Insider Buying: Northrim BanCorp (NASDAQ:NRIM) CEO Buys $34,200.00 in Stock

Northrim BanCorp Inc (NASDAQ:NRIM) CEO Michael Huston purchased 1,500 shares of the company’s stock in a transaction that occurred on Thursday, January 29th. The stock was acquired at an average cost of $22.80 per share, for a total transaction of $34,200.00. Following the transaction, the chief executive officer owned 83,252 shares in the company, valued at $1,898,145.60. This represents a 1.83% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Northrim BanCorp Stock Performance

Shares of Northrim BanCorp stock opened at $23.56 on Friday. The company has a market cap of $520.44 million, a PE ratio of 8.22 and a beta of 0.97. Northrim BanCorp Inc has a 52 week low of $16.17 and a 52 week high of $30.82. The business has a 50 day moving average price of $26.49 and a 200-day moving average price of $23.74. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 0.07.

Northrim BanCorp (NASDAQ:NRIM) last announced its earnings results on Friday, January 23rd. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.10). The company had revenue of $51.66 million for the quarter, compared to analysts’ expectations of $52.70 million. Northrim BanCorp had a net margin of 25.17% and a return on equity of 18.13%. Equities analysts anticipate that Northrim BanCorp Inc will post 8.05 earnings per share for the current fiscal year.

Northrim BanCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Thursday, March 5th will be paid a $0.16 dividend. The ex-dividend date is Thursday, March 5th. This represents a $0.64 annualized dividend and a dividend yield of 2.7%. Northrim BanCorp’s dividend payout ratio is presently 22.30%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on NRIM shares. Hovde Group upped their price objective on shares of Northrim BanCorp from $28.00 to $33.00 and gave the stock an “outperform” rating in a research report on Friday, October 24th. Zacks Research downgraded Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northrim BanCorp in a report on Wednesday, December 24th. Finally, Wall Street Zen lowered Northrim BanCorp from a “buy” rating to a “hold” rating in a report on Saturday. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $33.00.

Hedge Funds Weigh In On Northrim BanCorp

Several institutional investors and hedge funds have recently bought and sold shares of NRIM. 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 buying an additional 138 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Northrim BanCorp by 5.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider’s stock worth $233,000 after acquiring an additional 156 shares during the last quarter. Cullen Frost Bankers Inc. raised its stake in Northrim BanCorp by 159.9% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 486 shares of the financial services provider’s stock valued at $45,000 after acquiring an additional 299 shares during the period. Creative Planning raised its stake in Northrim BanCorp by 11.2% in the 2nd quarter. Creative Planning now owns 3,096 shares of the financial services provider’s stock valued at $289,000 after acquiring an additional 313 shares during the period. Finally, Occudo Quantitative Strategies LP lifted its holdings in Northrim BanCorp by 9.8% during the second quarter. Occudo Quantitative Strategies LP now owns 3,960 shares of the financial services provider’s stock valued at $369,000 after purchasing an additional 355 shares during the last quarter. 65.99% of the stock is owned by institutional investors.

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.