Northrim BanCorp (NASDAQ:NRIM) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Northrim BanCorp (NASDAQ:NRIM) posted its earnings results on Wednesday. The financial services provider reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.53 by $0.04, reports. Northrim BanCorp had a return on equity of 13.61% and a net margin of 18.41%. The company had revenue of $40.43 million for the quarter, compared to the consensus estimate of $36.95 million.

Northrim BanCorp Trading Down 3.0 %

NRIM traded down $2.02 during trading on Friday, reaching $64.56. The company had a trading volume of 9,555 shares, compared to its average volume of 16,987. The company has a quick ratio of 0.79, a current ratio of 0.83 and a debt-to-equity ratio of 0.22. The business has a 50 day simple moving average of $68.33 and a 200-day simple moving average of $60.25. The stock has a market cap of $355.08 million, a P/E ratio of 11.19 and a beta of 0.71. Northrim BanCorp has a 52 week low of $39.34 and a 52 week high of $74.34.

Northrim BanCorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, September 5th were given a dividend of $0.62 per share. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $2.48 annualized dividend and a dividend yield of 3.84%. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.61. Northrim BanCorp’s payout ratio is currently 42.98%.

Insider Activity

In other Northrim BanCorp news, Director Joseph Marushack purchased 493 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was purchased at an average cost of $60.22 per share, with a total value of $29,688.46. Following the purchase, the director now owns 2,768 shares of the company’s stock, valued at approximately $166,688.96. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On Northrim BanCorp

A number of institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC bought a new position in Northrim BanCorp in the third quarter worth approximately $142,000. Fulton Bank N.A. bought a new position in shares of Northrim BanCorp during the 3rd quarter worth $214,000. Ritholtz Wealth Management purchased a new position in shares of Northrim BanCorp during the third quarter valued at $226,000. Sei Investments Co. raised its holdings in shares of Northrim BanCorp by 15.0% in the second quarter. Sei Investments Co. now owns 4,598 shares of the financial services provider’s stock valued at $265,000 after acquiring an additional 600 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in Northrim BanCorp by 2.6% in the second quarter. Rhumbline Advisers now owns 6,703 shares of the financial services provider’s stock worth $386,000 after acquiring an additional 169 shares during the period. 65.99% of the stock is owned by hedge funds and other institutional investors.

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.