Northrim BanCorp (NASDAQ:NRIM) Issues Earnings Results

Northrim BanCorp (NASDAQ:NRIM) announced its earnings results on Friday. The financial services provider reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.10), FiscalAI reports. The company had revenue of $51.66 million during the quarter, compared to analysts’ expectations of $52.70 million. Northrim BanCorp had a net margin of 25.32% and a return on equity of 18.12%.

Northrim BanCorp Stock Down 15.0%

NRIM stock opened at $25.25 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 0.07. The company’s 50-day moving average price is $26.49 and its 200 day moving average price is $23.76. Northrim BanCorp has a 52 week low of $16.17 and a 52 week high of $30.82. The company has a market cap of $557.77 million, a P/E ratio of 8.81 and a beta of 0.97.

Northrim BanCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 26th. Investors 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 dividend on an annualized basis and a yield of 2.5%. Northrim BanCorp’s payout ratio is currently 22.78%.

Insider Buying and Selling

In other news, Director Shauna Hegna purchased 1,186 shares of the firm’s stock in a transaction dated Tuesday, December 9th. The shares were acquired at an average price of $25.25 per share, with a total value of $29,946.50. Following the purchase, the director directly owned 1,638 shares of the company’s stock, valued at $41,359.50. The trade was a 262.39% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David J. Mccambridge acquired 1,150 shares of the company’s stock in a transaction that occurred on Tuesday, December 9th. The stock was purchased at an average cost of $24.87 per share, with a total value of $28,600.50. Following the completion of the purchase, the director directly owned 41,598 shares in the company, valued at $1,034,542.26. This represents a 2.84% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 3.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. CANADA LIFE ASSURANCE Co grew its stake in Northrim BanCorp by 298.0% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 1,174 shares during the last quarter. Ameritas Investment Partners Inc. lifted its holdings in shares of Northrim BanCorp by 227.2% in the third quarter. Ameritas Investment Partners Inc. now owns 1,816 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 1,261 shares in the last quarter. Legal & General Group Plc grew its position in shares of Northrim BanCorp by 300.0% in the third quarter. Legal & General Group Plc now owns 2,204 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 1,653 shares during the last quarter. Tower Research Capital LLC TRC increased its stake 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 purchasing an additional 138 shares in the last quarter. Finally, Quantbot Technologies LP raised its position in shares of Northrim BanCorp by 52.1% during the 3rd quarter. Quantbot Technologies LP now owns 6,846 shares of the financial services provider’s stock worth $148,000 after purchasing an additional 2,345 shares during the last quarter. Institutional investors and hedge funds own 65.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on NRIM shares. Zacks Research lowered shares of Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northrim BanCorp in a report on Wednesday, December 24th. Hovde Group boosted their price target on shares of Northrim BanCorp from $28.00 to $33.00 and gave the stock an “outperform” rating in a research note on Friday, October 24th. Finally, Wall Street Zen upgraded shares of 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 given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.