Northrim BanCorp (NASDAQ:NRIM) Releases Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Northrim BanCorp (NASDAQ:NRIM) posted its quarterly earnings data on Wednesday. The financial services provider reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.07, FiscalAI reports. The business had revenue of $52.63 million for the quarter, compared to analyst estimates of $51.80 million. Northrim BanCorp had a return on equity of 16.99% and a net margin of 24.91%.

Northrim BanCorp Stock Performance

Shares of NRIM traded up $0.36 during midday trading on Friday, hitting $27.52. 24,454 shares of the stock traded hands, compared to its average volume of 164,242. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.91 and a current ratio of 0.93. The business’s 50 day moving average price is $25.96 and its two-hundred day moving average price is $25.16. The firm has a market capitalization of $612.21 million, a PE ratio of 9.55 and a beta of 0.86. Northrim BanCorp has a 1-year low of $19.60 and a 1-year high of $30.82.

Northrim BanCorp Announces Dividend

The business also recently announced 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 (DPR) is presently 22.22%.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Northrim BanCorp in a research note on Tuesday, June 16th. Keefe, Bruyette & Woods began coverage on Northrim BanCorp in a research report on Wednesday, July 1st. They set a “market perform” rating and a $30.00 price target for the company. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Northrim BanCorp presently has an average rating of “Moderate Buy” and an average price target of $31.50.

Institutional Trading of Northrim BanCorp

Several large investors have recently added to or reduced their stakes in the business. CANADA LIFE ASSURANCE Co increased its holdings in shares of Northrim BanCorp by 298.0% during the third quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 1,174 shares during the period. Quarry LP lifted its holdings in shares of Northrim BanCorp by 47.7% in the fourth 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 period. Ameritas Investment Partners Inc. boosted its stake in Northrim BanCorp by 227.2% during the third quarter. Ameritas Investment Partners Inc. now owns 1,816 shares of the financial services provider’s stock valued at $39,000 after buying an additional 1,261 shares in the last quarter. Legal & General Group Plc raised its position in Northrim BanCorp by 300.0% in the third quarter. Legal & General Group Plc now owns 2,204 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 1,653 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in shares of 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 purchasing an additional 138 shares during the last quarter. 65.99% of the stock is currently owned by institutional investors and hedge funds.

About Northrim BanCorp

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.