Insider Buying: Northrim BanCorp (NASDAQ:NRIM) Director Purchases $31,440.00 in Stock

Northrim BanCorp Inc (NASDAQ:NRIM) Director Linda Thomas bought 1,200 shares of Northrim BanCorp stock in a transaction on Tuesday, September 8th. The stock was acquired at an average price of $26.20 per share, with a total value of $31,440.00. Following the completion of the purchase, the director directly owned 6,688 shares of the company’s stock, valued at approximately $175,225.60. The trade was a 21.87% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Northrim BanCorp Stock Performance

NRIM stock opened at $26.05 on Friday. The firm has a 50 day moving average of $26.66 and a two-hundred day moving average of $25.18. Northrim BanCorp Inc has a 12 month low of $19.60 and a 12 month high of $30.82. The company has a market capitalization of $579.61 million, a price-to-earnings ratio of 8.57 and a beta of 0.87. The company has a quick ratio of 0.91, a current ratio of 0.94 and a debt-to-equity ratio of 0.23.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.07. Northrim BanCorp had a net margin of 26.03% and a return on equity of 17.33%. The business had revenue of $53.79 million for the quarter, compared to the consensus estimate of $51.80 million. As a group, equities analysts anticipate that Northrim BanCorp Inc will post 2.68 EPS for the current fiscal year.

Northrim BanCorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Thursday, September 10th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.6%. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.16. The ex-dividend date is Thursday, September 10th. Northrim BanCorp’s dividend payout ratio is 21.05%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on NRIM shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Northrim BanCorp in a research note on Tuesday, June 16th. Hovde Group initiated coverage on Northrim BanCorp in a research note on Tuesday. They issued an “outperform” rating and a $30.00 price objective on the stock. Finally, Keefe, Bruyette & Woods began coverage on Northrim BanCorp in a report on Wednesday, July 1st. They issued a “market perform” rating and a $30.00 target price for the company. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $30.00.

Institutional Inflows and Outflows

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

About Northrim BanCorp

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.