Northrim BanCorp Stock to Split on Tuesday, September 23rd (NASDAQ:NRIM)

Northrim BanCorp Inc (NASDAQ:NRIM) shares are set to split before the market opens on Tuesday, September 23rd. The 4-1 split was announced on Friday, August 22nd. The newly issued shares will be distributed to shareholders after the closing bell on Monday, September 22nd.

Northrim BanCorp Stock Up 3.6%

Shares of NASDAQ:NRIM opened at $92.70 on Friday. Northrim BanCorp has a one year low of $63.68 and a one year high of $100.21. The company has a 50 day moving average of $89.99 and a 200-day moving average of $84.89. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.91 and a quick ratio of 0.87. The stock has a market cap of $511.70 million, a price-to-earnings ratio of 11.60 and a beta of 0.97.

Northrim BanCorp (NASDAQ:NRIM) last issued its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $2.09 EPS for the quarter, missing the consensus estimate of $2.26 by ($0.17). Northrim BanCorp had a return on equity of 16.35% and a net margin of 20.11%.The business had revenue of $50.23 million for the quarter, compared to analyst estimates of $48.80 million. On average, sell-side analysts forecast that Northrim BanCorp will post 8.05 earnings per share for the current year.

Northrim BanCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Thursday, September 4th were given a dividend of $0.64 per share. The ex-dividend date was Thursday, September 4th. This represents a $2.56 annualized dividend and a dividend yield of 2.8%. Northrim BanCorp’s payout ratio is currently 32.04%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen cut shares of Northrim BanCorp from a “buy” rating to a “hold” rating in a research report on Saturday, July 26th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $104.00.

Institutional Trading of Northrim BanCorp

A number of institutional investors have recently made changes to their positions in NRIM. BNP Paribas Financial Markets lifted its position in shares of Northrim BanCorp by 17.8% in the fourth quarter. BNP Paribas Financial Markets now owns 5,797 shares of the financial services provider’s stock worth $452,000 after purchasing an additional 875 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Northrim BanCorp by 45.1% in the fourth quarter. Bank of America Corp DE now owns 11,291 shares of the financial services provider’s stock worth $880,000 after purchasing an additional 3,511 shares in the last quarter. Citadel Advisors LLC bought a new stake in shares of Northrim BanCorp in the fourth quarter worth $665,000. Deutsche Bank AG lifted its position in shares of Northrim BanCorp by 73.2% in the fourth quarter. Deutsche Bank AG now owns 3,482 shares of the financial services provider’s stock worth $271,000 after purchasing an additional 1,472 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its position in shares of Northrim BanCorp by 38.9% in the fourth quarter. Lazard Asset Management LLC now owns 3,501 shares of the financial services provider’s stock worth $272,000 after purchasing an additional 980 shares in the last quarter. Institutional investors own 65.99% of the company’s stock.

About Northrim BanCorp

Northrim BanCorp, Inc operates as the bank holding company for Northrim Bank that provides commercial banking products and services to businesses and professional individuals. It operates through two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, individual retirement and money market deposit accounts, certificates of deposit, and business sweep accounts.