Northrim BanCorp (NASDAQ:NRIM) Releases Earnings Results

Northrim BanCorp (NASDAQ:NRIM) announced its quarterly earnings data on Wednesday. The financial services provider reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.08, Zacks reports. Northrim BanCorp had a return on equity of 17.66% and a net margin of 25.17%.The company had revenue of $48.30 million during the quarter, compared to the consensus estimate of $50.60 million.

Northrim BanCorp Price Performance

Shares of NRIM stock opened at $24.30 on Thursday. The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $540.43 million, a P/E ratio of 8.47 and a beta of 0.91. Northrim BanCorp has a 12 month low of $18.73 and a 12 month high of $30.82. The stock has a 50 day moving average of $23.84 and a two-hundred day moving average of $24.43.

Insider Activity at Northrim BanCorp

In related news, CEO Michael G. Huston bought 1,500 shares of the business’s stock in a transaction that occurred on Thursday, January 29th. The stock was acquired at an average price of $22.80 per share, for a total transaction of $34,200.00. Following the transaction, the chief executive officer directly owned 83,252 shares of the company’s stock, valued at $1,898,145.60. This represents a 1.83% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last ninety days, insiders purchased 2,790 shares of company stock worth $64,179. 3.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Northrim BanCorp

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC lifted its position in shares of Northrim BanCorp by 34.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 538 shares of the financial services provider’s stock worth $50,000 after buying an additional 138 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Northrim BanCorp by 5.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider’s stock worth $233,000 after buying an additional 156 shares during the period. Creative Planning lifted its position in shares of Northrim BanCorp by 11.2% during the 2nd quarter. Creative Planning now owns 3,096 shares of the financial services provider’s stock worth $289,000 after buying an additional 313 shares during the period. Occudo Quantitative Strategies LP lifted its position in shares of Northrim BanCorp by 9.8% during the 2nd quarter. Occudo Quantitative Strategies LP now owns 3,960 shares of the financial services provider’s stock worth $369,000 after buying an additional 355 shares during the period. Finally, Quarry LP lifted its position in shares of Northrim BanCorp by 47.7% during the 4th quarter. Quarry LP now owns 1,275 shares of the financial services provider’s stock worth $34,000 after buying an additional 412 shares during the period. Institutional investors own 65.99% of the company’s stock.

Wall Street Analyst Weigh In

NRIM has been the subject of a number of research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Northrim BanCorp in a research report on Wednesday, December 24th. Zacks Research downgraded Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. Finally, Wall Street Zen downgraded Northrim BanCorp from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Northrim BanCorp has an average rating of “Moderate Buy” and a consensus target price of $33.00.

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.