Key Points
- Director David McCambridge purchased 1,150 shares on December 9 at an average price of $24.87, increasing his stake to 41,598 shares (≈$1.03M), a 2.84% position gain disclosed in an SEC filing.
- Northrim beat quarterly expectations with $0.72 EPS vs. $0.62 consensus and $66.59M revenue, showing strong profitability (ROE 18.12%, net margin 25.32%), and analysts have upgraded the stock to an average target of $33.00.
- The company declared a quarterly dividend of $0.16 per share (annualized $0.64), with an ex-dividend date of December 18 and payment on December 26, reflecting a ~2.4% yield.
Northrim BanCorp Inc (NASDAQ:NRIM - Get Free Report) Director David Mccambridge purchased 1,150 shares of the company's stock in a transaction dated Tuesday, December 9th. The stock was acquired at an average price of $24.87 per share, with a total value of $28,600.50. Following the completion of the transaction, the director owned 41,598 shares of the company's stock, valued at $1,034,542.26. This represents a 2.84% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website.
Northrim BanCorp Price Performance
NASDAQ:NRIM traded up $0.37 during trading hours on Thursday, reaching $26.71. 22,777 shares of the company were exchanged, compared to its average volume of 177,540. The business has a 50 day moving average of $22.81 and a 200 day moving average of $22.68. Northrim BanCorp Inc has a 1-year low of $16.17 and a 1-year high of $26.75. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.87. The company has a market capitalization of $590.02 million, a P/E ratio of 9.52 and a beta of 0.98.
Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last announced its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.10. The firm had revenue of $66.59 million during the quarter, compared to analysts' expectations of $50.60 million. Northrim BanCorp had a return on equity of 18.12% and a net margin of 25.32%. Research analysts forecast that Northrim BanCorp Inc will post 8.05 EPS for the current year.
Northrim BanCorp Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Thursday, December 18th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, December 18th. This represents a $0.64 annualized dividend and a yield of 2.4%. Northrim BanCorp's dividend payout ratio is currently 22.78%.
Institutional Trading of Northrim BanCorp
Hedge funds and other institutional investors have recently modified their holdings of the stock. Federated Hermes Inc. increased its holdings in shares of Northrim BanCorp by 388.6% during the first quarter. Federated Hermes Inc. now owns 342 shares of the financial services provider's stock worth $25,000 after buying an additional 272 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its position in Northrim BanCorp by 298.0% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider's stock worth $34,000 after acquiring an additional 1,174 shares during the last quarter. CWM LLC increased its holdings in Northrim BanCorp by 286.6% in the 3rd quarter. CWM LLC now owns 1,616 shares of the financial services provider's stock worth $35,000 after purchasing an additional 1,198 shares in the last quarter. US Bancorp DE acquired a new position in Northrim BanCorp in the 1st quarter worth about $37,000. Finally, Assetmark Inc. raised its position in Northrim BanCorp by 289.5% in the third quarter. Assetmark Inc. now owns 1,780 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 1,323 shares during the last quarter. Institutional investors own 65.99% of the company's stock.
Analyst Ratings Changes
Several equities analysts have commented on NRIM shares. Wall Street Zen raised shares of Northrim BanCorp from a "hold" rating to a "buy" rating in a report on Saturday, October 25th. Zacks Research upgraded shares of Northrim BanCorp from a "hold" rating to a "strong-buy" rating in a research report on Friday, November 14th. Weiss Ratings restated a "buy (b-)" rating on shares of Northrim BanCorp in a research report on Tuesday, October 14th. Finally, Hovde Group upped their target price on Northrim BanCorp from $28.00 to $33.00 and gave the stock an "outperform" rating in a research note on Friday, October 24th. One research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company's stock. According to MarketBeat.com, Northrim BanCorp presently has an average rating of "Buy" and an average target price of $33.00.
Read Our Latest Stock Analysis on Northrim BanCorp
Northrim BanCorp Company Profile
(
Get Free Report)
Northrim BanCorp, Inc operates as the bank holding company for Northrim Bank that provides commercial banking products and services to businesses and professional individuals. It operates through two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, individual retirement and money market deposit accounts, certificates of deposit, and business sweep accounts.
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