The penny stock of First Mariner Bancorp (FMAR) is making its presence known to all today after quietly gaining over 230% since reporting their Q1 results. The parent company of 1st Mariner Bank, FMAR stock is currently in the top 20 OTC listed stocks traded and not taking “no” for an answer when it comes to slowing down. Despite having reported a net loss of $2.3 million for Q1 of 2013, compared to net income of $1.8 million for the same period last year, the “between the lines” portion of the net loss indicates that this is only the beginning.
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FMAR Stock Quote
Market Cap: 52.01M
Last: 2.64 ▲ +0.31 (+13.30%)
Dollar Volume: $359,841
Issued and Outstanding: 19,699,603
1st Resistance Point: 2.7767
2nd Resistance Point: 2.9033
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We’ve had our eye on the central Maryland and portions of Maryland’s eastern shore focused banker since they filed their Q back on May 15th. Having disposed of over $14.4 million in non-performing assets which resulted in a significant improvement in asset quality, this bank, with assets of $1.3 billion as of March 31, 2013, was just too good to pass up watching develop.
Since the Q filing, 1st Mariner’s stock, FMAR, has, as you can see from above, exploded without making its presence know to many by remaining under the radar until today. FMAR has actually been on the scanner since they delisted from NASDAQ on in September, 2011.
Having mentioned on numerous occasions, this time of the year is when traders who can scout out the real deals make the most money while those who depend on flips for rips have to work 10X harder to make 10% of what they were able to make back in January / February.
On that note, FMAR stock @ $2.64 might look expensive, but in reality its not. With 20 million shares out there, don’t be surprised when you see FMAR stock trading at $5 later on this year or even this month.
About FMAR Stock
First Mariner Bancorp, through its wholly-owned subsidiary, First Mariner Bank, is a bank holding company with over 590 employees that is incorporated under the laws of Maryland and registered under the federal Bank Holding Company Act of 1956, as amended.
Last 5 Trading Sessions:
Banking stocks across all the big boards got rave reviews from a number of Wall Street analysts during the course of the last week. FMAR is showing its teeth today and should be on everyone’s list of penny stocks to watch this month. Expecting a pull back on FMAR stock would be like expecting your bank to erroneous move a decimal point to the right when you make your deposit. Happy Father’s Day All!
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