Northrim BanCorp (NASDAQ:NRIM) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS
by Scott Moore · The Cerbat GemNorthrim BanCorp (NASDAQ:NRIM – Get Free Report) posted its earnings results on Wednesday. The financial services provider reported $0.61 EPS for the quarter, topping the consensus estimate of $0.55 by $0.06, Zacks reports. Northrim BanCorp had a net margin of 25.17% and a return on equity of 17.66%. The firm had revenue of $48.30 million during the quarter, compared to analysts’ expectations of $50.60 million.
Northrim BanCorp Stock Up 0.5%
NASDAQ NRIM traded up $0.13 during mid-day trading on Wednesday, reaching $24.30. The stock had a trading volume of 132,526 shares, compared to its average volume of 175,607. Northrim BanCorp has a 1 year low of $18.73 and a 1 year high of $30.82. The stock has a market cap of $540.43 million, a PE ratio of 8.47 and a beta of 0.91. The company has a fifty day moving average price of $23.87 and a 200 day moving average price of $24.43. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.93 and a quick ratio of 0.90.
Northrim BanCorp Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Thursday, March 5th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Thursday, March 5th. Northrim BanCorp’s payout ratio is presently 22.30%.
Insiders Place Their Bets
In other news, CEO Michael G. Huston acquired 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, January 29th. The stock was bought at an average cost of $22.80 per share, for a total transaction of $34,200.00. Following the acquisition, the chief executive officer directly owned 83,252 shares in the company, valued at approximately $1,898,145.60. The trade was a 1.83% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. In the last ninety days, insiders have purchased 2,790 shares of company stock valued at $64,179. 3.90% of the stock is owned by insiders.
Hedge Funds Weigh In On Northrim BanCorp
A number of hedge funds have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC raised its holdings in 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 last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Northrim BanCorp by 5.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider’s stock worth $233,000 after acquiring an additional 156 shares during the last quarter. Creative Planning raised its holdings in Northrim BanCorp by 11.2% in the 2nd quarter. Creative Planning now owns 3,096 shares of the financial services provider’s stock worth $289,000 after acquiring an additional 313 shares during the last quarter. Occudo Quantitative Strategies LP raised its holdings in Northrim BanCorp by 9.8% in the 2nd quarter. Occudo Quantitative Strategies LP now owns 3,960 shares of the financial services provider’s stock worth $369,000 after acquiring an additional 355 shares during the last quarter. Finally, Quarry LP raised its holdings in Northrim BanCorp by 47.7% in the 4th quarter. Quarry LP now owns 1,275 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 412 shares during the last quarter. 65.99% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research analysts recently issued reports on NRIM shares. Weiss Ratings reissued a “buy (b)” rating on shares of Northrim BanCorp in a research report on Wednesday, December 24th. Wall Street Zen cut shares of Northrim BanCorp from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Finally, Zacks Research cut shares of Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Northrim BanCorp has an average rating of “Moderate Buy” and a consensus price target of $33.00.
Get Our Latest Analysis on Northrim BanCorp
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.