Key Points
- Executive vice president Jed Ballard sold 3,492 Northrim BanCorp shares at an average price of $25.91, generating $90,477.72 and reducing his direct stake by 11.51%.
- Northrim BanCorp exceeded quarterly earnings expectations, reporting $0.68 in EPS versus $0.61 expected and $53.79 million in revenue. The company also increased its quarterly dividend to $0.17, or $0.68 annually.
- Analysts maintain a “Moderate Buy” consensus with an average price target of $31.50, while institutional investors own nearly 66% of the company’s shares.
Northrim BanCorp Inc (NASDAQ:NRIM - Get Free Report) EVP Jed Ballard sold 3,492 shares of the business's stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $25.91, for a total transaction of $90,477.72. Following the sale, the executive vice president directly owned 26,835 shares in the company, valued at approximately $695,294.85. This represents a 11.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Northrim BanCorp Trading Down 0.6%
NASDAQ NRIM opened at $25.65 on Friday. The company has a fifty day simple moving average of $26.86 and a two-hundred day simple moving average of $25.15. The stock has a market cap of $570.71 million, a P/E ratio of 8.44 and a beta of 0.88. Northrim BanCorp Inc has a 12-month low of $19.60 and a 12-month high of $30.82. 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 (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 business 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, analysts forecast that Northrim BanCorp Inc will post 2.57 earnings per share for the current year.
Northrim BanCorp Increases Dividend
The company 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 $0.17 dividend. The ex-dividend date is Thursday, September 10th. This is a positive change 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 dividend payout ratio (DPR) is 21.05%.
Institutional Investors Weigh In On Northrim BanCorp
A number of hedge funds and other institutional investors have recently made changes to their positions in NRIM. California State Teachers Retirement System lifted its stake in shares of Northrim BanCorp by 618.9% in the 2nd quarter. California State Teachers Retirement System now owns 8,461 shares of the financial services provider's stock valued at $235,000 after purchasing an additional 7,284 shares during the period. Ancora Advisors LLC grew its position in Northrim BanCorp by 74.5% during the second quarter. Ancora Advisors LLC now owns 126,214 shares of the financial services provider's stock valued at $3,501,000 after buying an additional 53,894 shares during the period. Benjamin Edwards Inc. purchased a new position in Northrim BanCorp in the second quarter valued at $350,000. Empowered Funds LLC purchased a new position in Northrim BanCorp in the second quarter valued at $2,517,000. Finally, Punch & Associates Investment Management Inc. acquired a new position in shares of Northrim BanCorp in the second quarter worth about $9,514,000. Institutional investors and hedge funds own 65.99% of the company's stock.
Analyst Ratings Changes
NRIM has been the subject of several research reports. Keefe, Bruyette & Woods assumed coverage on shares of Northrim BanCorp in a research note on Wednesday, July 1st. They set a "market perform" rating and a $30.00 price objective for the company. Weiss Ratings reissued 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 given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $31.50.
View Our Latest Stock Analysis on Northrim BanCorp
Northrim BanCorp Company Profile
(
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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