Key Points
- Director Anthony Drabek sold 1,200 Northrim BanCorp shares at an average price of $25.52, generating $30,624 and reducing his direct ownership by 7.83% to 14,120 shares.
- Northrim BanCorp reported quarterly results above expectations, with EPS of $0.68 versus the $0.61 consensus and revenue of $53.79 million versus $51.80 million expected.
- The company raised its quarterly dividend to $0.17 per share, or $0.68 annually, representing a 2.7% yield; analysts maintain a “Moderate Buy” consensus with a $31.50 target price.
Northrim BanCorp Inc (NASDAQ:NRIM - Get Free Report) Director Anthony Drabek sold 1,200 shares of the business's stock in a transaction on Monday, August 31st. The stock was sold at an average price of $25.52, for a total transaction of $30,624.00. Following the transaction, the director directly owned 14,120 shares of the company's stock, valued at approximately $360,342.40. This represents a 7.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Northrim BanCorp Trading Down 0.3%
Shares of NASDAQ:NRIM opened at $25.57 on Tuesday. The company has a market cap of $568.93 million, a P/E ratio of 8.41 and a beta of 0.88. The stock's 50-day moving average is $26.87 and its 200-day moving average is $25.15. Northrim BanCorp Inc has a 52-week low of $19.60 and a 52-week high of $30.82. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.91 and a current ratio of 0.94.
Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.07. Northrim BanCorp had a return on equity of 17.33% and a net margin of 26.03%.The business had revenue of $53.79 million during the quarter, compared to analysts' expectations of $51.80 million. Equities research analysts predict that Northrim BanCorp Inc will post 2.57 earnings per share for the current year.
Northrim BanCorp Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Thursday, September 10th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. This is a boost from Northrim BanCorp's previous quarterly dividend of $0.16. The ex-dividend date is Thursday, September 10th. Northrim BanCorp's dividend payout ratio is presently 21.05%.
Wall Street Analyst Weigh In
NRIM has been the topic of several research analyst reports. Keefe, Bruyette & Woods initiated coverage on shares of Northrim BanCorp in a research note on Wednesday, July 1st. They issued a "market perform" rating and a $30.00 price objective on the stock. 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 assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $31.50.
Get Our Latest Research Report on Northrim BanCorp
Institutional Investors Weigh In On Northrim BanCorp
Institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in Northrim BanCorp during the second quarter worth $81,184,000. Vanguard Group Inc. raised its stake in shares of Northrim BanCorp by 326.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,639,351 shares of the financial services provider's stock valued at $35,508,000 after buying an additional 1,254,870 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Northrim BanCorp by 248.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,346,512 shares of the financial services provider's stock worth $29,166,000 after acquiring an additional 960,299 shares during the period. The Manufacturers Life Insurance Company bought a new position in shares of Northrim BanCorp during the 2nd quarter worth about $21,890,000. Finally, Geode Capital Management LLC increased its stake in Northrim BanCorp by 18.5% in the fourth quarter. Geode Capital Management LLC now owns 727,180 shares of the financial services provider's stock valued at $19,353,000 after acquiring an additional 113,293 shares during the period. Institutional investors and hedge funds own 65.99% of the company's stock.
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.
Further Reading
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