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.

Shares of Northrim BanCorp Inc (NASDAQ:NRIM - Free Report) are set to split on Tuesday, September 23rd. The 4-1 split was announced on Friday, August 22nd. The newly issued shares will be payable to shareholders after the closing bell on Monday, September 22nd.

Northrim BanCorp Price Performance

Shares of NASDAQ NRIM opened at $90.90 on Friday. Northrim BanCorp has a one year low of $63.68 and a one year high of $100.21. 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's fifty day moving average is $91.02 and its two-hundred day moving average is $84.31. The firm has a market capitalization of $501.77 million, a P/E ratio of 11.38 and a beta of 0.97.

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

Northrim BanCorp Announces Dividend

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

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Northrim BanCorp

Several hedge funds and other institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC boosted its holdings in shares of 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 valued at $50,000 after acquiring an additional 138 shares during the period. Rafferty Asset Management LLC bought a new stake in Northrim BanCorp in the second quarter worth about $409,000. Engineers Gate Manager LP raised its position in Northrim BanCorp by 121.5% in the second quarter. Engineers Gate Manager LP now owns 13,237 shares of the financial services provider's stock worth $1,234,000 after acquiring an additional 7,262 shares in the last quarter. Bank of America Corp DE raised its position in Northrim BanCorp by 10.8% in the second quarter. Bank of America Corp DE now owns 14,439 shares of the financial services provider's stock worth $1,347,000 after acquiring an additional 1,408 shares in the last quarter. Finally, Jane Street Group LLC raised its holdings in Northrim BanCorp by 48.2% during the 2nd quarter. Jane Street Group LLC now owns 8,364 shares of the financial services provider's stock worth $780,000 after buying an additional 2,720 shares during the period. Institutional investors and hedge funds own 65.99% of the company's stock.

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.

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