Key Points
- Executive sale: EVP Jason Alexander Criqui sold 13,488 Northrim BanCorp shares for approximately $356,623 at an average price of $26.44, reducing his ownership by 51.6% to 12,653 shares.
- Strong quarterly results: Northrim reported earnings of $0.68 per share, exceeding the $0.61 consensus estimate, while revenue of $53.79 million also topped expectations.
- Investor outlook: The company pays a quarterly dividend of $0.16, equivalent to a 2.3% annual yield, and analysts maintain a “Moderate Buy” consensus with an average price target of $31.50.
Northrim BanCorp Inc (NASDAQ:NRIM - Get Free Report) EVP Jason Alexander Criqui sold 13,488 shares of the business's stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $26.44, for a total transaction of $356,622.72. Following the sale, the executive vice president owned 12,653 shares of the company's stock, valued at $334,545.32. This trade represents a 51.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.
Northrim BanCorp Trading Up 2.8%
NASDAQ:NRIM opened at $27.25 on Tuesday. The business has a fifty day moving average price of $26.32 and a 200-day moving average price of $25.12. Northrim BanCorp Inc has a one year low of $19.60 and a one year high of $30.82. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.93 and a quick ratio of 0.91. The firm has a market capitalization of $606.18 million, a price-to-earnings ratio of 8.96 and a beta of 0.86.
Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.68 EPS for the quarter, topping the consensus estimate of $0.61 by $0.07. The firm had revenue of $53.79 million for the quarter, compared to the consensus estimate of $51.80 million. Northrim BanCorp had a return on equity of 17.62% and a net margin of 26.03%. Sell-side analysts forecast that Northrim BanCorp Inc will post 2.53 EPS for the current year.
Northrim BanCorp Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, June 11th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Thursday, June 11th. Northrim BanCorp's dividend payout ratio is presently 21.05%.
Institutional Investors Weigh In On Northrim BanCorp
Several hedge funds have recently made changes to their positions in NRIM. Summit Global Investments purchased a new stake in Northrim BanCorp in the second quarter worth about $479,000. Western Wealth Management LLC acquired a new stake in Northrim BanCorp in the first quarter valued at approximately $27,000. Bank of America Corp DE grew its stake in Northrim BanCorp by 13.3% during the 1st quarter. Bank of America Corp DE now owns 52,264 shares of the financial services provider's stock worth $1,196,000 after buying an additional 6,131 shares during the last quarter. Empowered Funds LLC purchased a new position in Northrim BanCorp during the 1st quarter worth $1,397,000. Finally, Quantinno Capital Management LP increased its position in Northrim BanCorp by 57.0% during the 1st quarter. Quantinno Capital Management LP now owns 36,228 shares of the financial services provider's stock valued at $829,000 after buying an additional 13,156 shares in the last quarter. 65.99% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of analysts have issued reports on NRIM shares. Keefe, Bruyette & Woods began coverage on shares of Northrim BanCorp in a report on Wednesday, July 1st. They issued a "market perform" rating and a $30.00 price target on the stock. Weiss Ratings restated a "buy (b)" rating on shares of Northrim BanCorp in a report on Tuesday, June 16th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $31.50.
Read Our Latest Analysis on NRIM
About Northrim BanCorp
(
Get Free Report)
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.
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