Northrim BanCorp (NASDAQ:NRIM) Issues Quarterly Earnings Results, Misses Expectations By $0.17 EPS

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) issued its quarterly earnings results on Wednesday. The financial services provider reported $2.09 earnings per share for the quarter, missing the consensus estimate of $2.26 by ($0.17), Zacks reports. Northrim BanCorp had a return on equity of 16.68% and a net margin of 20.11%. The company had revenue of $50.23 million for the quarter, compared to analyst estimates of $48.80 million.

Northrim BanCorp Stock Down 3.2%

Shares of NRIM stock traded down $2.85 during trading on Friday, hitting $86.48. 63,857 shares of the company were exchanged, compared to its average volume of 50,013. The business's 50-day simple moving average is $91.95 and its 200 day simple moving average is $83.00. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.82 and a current ratio of 0.88. Northrim BanCorp has a twelve month low of $58.49 and a twelve month high of $100.21. The firm has a market capitalization of $477.37 million, a price-to-earnings ratio of 10.82 and a beta of 0.96.

Northrim BanCorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Thursday, June 5th were issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 2.96%. The ex-dividend date was Thursday, June 5th. Northrim BanCorp's dividend payout ratio (DPR) is 34.04%.

Analysts Set New Price Targets

NRIM has been the subject of several recent research reports. Wall Street Zen raised Northrim BanCorp from a "hold" rating to a "buy" rating in a report on Friday, July 18th. Hovde Group raised their price target on Northrim BanCorp from $99.00 to $104.00 and gave the company an "outperform" rating in a research report on Monday, April 28th.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Cubist Systematic Strategies LLC acquired a new position in Northrim BanCorp in the first quarter worth approximately $210,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in 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 worth $233,000 after buying an additional 156 shares during the last quarter. Jane Street Group LLC acquired a new position in Northrim BanCorp in the first quarter worth approximately $413,000. AQR Capital Management LLC increased its holdings in Northrim BanCorp by 171.3% in the first quarter. AQR Capital Management LLC now owns 13,352 shares of the financial services provider's stock worth $978,000 after buying an additional 8,431 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Northrim BanCorp by 30.2% in the first quarter. Goldman Sachs Group Inc. now owns 28,470 shares of the financial services provider's stock worth $2,085,000 after buying an additional 6,599 shares during the last quarter. 65.99% of the stock is owned by institutional investors and hedge funds.

Northrim BanCorp Company Profile

Northrim BanCorp, Inc operates as the bank holding company for Northrim Bank that provides commercial banking products and services to businesses and professional individuals. It operates through two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, individual retirement and money market deposit accounts, certificates of deposit, and business sweep accounts.