Jed Ballard Sells 3,492 Shares of Northrim BanCorp (NASDAQ:NRIM) Stock

Northrim BanCorp Inc (NASDAQ:NRIM) EVP Jed Ballard sold 3,492 shares of the business’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $25.91, for a total transaction of $90,477.72. Following the completion of the sale, the executive vice president directly owned 26,835 shares of the company’s stock, valued at approximately $695,294.85. This trade represents a 11.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Northrim BanCorp Price Performance

NRIM opened at $25.65 on Friday. The company has a market capitalization of $570.71 million, a price-to-earnings ratio of 8.44 and a beta of 0.88. The company has a current ratio of 0.94, a quick ratio of 0.91 and a debt-to-equity ratio of 0.23. Northrim BanCorp Inc has a 12-month low of $19.60 and a 12-month high of $30.82. The business’s fifty day simple moving average is $26.86 and its 200-day simple moving average is $25.15.

Northrim BanCorp (NASDAQ:NRIM) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07. The company had revenue of $53.79 million during the quarter, compared to the consensus estimate of $51.80 million. Northrim BanCorp had a net margin of 26.03% and a return on equity of 17.33%. On average, equities research analysts anticipate that Northrim BanCorp Inc will post 2.57 earnings per share for the current fiscal year.

Northrim BanCorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Thursday, September 10th will be paid a dividend of $0.17 per share. The ex-dividend date is Thursday, September 10th. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a dividend yield of 2.7%. Northrim BanCorp’s payout ratio is presently 21.05%.

Institutional Investors Weigh In On Northrim BanCorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Western Wealth Management LLC acquired a new stake in Northrim BanCorp in the 1st quarter valued at about $27,000. Quarry LP boosted its holdings in shares of Northrim BanCorp by 47.7% during the 4th quarter. Quarry LP now owns 1,275 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 412 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its position in shares of Northrim BanCorp by 298.0% in the third quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 1,174 shares in the last quarter. Ameritas Investment Partners Inc. grew its position 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. Finally, Clearstead Advisors LLC increased its holdings in shares of Northrim BanCorp by 192.4% in the fourth quarter. Clearstead Advisors LLC now owns 1,509 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 993 shares during the last quarter. Hedge funds and other institutional investors own 65.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Keefe, Bruyette & Woods started coverage on Northrim BanCorp in a report on Wednesday, July 1st. They issued a “market perform” rating and a $30.00 price target for the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northrim BanCorp in a research note on Tuesday, June 16th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $31.50.

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.