Northrim BanCorp Stock Set to Split on Tuesday, September 23rd (NASDAQ:NRIM)

Key Points

• Northrim BanCorp Inc (NASDAQ:NRIM) is set to execute a 4-for-1 stock split on Tuesday, September 23rd, with new shares payable after the market closes on September 22nd.
• The company has recently announced a quarterly dividend of $0.64 per share, equating to an annualized yield of 2.8%.
• Northrim BanCorp's last quarterly earnings report showed an EPS of $2.09, missing estimates, but it achieved revenue of $50.23 million, exceeding predictions.

Northrim BanCorp Inc (NASDAQ:NRIM - Free Report)'s stock is going to split before the market opens on Tuesday, September 23rd. The 4-1 split was announced on Friday, August 22nd. The newly created shares will be issued to shareholders after the closing bell on Monday, September 22nd.

Northrim BanCorp Stock Performance

Shares of NASDAQ:NRIM traded up $0.13 during trading on Thursday, hitting $92.15. 32,283 shares of the stock were exchanged, compared to its average volume of 42,711. The company's fifty day simple moving average is $90.69 and its 200-day simple moving average is $84.58. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.91. The company has a market capitalization of $508.94 million, a price-to-earnings ratio of 11.53 and a beta of 0.97. Northrim BanCorp has a 1-year low of $63.68 and a 1-year high of $100.21.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $2.09 earnings per share for the quarter, missing analysts' consensus estimates of $2.26 by ($0.17). The business had revenue of $50.23 million for the quarter, compared to analyst estimates of $48.80 million. Northrim BanCorp had a return on equity of 16.35% and a net margin of 20.11%. Sell-side analysts expect that Northrim BanCorp will post 8.05 EPS for the current fiscal year.

Northrim BanCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Thursday, September 4th will be paid a dividend of $0.64 per share. The ex-dividend date is Thursday, September 4th. This represents a $2.56 dividend on an annualized basis and a yield of 2.8%. Northrim BanCorp's dividend payout ratio (DPR) is currently 32.04%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered Northrim BanCorp from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $104.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Citadel Advisors LLC acquired a new stake in Northrim BanCorp during the 4th quarter valued at $665,000. Millennium Management LLC bought a new stake in shares of Northrim BanCorp during the fourth quarter worth $548,000. Man Group plc bought a new stake in shares of Northrim BanCorp during the fourth quarter worth $217,000. GAMMA Investing LLC increased its stake in shares of Northrim BanCorp by 37,588.2% in the first quarter. GAMMA Investing LLC now owns 12,814 shares of the financial services provider's stock valued at $938,000 after buying an additional 12,780 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Northrim BanCorp in the first quarter valued at about $225,000. 65.99% of the stock is owned by institutional investors and hedge funds.

About Northrim BanCorp

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.