Northrim BanCorp (NASDAQ:NRIM) Releases Earnings Results, Misses Estimates By $0.10 EPS

Northrim BanCorp (NASDAQ:NRIM) announced its earnings results on Thursday, October 15th. The financial services provider reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.10), FiscalAI reports. Northrim BanCorp had a return on equity of 16.25% and a net margin of 22.02%. The business had revenue of $57.41 million for the quarter, compared to analyst estimates of $55.80 million.

Northrim BanCorp Trading Down 1.4%

Shares of NASDAQ NRIM traded down $0.33 on Friday, reaching $23.85. 95,639 shares of the company traded hands, compared to its average volume of 157,184. The stock has a market capitalization of $530.66 million, a PE ratio of 9.66 and a beta of 0.90. Northrim BanCorp has a fifty-two week low of $21.68 and a fifty-two week high of $30.82. The company has a current ratio of 0.94, a quick ratio of 0.91 and a debt-to-equity ratio of 0.23. The company has a 50 day moving average of $24.93 and a 200 day moving average of $25.17.

Northrim BanCorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Thursday, September 10th were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Thursday, September 10th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.9%. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.16. Northrim BanCorp’s dividend payout ratio is currently 27.53%.

Wall Street Analysts Forecast Growth

NRIM has been the subject of several research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northrim BanCorp in a report on Friday, September 11th. Hovde Group assumed coverage on Northrim BanCorp in a research note on Tuesday, September 8th. They issued an “outperform” rating and a $30.00 target price on the stock. Finally, Keefe, Bruyette & Woods cut their price target on Northrim BanCorp from $30.00 to $29.00 and set a “market perform” rating for the company in a report on Monday, October 19th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $29.50.

Insider Buying and Selling

In other Northrim BanCorp news, EVP Jed Ballard sold 3,492 shares of Northrim BanCorp stock in a transaction on Friday, August 28th. The shares were sold at an average price of $25.91, for a total value of $90,477.72. Following the transaction, the executive vice president owned 26,835 shares in the company, valued at $695,294.85. This trade represents a 11.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Linda Thomas purchased 1,200 shares of the firm’s stock in a transaction on Tuesday, September 8th. The stock was bought at an average price of $26.20 per share, for a total transaction of $31,440.00. Following the acquisition, the director owned 6,688 shares in the company, valued at $175,225.60. The trade was a 21.87% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 2.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Western Wealth Management LLC purchased a new position in shares of Northrim BanCorp in the 1st quarter worth about $27,000. Versant Capital Management Inc grew its holdings in shares of Northrim BanCorp by 254.3% during the 3rd quarter. Versant Capital Management Inc now owns 1,233 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 885 shares during the period. IFP Advisors Inc increased its position in shares of Northrim BanCorp by 97.0% in the second quarter. IFP Advisors Inc now owns 1,375 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 677 shares in the last quarter. Legal & General Group Plc purchased a new position in shares of Northrim BanCorp in the 2nd quarter valued at $60,000. Finally, Quantbot Technologies LP purchased a new stake in Northrim BanCorp during the 2nd quarter worth $138,000. Institutional investors and hedge funds own 65.99% of the company’s stock.

Northrim BanCorp Company Profile

Northrim BanCorp, Inc is a bank holding company headquartered in Anchorage, Alaska. Its principal subsidiary, Northrim Bank, provides banking and financial services to individuals, businesses, nonprofit organizations and government-related entities in Alaska.

Northrim Bank’s services include commercial and consumer lending, residential mortgage lending, deposit accounts, cash-management services, online and mobile banking, and treasury-management solutions. The bank also offers wealth-management and investment services through affiliated or related financial-service operations.

Founded in 1990, Northrim has built its business around serving Alaska communities, with a particular focus on small and medium-sized businesses and commercial borrowers.