Northrim BanCorp (NASDAQ:NRIM) Announces Quarterly Earnings Results

Northrim BanCorp (NASDAQ:NRIM) posted its earnings results on Thursday. The financial services provider reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.11), FiscalAI reports. The firm had revenue of $57.41 million during the quarter, compared to analyst estimates of $55.80 million. Northrim BanCorp had a return on equity of 17.33% and a net margin of 26.03%.

Northrim BanCorp Price Performance

NASDAQ NRIM opened at $24.43 on Friday. The business has a 50 day simple moving average of $25.50 and a 200 day simple moving average of $25.48. Northrim BanCorp has a 52-week low of $19.60 and a 52-week high of $30.82. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.91 and a current ratio of 0.94. The stock has a market cap of $543.45 million, a price-to-earnings ratio of 8.04 and a beta of 0.90.

Northrim BanCorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Thursday, September 10th were given a $0.17 dividend. The ex-dividend date was Thursday, September 10th. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. This is a boost from Northrim BanCorp’s previous quarterly dividend of $0.16. Northrim BanCorp’s payout ratio is presently 22.37%.

Wall Street Analysts Forecast Growth

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

Insider Activity at Northrim BanCorp

In other Northrim BanCorp news, EVP Jason Criqui sold 13,488 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $26.44, for a total transaction of $356,622.72. Following the sale, the executive vice president directly owned 12,653 shares in the company, valued at approximately $334,545.32. This trade represents a 51.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Anthony Drabek sold 1,200 shares of Northrim BanCorp stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $25.52, for a total transaction of $30,624.00. Following the completion of the transaction, the director directly owned 14,120 shares in the company, valued at approximately $360,342.40. The trade was a 7.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 18,180 shares of company stock valued at $477,724. Corporate insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Northrim BanCorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in Northrim BanCorp in the 2nd quarter worth $81,184,000. The Manufacturers Life Insurance Company bought a new position in Northrim BanCorp during the 2nd quarter worth about $21,890,000. De Lisle Partners LLP acquired a new stake in shares of Northrim BanCorp in the 2nd quarter valued at about $13,220,000. Punch & Associates Investment Management Inc. acquired a new stake in shares of Northrim BanCorp in the 2nd quarter valued at about $9,514,000. Finally, Alaska Wealth Advisors LLC acquired a new stake in shares of Northrim BanCorp in the 2nd quarter valued at about $8,481,000. 65.99% of the stock is currently owned by institutional investors and hedge funds.

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.