FIG Partners Weighs in on Northrim BanCorp, Inc.’s FY2019 Earnings (NRIM)
Northrim BanCorp, Inc. (NASDAQ:NRIM) – Equities researchers at FIG Partners increased their FY2019 earnings per share estimates for Northrim BanCorp in a research report issued on Thursday, November 15th. FIG Partners analyst B. Martin now anticipates that the financial services provider will post earnings of $3.33 per share for the year, up from their prior estimate of $2.90.
NRIM has been the subject of a number of other research reports. Zacks Investment Research upgraded Northrim BanCorp from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a report on Saturday. BidaskClub upgraded Northrim BanCorp from a “hold” rating to a “buy” rating in a report on Friday, October 12th. Finally, ValuEngine lowered Northrim BanCorp from a “buy” rating to a “hold” rating in a report on Tuesday, November 6th.
Northrim BanCorp (NASDAQ:NRIM) last announced its earnings results on Monday, October 29th. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.13. The business had revenue of $24.49 million during the quarter, compared to analyst estimates of $24.10 million. Northrim BanCorp had a return on equity of 9.28% and a net margin of 16.25%.
In other news, Director Karl L. Hanneman purchased 700 shares of the stock in a transaction that occurred on Thursday, November 1st. The stock was purchased at an average price of $37.80 per share, for a total transaction of $26,460.00. Following the completion of the acquisition, the director now owns 4,900 shares of the company’s stock, valued at $185,220. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.80% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in NRIM. Acadian Asset Management LLC purchased a new stake in Northrim BanCorp during the second quarter worth $1,882,000. Meeder Asset Management Inc. lifted its holdings in Northrim BanCorp by 231.4% during the second quarter. Meeder Asset Management Inc. now owns 5,246 shares of the financial services provider’s stock worth $207,000 after buying an additional 3,663 shares during the period. Wedge Capital Management L L P NC purchased a new stake in Northrim BanCorp during the second quarter worth $772,000. First Trust Advisors LP lifted its holdings in Northrim BanCorp by 21.2% during the second quarter. First Trust Advisors LP now owns 9,714 shares of the financial services provider’s stock worth $384,000 after buying an additional 1,699 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in Northrim BanCorp by 12.0% during the second quarter. Russell Investments Group Ltd. now owns 14,953 shares of the financial services provider’s stock worth $590,000 after buying an additional 1,599 shares during the period. Hedge funds and other institutional investors own 70.95% of the company’s stock.
Northrim BanCorp Company Profile
Northrim BanCorp, Inc operates as the bank holding company for Northrim Bank that provides commercial banking products and services to businesses and professionals in Alaska. The company operates in two segments, Community Banking and Home Mortgage Lending. It offers various deposit products, including noninterest-bearing checking accounts and interest-bearing time deposits, checking accounts, and savings accounts, as well as money market deposit accounts, certificates of deposit, and courier noncash deposits.
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