Insider Selling: Northrim BanCorp (NASDAQ:NRIM) Director Sells 1,200 Shares

Northrim BanCorp Inc (NASDAQ:NRIM) Director Anthony Drabek sold 1,200 shares of the company’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $25.52, for a total transaction of $30,624.00. Following the completion of the sale, the director directly owned 14,120 shares in the company, valued at approximately $360,342.40. The trade was a 7.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Northrim BanCorp Stock Performance

Shares of NASDAQ NRIM traded down $0.08 during trading on Monday, reaching $25.57. 128,152 shares of the company traded hands, compared to its average volume of 160,132. The firm’s fifty day simple moving average is $26.86 and its 200 day simple moving average is $25.15. The stock has a market cap of $568.80 million, a P/E ratio of 8.41 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) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07. Northrim BanCorp had a net margin of 26.03% and a return on equity of 17.33%. The firm had revenue of $53.79 million for the quarter, compared to analyst estimates of $51.80 million. As a group, research analysts anticipate that Northrim BanCorp Inc will post 2.57 earnings per share for the current fiscal 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 given a dividend of $0.17 per share. This is a boost from Northrim BanCorp’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Thursday, September 10th. Northrim BanCorp’s dividend payout ratio is currently 22.37%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on NRIM. Weiss Ratings restated a “buy (b)” rating on shares of Northrim BanCorp in a research note on Tuesday, June 16th. Keefe, Bruyette & Woods started coverage on Northrim BanCorp in a research note on Wednesday, July 1st. They issued a “market perform” rating and a $30.00 price objective for the company. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $31.50.

Hedge Funds Weigh In On Northrim BanCorp

Several hedge funds have recently bought and sold shares of NRIM. Tower Research Capital LLC TRC increased its stake in shares of Northrim BanCorp by 34.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 538 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 138 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake 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 valued at $233,000 after buying an additional 156 shares in the last quarter. Creative Planning lifted its stake in Northrim BanCorp by 11.2% in the 2nd quarter. Creative Planning now owns 3,096 shares of the financial services provider’s stock valued at $289,000 after buying an additional 313 shares in the last quarter. Occudo Quantitative Strategies LP grew its holdings in Northrim BanCorp by 9.8% during the 2nd quarter. Occudo Quantitative Strategies LP now owns 3,960 shares of the financial services provider’s stock valued at $369,000 after buying an additional 355 shares during the last quarter. Finally, Quarry LP grew its holdings in Northrim BanCorp by 47.7% during the 4th quarter. Quarry LP now owns 1,275 shares of the financial services provider’s stock valued at $34,000 after buying an additional 412 shares during the last quarter. 65.99% of the stock is owned by hedge funds and other institutional investors.

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.