Northrim BanCorp (NASDAQ:NRIM) Announces Quarterly Earnings Results

Northrim BanCorp (NASDAQ:NRIM) issued its quarterly earnings data on Thursday. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.07, FiscalAI reports. Northrim BanCorp had a net margin of 24.91% and a return on equity of 16.99%. The firm had revenue of $52.63 million during the quarter, compared to the consensus estimate of $51.80 million.

Northrim BanCorp Stock Performance

Shares of NASDAQ:NRIM traded down $0.73 on Thursday, reaching $26.82. 9,290 shares of the company’s stock were exchanged, compared to its average volume of 163,042. Northrim BanCorp has a twelve month low of $19.60 and a twelve month high of $30.82. The company has a fifty day moving average of $25.88 and a 200-day moving average of $25.16. The company has a market capitalization of $596.63 million, a price-to-earnings ratio of 9.34 and a beta of 0.86. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.24.

Northrim BanCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, June 11th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Thursday, June 11th. Northrim BanCorp’s dividend payout ratio is presently 22.22%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Northrim BanCorp in a research note on Tuesday, June 16th. Keefe, Bruyette & Woods started coverage on Northrim BanCorp in a report on Wednesday, July 1st. They issued a “market perform” rating and a $30.00 price objective on the stock. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $31.50.

Institutional Investors Weigh In On Northrim BanCorp

Several institutional investors have recently made changes to their positions in NRIM. Tower Research Capital LLC TRC grew its position in Northrim BanCorp by 34.5% during the second quarter. Tower Research Capital LLC TRC now owns 538 shares of the financial services provider’s stock worth $50,000 after buying an additional 138 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Northrim BanCorp by 5.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider’s stock valued at $233,000 after acquiring an additional 156 shares in the last quarter. Creative Planning raised its holdings in Northrim BanCorp by 11.2% in the 2nd quarter. Creative Planning now owns 3,096 shares of the financial services provider’s stock valued at $289,000 after acquiring an additional 313 shares in the last quarter. Occudo Quantitative Strategies LP lifted its position in shares of Northrim BanCorp by 9.8% during the 2nd quarter. Occudo Quantitative Strategies LP now owns 3,960 shares of the financial services provider’s stock valued at $369,000 after acquiring an additional 355 shares during the period. Finally, Quarry LP lifted its position in shares of Northrim BanCorp by 47.7% during the 4th quarter. Quarry LP now owns 1,275 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 412 shares during the period. 65.99% of the stock is currently owned by institutional investors.

Northrim BanCorp Company Profile

Northrim BanCorp is the bank holding company for Northrim Bank, a community bank headquartered in Anchorage, Alaska. The company offers a comprehensive suite of personal and commercial banking products and services, including checking and savings accounts, consumer and commercial loans, mortgage financing, and treasury and cash management solutions.

With branches located across Alaska’s major population centers—such as Anchorage, Fairbanks and Juneau—Northrim serves both urban and rural communities.