Northrim BanCorp (NASDAQ:NRIM) Announces Earnings Results, Beats Estimates By $0.07 EPS

Northrim BanCorp (NASDAQ:NRIM) posted its quarterly earnings data on Thursday. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 Price Performance

Shares of NRIM stock traded down $0.26 on Thursday, reaching $27.29. The company had a trading volume of 32,050 shares, compared to its average volume of 163,110. The stock has a market capitalization of $607.20 million, a PE ratio of 9.47 and a beta of 0.86. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.24. Northrim BanCorp has a one year low of $19.60 and a one year high of $30.82. The business’s 50-day moving average is $25.88 and its 200 day moving average is $25.16.

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 paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, June 11th. This represents a $0.64 annualized dividend and a yield of 2.3%. Northrim BanCorp’s payout ratio is presently 22.22%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on NRIM. Weiss Ratings reissued a “buy (b)” rating on shares of Northrim BanCorp in a report on Tuesday, June 16th. Keefe, Bruyette & Woods initiated coverage on shares of Northrim BanCorp in a research report on Wednesday, July 1st. They issued a “market perform” rating and a $30.00 target price for the company. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $31.50.

Institutional Investors Weigh In On Northrim BanCorp

A number of institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio increased its position in shares of Northrim BanCorp by 300.0% during the third quarter. Public Employees Retirement System of Ohio now owns 10,560 shares of the financial services provider’s stock worth $229,000 after acquiring an additional 7,920 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Northrim BanCorp by 233.8% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,942 shares of the financial services provider’s stock worth $215,000 after acquiring an additional 6,964 shares during the period. Ancora Advisors LLC increased its holdings in Northrim BanCorp by 300.0% in the 3rd quarter. Ancora Advisors LLC now owns 10,316 shares of the financial services provider’s stock worth $223,000 after acquiring an additional 7,737 shares during the last quarter. Quantbot Technologies LP lifted its holdings in Northrim BanCorp by 52.1% during the third quarter. Quantbot Technologies LP now owns 6,846 shares of the financial services provider’s stock valued at $148,000 after purchasing an additional 2,345 shares during the last quarter. Finally, Intech Investment Management LLC boosted its position in Northrim BanCorp by 260.7% during the third quarter. Intech Investment Management LLC now owns 9,772 shares of the financial services provider’s stock worth $212,000 after purchasing an additional 7,063 shares during the period. 65.99% of the stock is 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.