opened at $15.56 on Thursday. The firm has a market cap of $253.63 million, a PE ratio of 18.75 and a beta of 0.88. The company’s fifty day moving average is $16.01 and its two-hundred day moving average is $18.26. Bank of Marin Bancorp has a fifty-two week low of $12.89 and a fifty-two week high of $23.24.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Private Wealth Partners LLC grew its stake in shares of Bank of Marin Bancorp by 2.7% in the fourth quarter. Private Wealth Partners LLC now owns 36,983 shares of the bank’s stock valued at $814,000 after buying an additional 983 shares in the last quarter. Perigon Wealth Management LLC boosted its holdings in Bank of Marin Bancorp by 1.9% in the 4th quarter. Perigon Wealth Management LLC now owns 64,005 shares of the bank’s stock worth $1,409,000 after acquiring an additional 1,201 shares during the period. Barclays PLC grew its position in Bank of Marin Bancorp by 7.7% in the third quarter. Barclays PLC now owns 23,605 shares of the bank’s stock valued at $432,000 after acquiring an additional 1,683 shares in the last quarter. Bridge City Capital LLC raised its stake in shares of Bank of Marin Bancorp by 17.9% during the first quarter. Bridge City Capital LLC now owns 11,497 shares of the bank’s stock valued at $193,000 after purchasing an additional 1,747 shares during the period. Finally, PNC Financial Services Group Inc. lifted its position in shares of Bank of Marin Bancorp by 348.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,358 shares of the bank’s stock worth $52,000 after purchasing an additional 1,832 shares in the last quarter. 52.26% of the stock is owned by hedge funds and other institutional investors.

Bank of Marin Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Thursday, May 9th will be issued a $0.25 dividend. The ex-dividend date is Wednesday, May 8th. This represents a $1.00 annualized dividend and a yield of 6.43%. Bank of Marin Bancorp’s dividend payout ratio is currently 120.48%.

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.