Northrim BanCorp (NASDAQ:NRIM) Releases Quarterly Earnings Results

Key Points

• Northrim BanCorp reported a quarterly EPS of $0.72, significantly missing expectations of $2.49 by $1.77.
• The company recently declared a quarterly dividend of $0.16, with a yield of 3.1% and a payout ratio of 32%.
• Despite the earnings miss, Northrim BanCorp has a consensus "Buy" rating and a target price of $26.00 from Wall Street analysts.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) released its quarterly earnings results on Wednesday. The financial services provider reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.10, Zacks reports. The firm had revenue of $66.59 million for the quarter, compared to analysts' expectations of $50.60 million. Northrim BanCorp had a return on equity of 16.35% and a net margin of 20.11%.

Northrim BanCorp Price Performance

Shares of Northrim BanCorp stock opened at $20.79 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.91 and a quick ratio of 0.87. The business's 50 day simple moving average is $22.16 and its two-hundred day simple moving average is $21.72. The stock has a market capitalization of $459.25 million, a P/E ratio of 10.41 and a beta of 0.94. Northrim BanCorp has a one year low of $15.92 and a one year high of $25.05.

Northrim BanCorp Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Thursday, September 4th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Thursday, September 4th. Northrim BanCorp's payout ratio is 32.00%.

Institutional Investors Weigh In On Northrim BanCorp

A number of large investors have recently made changes to their positions in the business. AQR Capital Management LLC boosted its position in shares of Northrim BanCorp by 171.3% during the first quarter. AQR Capital Management LLC now owns 13,352 shares of the financial services provider's stock valued at $978,000 after purchasing an additional 8,431 shares in the last quarter. Jump Financial LLC boosted its position in shares of Northrim BanCorp by 150.5% during the second quarter. Jump Financial LLC now owns 9,930 shares of the financial services provider's stock valued at $926,000 after purchasing an additional 5,966 shares in the last quarter. Jane Street Group LLC boosted its position in shares of Northrim BanCorp by 48.2% during the second quarter. Jane Street Group LLC now owns 8,364 shares of the financial services provider's stock valued at $780,000 after purchasing an additional 2,720 shares in the last quarter. Rhumbline Advisers boosted its position in shares of Northrim BanCorp by 7.5% during the second quarter. Rhumbline Advisers now owns 6,775 shares of the financial services provider's stock valued at $632,000 after purchasing an additional 475 shares in the last quarter. Finally, Quantbot Technologies LP boosted its position in shares of Northrim BanCorp by 220.1% during the second quarter. Quantbot Technologies LP now owns 4,501 shares of the financial services provider's stock valued at $420,000 after purchasing an additional 3,095 shares in the last quarter. 65.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on NRIM. Weiss Ratings reissued a "buy (b-)" rating on shares of Northrim BanCorp in a report on Tuesday, October 14th. Wall Street Zen cut Northrim BanCorp from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Northrim BanCorp has an average rating of "Buy" and an average target price of $26.00.

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.