Bank Of Marin's Stock Falls Despite Upbeat Earnings Report

San Rafael CA

27 April, 2022

4:17 PM

Description

NOVATO, CA — A Novato-based financial services company reported profits that exceeded Wall Street estimates, but Bank of Marin's stock has fallen in the aftermath of the announcement. Bank of Marin's parent company, Marin Bancorp (BMRC), on Monday reported earnings of 66 cents per share, beating the consensus estimate by one cent. BMRC reported quarterly net income of $10.47 million, a 17 percent rise from the previous year, The North Bay Business Journal reports. "With our expanded footprint and talent pool, we have generated robust loan production in the quarter, marking our strongest first quarter in six years and continuing the momentum from Q4 in 2021," CEO Tim Myers said Monday during a conference call, according to The Business Journal. Zacks Investment Research has set BMRC stock's target price at $43 and upgraded the stock from a "hold" to a "buy," Marketbeat reports. But BMRC's stock has fallen nearly 10 percent from $32.73 per share at market's close Monday to $30.15 by the end of Wednesday's regular trading session.