Michael Huston Acquires 1,500 Shares of Northrim BanCorp (NASDAQ:NRIM) Stock

Northrim BanCorp Inc (NASDAQ:NRIM) CEO Michael Huston bought 1,500 shares of the company’s stock in a transaction dated Thursday, January 29th. The stock was bought at an average price of $22.80 per share, for a total transaction of $34,200.00. Following the acquisition, the chief executive officer directly owned 83,252 shares of the company’s stock, valued at approximately $1,898,145.60. This represents a 1.83% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Northrim BanCorp Trading Up 3.0%

NASDAQ NRIM opened at $23.56 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 0.07. The business has a fifty day simple moving average of $26.49 and a 200 day simple moving average of $23.73. Northrim BanCorp Inc has a 12 month low of $16.17 and a 12 month high of $30.82. The firm has a market capitalization of $520.44 million, a P/E ratio of 8.22 and a beta of 0.97.

Northrim BanCorp (NASDAQ:NRIM) last posted its earnings results on Friday, January 23rd. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.10). The firm had revenue of $51.66 million during the quarter, compared to the consensus estimate of $52.70 million. Northrim BanCorp had a return on equity of 18.13% and a net margin of 25.17%. On average, analysts predict that Northrim BanCorp Inc will post 8.05 EPS for the current fiscal year.

Northrim BanCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Thursday, March 5th will be paid a $0.16 dividend. The ex-dividend date is Thursday, March 5th. This represents a $0.64 annualized dividend and a yield of 2.7%. Northrim BanCorp’s dividend payout ratio (DPR) is 22.30%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NRIM. Assetmark Inc. bought a new stake in Northrim BanCorp in the 2nd quarter valued at about $43,000. Cullen Frost Bankers Inc. increased its stake in shares of Northrim BanCorp by 159.9% in the second quarter. Cullen Frost Bankers Inc. now owns 486 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 299 shares in the last quarter. Tower Research Capital LLC TRC raised its position in shares of Northrim BanCorp by 34.5% in the second quarter. Tower Research Capital LLC TRC now owns 538 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 138 shares during the period. Financial Management Professionals Inc. purchased a new stake in shares of Northrim BanCorp during the 4th quarter valued at approximately $27,000. Finally, Federated Hermes Inc. boosted its holdings in Northrim BanCorp by 300.0% in the 3rd quarter. Federated Hermes Inc. now owns 1,452 shares of the financial services provider’s stock worth $31,000 after buying an additional 1,089 shares during the period. Hedge funds and other institutional investors own 65.99% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on NRIM shares. Hovde Group upped their target price on Northrim BanCorp from $28.00 to $33.00 and gave the company an “outperform” rating in a report on Friday, October 24th. Weiss Ratings restated a “buy (b)” rating on shares of Northrim BanCorp in a research note on Wednesday, December 24th. Zacks Research cut Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. Finally, Wall Street Zen lowered shares of Northrim BanCorp from a “buy” rating to a “hold” rating in a research report on Saturday. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $33.00.

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.