Northrim BanCorp (NASDAQ:NRIM) Announces Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Key Points

• Earnings beat: Northrim reported quarterly EPS of $0.61, beating the $0.55 consensus by $0.06, with a ROE of 17.66% and a net margin of 25.17%; the stock traded up to $24.30 and carries a P/E of 8.47.
• Dividend: The company paid a quarterly dividend of $0.16 (annualized $0.64) for a yield of 2.6% and a payout ratio of 22.3%.
• Insiders and institutions buying; mixed analyst views: CEO Michael Huston bought 1,500 shares and insiders added 2,790 shares this quarter (insiders own 3.9%), institutional ownership is ~66%, and Wall Street consensus is a "Moderate Buy" with a $33 target despite some downgrades to Hold.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) announced its quarterly earnings results on Wednesday. The financial services provider reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.06, Zacks reports. Northrim BanCorp had a return on equity of 17.66% and a net margin of 25.17%.

Northrim BanCorp Trading Up 0.5%

NASDAQ NRIM traded up $0.13 on Wednesday, reaching $24.30. 132,524 shares of the company were exchanged, compared to its average volume of 175,259. The business's fifty day moving average price is $23.87 and its 200 day moving average price is $24.43. The stock has a market capitalization of $540.43 million, a P/E ratio of 8.47 and a beta of 0.91. The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.25. Northrim BanCorp has a fifty-two week low of $18.73 and a fifty-two week high of $30.82.

Northrim BanCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Thursday, March 5th were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, March 5th. This represents a $0.64 dividend on an annualized basis and a yield of 2.6%. Northrim BanCorp's payout ratio is 22.30%.

Insiders Place Their Bets

In related news, CEO Michael G. Huston acquired 1,500 shares of the stock in a transaction on Thursday, January 29th. The shares were bought at an average price of $22.80 per share, with a total value of $34,200.00. Following the completion of the purchase, the chief executive officer owned 83,252 shares of the company's stock, valued at approximately $1,898,145.60. This represents a 1.83% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders acquired a total of 2,790 shares of company stock worth $64,179 over the last quarter. Insiders own 3.90% of the company's stock.

Institutional Investors Weigh In On Northrim BanCorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada raised its holdings in shares of Northrim BanCorp by 21.5% in the 1st quarter. Royal Bank of Canada now owns 39,505 shares of the financial services provider's stock valued at $2,892,000 after buying an additional 6,990 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in Northrim BanCorp during the 1st quarter worth about $210,000. AQR Capital Management LLC increased its holdings in Northrim BanCorp by 171.3% during the 1st quarter. AQR Capital Management LLC now owns 13,352 shares of the financial services provider's stock worth $978,000 after purchasing an additional 8,431 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Northrim BanCorp by 5.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider's stock worth $233,000 after purchasing an additional 156 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in Northrim BanCorp by 30.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 28,470 shares of the financial services provider's stock worth $2,085,000 after purchasing an additional 6,599 shares during the period. Hedge funds and other institutional investors own 65.99% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Wall Street Zen cut Northrim BanCorp from a "buy" rating to a "hold" rating in a research report on Saturday, January 31st. Weiss Ratings restated a "buy (b)" rating on shares of Northrim BanCorp in a research report on Wednesday, December 24th. Finally, Zacks Research cut Northrim BanCorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, January 12th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, Northrim BanCorp presently has an average rating of "Moderate Buy" and a consensus target price of $33.00.

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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