Northrim BanCorp (NASDAQ:NRIM) Releases Quarterly Earnings Results

Northrim BanCorp (NASDAQ:NRIM) issued its quarterly earnings results on Thursday. The financial services provider reported $0.60 EPS for the quarter, FiscalAI reports. Northrim BanCorp had a return on equity of 17.33% and a net margin of 26.03%.

Northrim BanCorp Trading Up 1.3%

Northrim BanCorp stock traded up $0.32 during mid-day trading on Thursday, hitting $24.43. The company’s stock had a trading volume of 120,346 shares, compared to its average volume of 157,384. The stock has a market cap of $543.57 million, a price-to-earnings ratio of 8.04 and a beta of 0.90. Northrim BanCorp has a 12 month low of $19.60 and a 12 month high of $30.82. The business has a 50 day moving average price of $25.55 and a 200-day moving average price of $25.46. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.94 and a quick ratio of 0.91.

Northrim BanCorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Thursday, September 10th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Thursday, September 10th. This is a positive change from Northrim BanCorp’s previous quarterly dividend of $0.16. Northrim BanCorp’s dividend payout ratio (DPR) is presently 22.37%.

Wall Street Analysts Forecast Growth

NRIM has been the subject of a number of recent analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Northrim BanCorp in a research note on Friday, September 11th. Keefe, Bruyette & Woods started coverage on Northrim BanCorp in a research note on Wednesday, July 1st. They set a “market perform” rating and a $30.00 target price on the stock. Finally, Hovde Group initiated coverage on shares of Northrim BanCorp in a report on Tuesday, September 8th. They issued an “outperform” rating and a $30.00 price target on the stock. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

Insider Activity

In other news, Director Anthony Drabek sold 1,200 shares of Northrim BanCorp stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $25.52, for a total value of $30,624.00. Following the sale, the director directly owned 14,120 shares in the company, valued at approximately $360,342.40. This trade represents a 7.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jed Ballard sold 3,492 shares of the stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $25.91, for a total transaction of $90,477.72. Following the completion of the transaction, the executive vice president directly owned 26,835 shares of the company’s stock, valued at approximately $695,294.85. The trade was a 11.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 18,180 shares of company stock valued at $477,724. Company insiders own 2.40% of the company’s stock.

Institutional Trading of Northrim BanCorp

Hedge funds have recently modified their holdings of the business. Western Wealth Management LLC bought a new stake in shares of Northrim BanCorp in the 1st quarter worth approximately $27,000. Versant Capital Management Inc increased its position in 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 valued at $30,000 after buying an additional 885 shares in the last quarter. IFP Advisors Inc increased its position in Northrim BanCorp by 97.0% during the 2nd quarter. IFP Advisors Inc now owns 1,375 shares of the financial services provider’s stock valued at $38,000 after buying an additional 677 shares in the last quarter. Legal & General Group Plc purchased a new position in Northrim BanCorp during the second quarter valued at $60,000. Finally, Quantbot Technologies LP purchased a new position in Northrim BanCorp during the second quarter valued at $138,000. Institutional investors own 65.99% of the company’s stock.

About Northrim BanCorp

Northrim BanCorp, Inc is a bank holding company headquartered in Anchorage, Alaska. Through its subsidiary, Northrim Bank, the company provides banking and financial services to businesses, individuals, and organizations, with a focus on serving Alaska communities.

Northrim Bank offers commercial and consumer lending, commercial real estate financing, residential mortgage lending, deposit accounts, cash-management and treasury services, online and mobile banking, and other traditional banking products.