Northrim BanCorp (NASDAQ:NRIM) Posts Earnings Results, Beats Expectations By $0.08 EPS

Key Points

• Earnings beat but revenue miss: Northrim BanCorp reported quarterly EPS of $0.61, beating estimates by $0.08, while revenue fell short at $48.30M versus the $50.60M consensus; the company posted a net margin of 25.17% and ROE of 17.66%.
• Valuation and analyst view: The stock trades with a $540.4M market cap and a P/E of 8.47 (52-week range $18.73–$30.82), and analysts’ consensus is a “Moderate Buy” with a $33.00 target price.
• Insider and institutional activity: CEO Michael G. Huston bought 1,500 shares at $22.80, raising his direct stake, insiders own 3.90% of shares and institutional investors hold about 65.99%.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) announced its quarterly earnings results on Wednesday. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.08, Zacks reports. The firm had revenue of $48.30 million during the quarter, compared to the consensus estimate of $50.60 million. Northrim BanCorp had a net margin of 25.17% and a return on equity of 17.66%.

Northrim BanCorp Stock Up 0.5%

NRIM stock opened at $24.30 on Thursday. The stock has a market capitalization of $540.43 million, a P/E ratio of 8.47 and a beta of 0.91. The business has a 50-day moving average of $23.84 and a 200-day moving average of $24.43. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.93 and a quick ratio of 0.90. Northrim BanCorp has a fifty-two week low of $18.73 and a fifty-two week high of $30.82.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other Northrim BanCorp news, CEO Michael G. Huston acquired 1,500 shares of the stock in a transaction dated Thursday, January 29th. The shares were bought at an average cost of $22.80 per share, for a total transaction of $34,200.00. Following the completion of the acquisition, the chief executive officer directly owned 83,252 shares of the company's stock, valued at approximately $1,898,145.60. This trade represents a 1.83% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders purchased 2,790 shares of company stock worth $64,179. Corporate insiders own 3.90% of the company's stock.

Institutional Investors Weigh In On Northrim BanCorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in NRIM. Tower Research Capital LLC TRC raised its holdings 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 acquiring an additional 138 shares in the last quarter. Quarry LP increased its position 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 purchasing an additional 412 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its stake in shares of Northrim BanCorp by 298.0% during 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 in the last quarter. Ameritas Investment Partners Inc. boosted 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 valued at $39,000 after buying an additional 1,261 shares during the last quarter. Finally, Federated Hermes Inc. boosted its holdings in shares of Northrim BanCorp by 45.5% in the 4th quarter. Federated Hermes Inc. now owns 2,113 shares of the financial services provider's stock valued at $56,000 after buying an additional 661 shares during the last quarter. 65.99% of the stock is owned by 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.