Northrim BanCorp (NASDAQ:NRIM) Announces Quarterly Earnings Results

Northrim BanCorp (NASDAQ:NRIM) announced its quarterly earnings data on Thursday. The financial services provider reported $0.60 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.10), FiscalAI reports. Northrim BanCorp had a net margin of 22.02% and a return on equity of 16.25%. The business had revenue of $57.41 million during the quarter, compared to the consensus estimate of $55.80 million.

Northrim BanCorp Trading Down 3.6%

Shares of NASDAQ NRIM traded down $0.88 during trading hours on Friday, reaching $23.55. The stock had a trading volume of 202,243 shares, compared to its average volume of 141,768. The business’s fifty day moving average price is $25.45 and its two-hundred day moving average price is $25.46. The firm has a market cap of $523.99 million, a price-to-earnings ratio of 9.53 and a beta of 0.90. Northrim BanCorp has a 52-week low of $19.91 and a 52-week high of $30.82. The company has a current ratio of 0.94, a quick ratio of 0.91 and a debt-to-equity ratio of 0.23.

Northrim BanCorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Thursday, September 10th were paid a dividend of $0.17 per share. This is a boost from Northrim BanCorp’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Thursday, September 10th. Northrim BanCorp’s payout ratio is presently 22.37%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on NRIM shares. Keefe, Bruyette & Woods assumed coverage on Northrim BanCorp in a research report on Wednesday, July 1st. They set a “market perform” rating and a $30.00 target price for the company. Weiss Ratings reissued a “buy (b)” rating on shares of Northrim BanCorp in a research note on Friday, September 11th. Finally, Hovde Group initiated coverage on shares of Northrim BanCorp in a report on Tuesday, September 8th. They issued an “outperform” rating and a $30.00 price target on the stock. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Northrim BanCorp currently has a consensus rating of “Moderate Buy” and an average target price of $30.00.

Insider Activity at Northrim BanCorp

In related news, Director Linda Thomas bought 1,200 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The stock was purchased at an average price of $26.20 per share, for a total transaction of $31,440.00. Following the acquisition, the director owned 6,688 shares of the company’s stock, valued at approximately $175,225.60. This trade represents a 21.87% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Jed Ballard sold 3,492 shares of Northrim BanCorp stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $25.91, for a total transaction of $90,477.72. Following the completion of the sale, the executive vice president owned 26,835 shares of the company’s stock, valued at $695,294.85. This trade represents a 11.51% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 18,180 shares of company stock valued at $477,724. 2.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of NRIM. Western Wealth Management LLC purchased a new stake in shares of Northrim BanCorp in the 1st quarter valued at $27,000. Versant Capital Management Inc lifted its stake in Northrim BanCorp by 254.3% during the 3rd quarter. Versant Capital Management Inc now owns 1,233 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 885 shares in the last quarter. IFP Advisors Inc lifted its stake in Northrim BanCorp by 97.0% during the 2nd quarter. IFP Advisors Inc now owns 1,375 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 677 shares in the last quarter. Legal & General Group Plc acquired a new position in Northrim BanCorp during the 2nd quarter worth about $60,000. Finally, Quantbot Technologies LP purchased a new position in Northrim BanCorp during the 2nd quarter valued at about $138,000. 65.99% of the stock is currently owned by hedge funds and other institutional investors.

About Northrim BanCorp

Northrim BanCorp, Inc is a bank holding company headquartered in Anchorage, Alaska. Through its subsidiary, Northrim Bank, the company provides banking and financial services to businesses, individuals, and organizations, with a focus on serving Alaska communities.

Northrim Bank offers commercial and consumer lending, commercial real estate financing, residential mortgage lending, deposit accounts, cash-management and treasury services, online and mobile banking, and other traditional banking products.