Anthony Drabek Sells 1,200 Shares of Northrim BanCorp (NASDAQ:NRIM) Stock

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

Northrim BanCorp Trading Down 0.7%

Shares of Northrim BanCorp stock opened at $25.38 on Wednesday. Northrim BanCorp Inc has a fifty-two week low of $19.60 and a fifty-two week high of $30.82. The firm has a market cap of $564.71 million, a PE ratio of 8.35 and a beta of 0.87. The business’s fifty day moving average is $26.86 and its two-hundred day moving average is $25.15. The company has a quick ratio of 0.91, a current ratio of 0.94 and a debt-to-equity ratio of 0.23.

Northrim BanCorp (NASDAQ:NRIM) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.07. The business had revenue of $53.79 million for the quarter, compared to analysts’ expectations of $51.80 million. Northrim BanCorp had a return on equity of 17.33% and a net margin of 26.03%. Analysts anticipate that Northrim BanCorp Inc will post 2.57 earnings per share for the current year.

Northrim BanCorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Thursday, September 10th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Thursday, September 10th. This is a positive change from Northrim BanCorp’s previous quarterly dividend of $0.16. Northrim BanCorp’s dividend payout ratio is 21.05%.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in NRIM. Western Wealth Management LLC acquired a new position in Northrim BanCorp in the first quarter valued at $27,000. Quarry LP increased its stake in Northrim BanCorp by 47.7% during the fourth 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. CANADA LIFE ASSURANCE Co raised its holdings in shares of 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 purchasing an additional 1,174 shares during the period. Ameritas Investment Partners Inc. raised its holdings in shares of Northrim BanCorp by 227.2% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 1,816 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 1,261 shares during the period. Finally, Clearstead Advisors LLC lifted its stake in shares of Northrim BanCorp by 192.4% in the 4th quarter. Clearstead Advisors LLC now owns 1,509 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 993 shares in 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.