Insider Selling: Northrim BanCorp (NASDAQ:NRIM) Director Sells $30,624.00 in Stock

Key Points

• Director Anthony Drabek sold 1,200 Northrim BanCorp shares at an average price of $25.52, generating $30,624. Following the transaction, he retained 14,120 shares, an ownership reduction of 7.83%.
• Northrim BanCorp shares fell 0.3% to $25.57, while the company reported quarterly EPS of $0.68, exceeding the $0.61 analyst consensus, and revenue of $53.79 million.
• The company raised its quarterly dividend to $0.17 per share, equivalent to a $0.68 annualized payout and a 2.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $31.50.

Northrim BanCorp Inc (NASDAQ:NRIM - Get Free Report) Director Anthony Drabek sold 1,200 shares of Northrim BanCorp 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 sale, the director directly owned 14,120 shares of the company's stock, valued at approximately $360,342.40. This trade represents a 7.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Northrim BanCorp Stock Down 0.3%

NRIM stock traded down $0.08 during trading on Monday, hitting $25.57. 128,152 shares of the company's stock traded hands, compared to its average volume of 160,132. The firm has a market capitalization of $568.80 million, a P/E ratio of 8.41 and a beta of 0.88. Northrim BanCorp Inc has a 1 year low of $19.60 and a 1 year high of $30.82. The company has a quick ratio of 0.91, a current ratio of 0.94 and a debt-to-equity ratio of 0.23. The business has a fifty day simple moving average of $26.86 and a two-hundred day simple moving average of $25.15.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.68 EPS for the quarter, topping the consensus estimate of $0.61 by $0.07. The firm had revenue of $53.79 million during the quarter, compared to analyst estimates of $51.80 million. Northrim BanCorp had a return on equity of 17.33% and a net margin of 26.03%. Sell-side analysts anticipate that Northrim BanCorp Inc will post 2.57 EPS for the current year.

Northrim BanCorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Thursday, September 10th will be paid a dividend of $0.17 per share. This is a positive change from Northrim BanCorp's previous quarterly dividend of $0.16. The ex-dividend date is Thursday, September 10th. This represents a $0.68 annualized dividend and a yield of 2.7%. Northrim BanCorp's dividend payout ratio (DPR) is presently 22.37%.

Institutional Trading of Northrim BanCorp

Several large investors have recently added to or reduced their stakes in NRIM. BlackRock Inc. acquired a new stake in shares of Northrim BanCorp during the second quarter worth about $81,184,000. Vanguard Group Inc. increased its holdings in Northrim BanCorp by 326.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,639,351 shares of the financial services provider's stock worth $35,508,000 after buying an additional 1,254,870 shares during the period. Dimensional Fund Advisors LP raised its position in Northrim BanCorp by 248.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,346,512 shares of the financial services provider's stock worth $29,166,000 after buying an additional 960,299 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in Northrim BanCorp during the 2nd quarter worth approximately $21,890,000. Finally, De Lisle Partners LLP acquired a new stake in Northrim BanCorp during the 2nd quarter valued at approximately $13,220,000. Hedge funds and other institutional investors own 65.99% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on NRIM shares. 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 shares of Northrim BanCorp in a research report on Wednesday, July 1st. They set a "market perform" rating and a $30.00 target price on the stock. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus 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.

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