Northrim BanCorp (NASDAQ:NRIM) Announces Earnings Results

Northrim BanCorp (NASDAQ:NRIM) released its quarterly earnings data on Friday. The financial services provider reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.10), FiscalAI reports. Northrim BanCorp had a net margin of 25.32% and a return on equity of 18.12%.

Northrim BanCorp Stock Performance

NRIM traded down $3.32 during trading on Friday, hitting $26.37. 192,811 shares of the stock were exchanged, compared to its average volume of 160,115. The stock has a fifty day moving average price of $26.45 and a two-hundred day moving average price of $23.76. Northrim BanCorp has a 1-year low of $16.17 and a 1-year high of $30.82. The firm has a market capitalization of $582.51 million, a P/E ratio of 9.40 and a beta of 0.97. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 0.07.

Northrim BanCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 26th. Shareholders of record on Thursday, December 18th were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, December 18th. This represents a $0.64 annualized dividend and a dividend yield of 2.4%. Northrim BanCorp’s dividend payout ratio (DPR) is presently 22.78%.

Insider Transactions at Northrim BanCorp

In related news, Director David J. Mccambridge bought 1,150 shares of the stock in a transaction on Tuesday, December 9th. The shares were bought at an average cost of $24.87 per share, for a total transaction of $28,600.50. Following the purchase, the director owned 41,598 shares of the company’s stock, valued at $1,034,542.26. This trade represents a 2.84% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Shauna Hegna bought 1,186 shares of the company’s stock in a transaction dated Tuesday, December 9th. The stock was bought at an average cost of $25.25 per share, for a total transaction of $29,946.50. Following the acquisition, the director owned 1,638 shares of the company’s stock, valued at approximately $41,359.50. This trade represents a 262.39% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 3.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Northrim BanCorp

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Northrim BanCorp by 326.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,639,351 shares of the financial services provider’s stock worth $35,508,000 after purchasing an additional 1,254,870 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Northrim BanCorp by 248.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,346,512 shares of the financial services provider’s stock worth $29,166,000 after purchasing an additional 960,299 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Northrim BanCorp by 239.7% during the third quarter. Ameriprise Financial Inc. now owns 302,192 shares of the financial services provider’s stock worth $6,545,000 after buying an additional 213,238 shares in the last quarter. Punch & Associates Investment Management Inc. raised its position in shares of Northrim BanCorp by 1,148.3% in the third quarter. Punch & Associates Investment Management Inc. now owns 247,496 shares of the financial services provider’s stock valued at $5,361,000 after buying an additional 227,669 shares during the last quarter. Finally, Two Sigma Investments LP lifted its stake in shares of Northrim BanCorp by 872.1% during the third quarter. Two Sigma Investments LP now owns 236,425 shares of the financial services provider’s stock valued at $5,121,000 after buying an additional 212,103 shares during the period. 65.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NRIM has been the subject of several analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Northrim BanCorp in a report on Wednesday, December 24th. Hovde Group upped their price objective on Northrim BanCorp from $28.00 to $33.00 and gave the company an “outperform” rating in a report on Friday, October 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 upgraded Northrim BanCorp from a “hold” rating to a “buy” rating in a research report on Saturday, October 25th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $33.00.

About Northrim BanCorp

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.