Northrim BanCorp (NASDAQ:NRIM) EVP Jed Ballard Sells 3,492 Shares of Stock

Key Points

• Insider sale: Executive Vice President Jed Ballard sold 3,492 Northrim BanCorp shares for approximately $90,478, reducing his direct holdings by 11.51% to 26,835 shares.
• Quarterly performance: Northrim reported quarterly earnings of $0.68 per share, beating estimates of $0.61, while revenue of $53.79 million also exceeded expectations.
• Market outlook: Shares recently traded at $25.75, while analysts maintain a “Moderate Buy” consensus with an average price target of $31.50; institutional investors own nearly 66% of the stock.

Northrim BanCorp Inc (NASDAQ:NRIM - Get Free Report) EVP Jed Ballard sold 3,492 shares of the business's stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $25.91, for a total transaction of $90,477.72. Following the completion of the transaction, the executive vice president directly owned 26,835 shares of the company's stock, valued at $695,294.85. The trade was a 11.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Northrim BanCorp Trading Down 0.2%

NASDAQ:NRIM traded down $0.05 on Friday, reaching $25.75. The stock had a trading volume of 69,691 shares, compared to its average volume of 159,976. Northrim BanCorp Inc has a 12-month low of $19.60 and a 12-month high of $30.82. The company has a market cap of $572.81 million, a price-to-earnings ratio of 8.47 and a beta of 0.88. The firm's fifty day moving average is $26.86 and its two-hundred day moving average is $25.15. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.94 and a quick ratio of 0.91.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.07. Northrim BanCorp had a net margin of 26.03% and a return on equity of 17.33%. The business had revenue of $53.79 million during the quarter, compared to analyst estimates of $51.80 million. Equities analysts expect that Northrim BanCorp Inc will post 2.57 EPS for the current fiscal year.

Institutional Trading of Northrim BanCorp

Several institutional investors have recently made changes to their positions in the stock. Alaska Wealth Advisors LLC acquired a new stake in Northrim BanCorp during the second quarter worth about $8,481,000. Empowered Funds LLC acquired a new position in shares of Northrim BanCorp in the 1st quarter valued at about $1,397,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of Northrim BanCorp by 15.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 291,767 shares of the financial services provider's stock valued at $6,676,000 after purchasing an additional 39,463 shares in the last quarter. Principal Financial Group Inc. purchased a new stake in shares of Northrim BanCorp during the 1st quarter worth about $1,039,000. Finally, De Lisle Partners LLP acquired a new stake in Northrim BanCorp during the 2nd quarter worth approximately $13,220,000. 65.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on NRIM. Keefe, Bruyette & Woods started coverage on Northrim BanCorp in a research report on Wednesday, July 1st. They issued 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 note on Tuesday, June 16th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target 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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