Northrim BanCorp (NASDAQ:NRIM) Trading Down 6.1% Following Weak Earnings

Northrim BanCorp Inc (NASDAQ:NRIM)’s stock price traded down 6.1% during trading on Friday following a weaker than expected earnings announcement. The stock traded as low as $27.60 and last traded at $27.87. 55,972 shares were traded during mid-day trading, a decline of 63% from the average session volume of 150,870 shares. The stock had previously closed at $29.69.

The financial services provider reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.10). Northrim BanCorp had a net margin of 25.32% and a return on equity of 18.12%.

Northrim BanCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 26th. Stockholders of record on Thursday, December 18th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Thursday, December 18th. Northrim BanCorp’s dividend payout ratio is 22.78%.

Analyst Ratings Changes

Several analysts have issued reports on the company. Zacks Research lowered Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northrim BanCorp in a research report on Wednesday, December 24th. Wall Street Zen upgraded Northrim BanCorp from a “hold” rating to a “buy” rating in a research note on Saturday, October 25th. Finally, Hovde Group increased their target price on shares of Northrim BanCorp from $28.00 to $33.00 and gave the stock an “outperform” rating in a report on Friday, October 24th. Two equities research 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, Northrim BanCorp currently has a consensus rating of “Moderate Buy” and an average target price of $33.00.

Insider Activity

In other Northrim BanCorp news, Director David J. Mccambridge bought 1,150 shares of the business’s stock in a transaction that occurred on Tuesday, December 9th. The stock was purchased at an average price of $24.87 per share, for a total transaction of $28,600.50. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Shauna Hegna purchased 1,186 shares of the stock in a transaction that occurred on Tuesday, December 9th. The stock was acquired at an average cost of $25.25 per share, for a total transaction of $29,946.50. Following the completion of the acquisition, the director owned 1,638 shares in the company, valued at $41,359.50. This represents a 262.39% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Northrim BanCorp

A number of hedge funds and other institutional investors have recently modified their holdings of NRIM. Vanguard Group Inc. grew its stake in Northrim BanCorp by 326.4% during the third quarter. Vanguard Group Inc. now owns 1,639,351 shares of the financial services provider’s stock valued at $35,508,000 after acquiring an additional 1,254,870 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings 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 valued at $29,166,000 after purchasing an additional 960,299 shares during the last quarter. American Century Companies Inc. grew its position in shares of Northrim BanCorp by 344.3% during the third quarter. American Century Companies Inc. now owns 665,888 shares of the financial services provider’s stock valued at $14,423,000 after purchasing an additional 516,030 shares in the last quarter. Ameriprise Financial Inc. grew its position 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 valued at $6,545,000 after purchasing an additional 213,238 shares in the last quarter. Finally, LSV Asset Management increased its holdings in shares of Northrim BanCorp by 185.8% in the third quarter. LSV Asset Management now owns 255,360 shares of the financial services provider’s stock worth $5,531,000 after purchasing an additional 166,020 shares during the last quarter. Institutional investors own 65.99% of the company’s stock.

Northrim BanCorp Stock Down 16.8%

The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.87. The company has a market capitalization of $545.95 million, a PE ratio of 8.79 and a beta of 0.97. The business has a 50-day moving average of $26.45 and a 200 day moving average of $23.76.

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.