Northrim BanCorp (NASDAQ:NRIM) Stock Price Down 6.1% on Disappointing Earnings

Northrim BanCorp Inc (NASDAQ:NRIM)’s share price fell 6.1% during trading on Friday following a weaker than expected earnings announcement. The company traded as low as $27.60 and last traded at $27.87. 55,972 shares were traded during mid-day trading, a decline of 63% from the average session volume of 150,870 shares. The stock had previously closed at $29.69.

The financial services provider reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.10). Northrim BanCorp had a net margin of 25.32% and a return on equity of 18.12%.

Northrim BanCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 26th. Investors of record on Thursday, December 18th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Thursday, December 18th. Northrim BanCorp’s dividend payout ratio (DPR) is 22.78%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on NRIM shares. Zacks Research downgraded shares of Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. Hovde Group upped their price target on Northrim BanCorp from $28.00 to $33.00 and gave the stock an “outperform” rating in a research note on Friday, October 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northrim BanCorp in a research report on Wednesday, December 24th. Finally, Wall Street Zen upgraded Northrim BanCorp from a “hold” rating to a “buy” rating in a research note on Saturday, October 25th. 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 data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $33.00.

Insider Buying and Selling at Northrim BanCorp

In other Northrim BanCorp news, Director Shauna Hegna acquired 1,186 shares of the company’s stock in a transaction that occurred on Tuesday, December 9th. The shares were bought at an average cost of $25.25 per share, with a total value of $29,946.50. Following the completion of the transaction, the director directly owned 1,638 shares of the company’s stock, valued at approximately $41,359.50. This represents a 262.39% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David J. Mccambridge bought 1,150 shares of the company’s stock in a transaction that occurred on Tuesday, December 9th. The stock was bought at an average price of $24.87 per share, for a total transaction of $28,600.50. Following the acquisition, the director directly owned 41,598 shares of the company’s stock, valued at $1,034,542.26. The trade was a 2.84% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Northrim BanCorp

Hedge funds and other institutional investors have recently modified their holdings of the company. Federated Hermes Inc. grew its holdings in shares of Northrim BanCorp by 300.0% in the third quarter. Federated Hermes Inc. now owns 1,452 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 1,089 shares during the period. CANADA LIFE ASSURANCE Co boosted its position in Northrim BanCorp by 298.0% in the third quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 1,174 shares during the last quarter. CWM LLC boosted its position in Northrim BanCorp by 286.6% in the third quarter. CWM LLC now owns 1,616 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,198 shares during the last quarter. Assetmark Inc. grew its stake in shares of Northrim BanCorp by 289.5% during the 3rd quarter. Assetmark Inc. now owns 1,780 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 1,323 shares during the period. Finally, Ameritas Investment Partners Inc. increased its position in shares of Northrim BanCorp by 227.2% during the 3rd quarter. Ameritas Investment Partners Inc. now owns 1,816 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 1,261 shares during the last quarter. 65.99% of the stock is owned by institutional investors.

Northrim BanCorp Stock Down 16.8%

The company’s 50-day moving average price is $26.45 and its 200 day moving average price is $23.76. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.87 and a current ratio of 0.91. The stock has a market cap of $545.95 million, a PE ratio of 8.79 and a beta of 0.97.

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.