Northrim BanCorp (NASDAQ:NRIM) Announces Earnings Results

Key Points

• Northrim BanCorp beat quarterly expectations, reporting earnings of $0.68 per share versus the $0.61 consensus estimate. Revenue also topped forecasts at $52.63 million, with a net margin of 24.91% and return on equity of 16.99%.
• The stock fell 2.7% on the day, trading at $26.82 amid relatively light volume. The shares have a market cap of about $596.6 million and trade near their 50-day and 200-day moving averages.
• The company paid a quarterly dividend of $0.16 per share, equal to a $0.64 annualized payout and a 2.4% yield. Northrim’s dividend payout ratio is currently 22.22%.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) released its quarterly earnings results on Thursday. The financial services provider reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.07, FiscalAI reports. Northrim BanCorp had a net margin of 24.91% and a return on equity of 16.99%. The company had revenue of $52.63 million during the quarter, compared to analysts' expectations of $51.80 million.

Northrim BanCorp Stock Down 2.7%

Shares of NASDAQ:NRIM traded down $0.73 during midday trading on Thursday, reaching $26.82. The company had a trading volume of 9,290 shares, compared to its average volume of 163,042. The stock has a market cap of $596.63 million, a PE ratio of 9.34 and a beta of 0.86. Northrim BanCorp has a 1-year low of $19.60 and a 1-year high of $30.82. The business's 50 day moving average price is $25.88 and its 200 day moving average price is $25.16. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.24.

Northrim BanCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Thursday, June 11th were issued a dividend of $0.16 per share. The ex-dividend date was Thursday, June 11th. This represents a $0.64 annualized dividend and a yield of 2.4%. Northrim BanCorp's dividend payout ratio is presently 22.22%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC boosted its position in Northrim BanCorp by 34.5% during the second quarter. Tower Research Capital LLC TRC now owns 538 shares of the financial services provider's stock worth $50,000 after purchasing an additional 138 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Northrim BanCorp by 5.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider's stock valued at $233,000 after purchasing an additional 156 shares during the last quarter. Creative Planning raised its position in shares of Northrim BanCorp by 11.2% in the second quarter. Creative Planning now owns 3,096 shares of the financial services provider's stock valued at $289,000 after purchasing an additional 313 shares during the period. Occudo Quantitative Strategies LP raised its position in shares of Northrim BanCorp by 9.8% in the second quarter. Occudo Quantitative Strategies LP now owns 3,960 shares of the financial services provider's stock valued at $369,000 after purchasing an additional 355 shares during the period. Finally, Quarry LP lifted its stake in shares of Northrim BanCorp by 47.7% during the 4th quarter. Quarry LP now owns 1,275 shares of the financial services provider's stock worth $34,000 after buying an additional 412 shares during the last quarter. 65.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

NRIM has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods started coverage on shares of Northrim BanCorp in a report on Wednesday, July 1st. They set a "market perform" rating and a $30.00 price objective on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of Northrim BanCorp in a 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's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $31.50.

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.

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