Northrim BanCorp (NASDAQ:NRIM) Stock Price Down 0.5% - Here's What Happened

Key Points

• Northrim BanCorp shares fell 0.5% to $23.94 in Friday’s mid-day trading, with volume 44% below its average.
• The company reported quarterly EPS of $0.60, missing the $0.70 consensus estimate, while revenue of $57.41 million exceeded forecasts of $55.80 million. Analysts’ consensus rating is “Moderate Buy,” with a $29.50 price target.
• Northrim increased its quarterly dividend from $0.16 to $0.17 per share, equivalent to an annualized $0.68 and a 2.8% yield.

Northrim BanCorp Inc (NASDAQ:NRIM - Get Free Report) fell 0.5% during mid-day trading on Friday. The company traded as low as $23.85 and last traded at $23.94. Approximately 83,803 shares traded hands during trading, a decline of 44% from the average session volume of 150,690 shares. The stock had previously closed at $24.05.

Wall Street Analyst Weigh In

Several research firms have commented on NRIM. Keefe, Bruyette & Woods lowered their price target on shares of Northrim BanCorp from $30.00 to $29.00 and set a "market perform" rating on the stock in a report on Monday, October 19th. Hovde Group started coverage on Northrim BanCorp in a research note on Tuesday, September 8th. They set an "outperform" rating and a $30.00 price objective for the company. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Northrim BanCorp in a research note on Friday, September 11th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $29.50.

Northrim BanCorp Stock Down 0.5%

The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.89 and a current ratio of 0.94. The firm has a market cap of $532.66 million, a price-to-earnings ratio of 9.69 and a beta of 0.92. The business's 50 day moving average price is $24.55 and its 200 day moving average price is $24.98.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last posted its earnings results on Thursday, October 15th. The financial services provider reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.10). Northrim BanCorp had a net margin of 22.02% and a return on equity of 16.01%. The firm had revenue of $57.41 million during the quarter, compared to analyst estimates of $55.80 million. On average, equities analysts forecast that Northrim BanCorp Inc will post 2.64 EPS for the current year.

Northrim BanCorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Thursday, September 10th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. This is an increase from Northrim BanCorp's previous quarterly dividend of $0.16. The ex-dividend date was Thursday, September 10th. Northrim BanCorp's payout ratio is currently 27.53%.

Insider Transactions at Northrim BanCorp

In related news, Director Anthony Drabek sold 1,200 shares of the company's stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $25.52, for a total value of $30,624.00. Following the completion of the transaction, the director owned 14,120 shares of the company's stock, valued at approximately $360,342.40. This represents a 7.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Jed W. Ballard sold 3,492 shares of the company's stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $25.91, for a total value of $90,477.72. Following the completion of the transaction, the executive vice president directly owned 26,835 shares of the company's stock, valued at $695,294.85. The trade was a 11.51% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.40% of the company's stock.

Institutional Trading of Northrim BanCorp

Several institutional investors have recently bought and sold shares of the business. Empowered Funds LLC increased its position in shares of Northrim BanCorp by 58.3% in the third quarter. Empowered Funds LLC now owns 143,625 shares of the financial services provider's stock valued at $3,480,000 after buying an additional 52,897 shares in the last quarter. Benjamin Edwards Inc. lifted its position in shares of Northrim BanCorp by 62.4% during the 3rd quarter. Benjamin Edwards Inc. now owns 20,479 shares of the financial services provider's stock valued at $496,000 after buying an additional 7,871 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Northrim BanCorp by 27.7% during the 3rd quarter. First Trust Advisors LP now owns 104,402 shares of the financial services provider's stock valued at $2,530,000 after buying an additional 22,621 shares in the last quarter. Angel Oak Capital Advisors LLC acquired a new stake in Northrim BanCorp in the 3rd quarter valued at $388,000. Finally, Boston Partners grew its stake in Northrim BanCorp by 40.6% in the 3rd quarter. Boston Partners now owns 355,979 shares of the financial services provider's stock valued at $8,625,000 after acquiring an additional 102,803 shares during the period. 65.99% of the stock is owned by institutional investors and hedge funds.

About Northrim BanCorp

Northrim BanCorp is a bank holding company headquartered in Anchorage, Alaska, and the parent company of Northrim Bank. The bank was established in 1990 and serves individuals, businesses and organizations across Alaska. Northrim Bank provides commercial and consumer banking services, including deposit accounts, business and personal loans, mortgage lending, cash management and online banking. Its commercial offerings include financing for businesses and commercial real estate. The company also provides services such as equipment financing and invoice factoring through affiliated businesses.

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