Northrim BanCorp (NASDAQ:NRIM) Announces Earnings Results, Misses Expectations By $0.10 EPS

Northrim BanCorp (NASDAQ:NRIM) issued its quarterly earnings results on Friday. The financial services provider reported $0.54 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.10), FiscalAI reports. Northrim BanCorp had a return on equity of 18.12% and a net margin of 25.32%.

Northrim BanCorp Stock Down 11.6%

NASDAQ NRIM traded down $3.45 on Friday, reaching $26.25. The company had a trading volume of 122,627 shares, compared to its average volume of 153,788. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.87. Northrim BanCorp has a 1 year low of $16.17 and a 1 year high of $30.82. The firm has a 50-day moving average of $26.45 and a 200-day moving average of $23.76. The firm has a market capitalization of $579.75 million, a PE ratio of 9.34 and a beta of 0.97.

Northrim BanCorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 26th. Investors of record on Thursday, December 18th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, December 18th. This represents a $0.64 annualized dividend and a yield of 2.4%. Northrim BanCorp’s payout ratio is 22.78%.

Insiders Place Their Bets

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

Institutional Trading of Northrim BanCorp

A number of hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC increased its holdings in shares of Northrim BanCorp by 34.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 538 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 138 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Northrim BanCorp by 5.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider’s stock valued at $233,000 after buying an additional 156 shares during the last quarter. Creative Planning boosted its position in shares of 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 during the period. Occudo Quantitative Strategies LP boosted its position in shares of 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 worth $369,000 after buying an additional 355 shares during the period. Finally, Rhumbline Advisers grew its holdings in Northrim BanCorp by 7.5% in the 2nd quarter. Rhumbline Advisers now owns 6,775 shares of the financial services provider’s stock worth $632,000 after buying an additional 475 shares in the last quarter. Institutional investors and hedge funds own 65.99% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Zacks Research cut shares of Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. Weiss Ratings reissued a “buy (b)” rating on shares of Northrim BanCorp in a research report on Wednesday, December 24th. Hovde Group upped their price target on 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 raised Northrim BanCorp from a “hold” rating to a “buy” rating in a research note on Saturday, October 25th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.