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

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

Northrim BanCorp Trading Up 1.7%

Shares of NASDAQ:NRIM traded up $0.45 during midday trading on Friday, hitting $27.60. 30,255 shares of the stock traded hands, compared to its average volume of 164,279. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.24. The business’s 50 day moving average is $25.96 and its two-hundred day moving average is $25.16. The stock has a market capitalization of $614.12 million, a PE ratio of 9.58 and a beta of 0.86. Northrim BanCorp has a one year low of $19.60 and a one year high of $30.82.

Northrim BanCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, June 11th were paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Thursday, June 11th. Northrim BanCorp’s dividend payout ratio is 22.22%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. CANADA LIFE ASSURANCE Co lifted its holdings in Northrim BanCorp by 298.0% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider’s stock worth $34,000 after buying an additional 1,174 shares during the period. Quarry LP increased its stake in shares of Northrim BanCorp by 47.7% during 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. raised its holdings in shares of 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 acquiring an additional 1,261 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Northrim BanCorp by 300.0% during the third quarter. Legal & General Group Plc now owns 2,204 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 1,653 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake in Northrim BanCorp by 34.5% in the second 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 period. Hedge funds and other institutional investors own 65.99% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on NRIM. Keefe, Bruyette & Woods started coverage on shares of 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. Weiss Ratings reissued a “buy (b)” rating on shares of Northrim BanCorp in a research note on Tuesday, June 16th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Northrim BanCorp currently has an average rating of “Moderate Buy” and an average target price of $31.50.

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.