Northrim BanCorp, Inc. (NASDAQ:NRIM) CEO Sells $40,398.54 in Stock

Northrim BanCorp, Inc. (NASDAQ:NRIM) CEO Michael G. Huston sold 453 shares of the business’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $89.18, for a total transaction of $40,398.54. Following the completion of the transaction, the chief executive officer now owns 23,759 shares in the company, valued at approximately $2,118,827.62. The trade was a 1.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Northrim BanCorp Stock Down 0.2 %

NRIM stock traded down $0.18 during midday trading on Monday, reaching $89.35. 15,187 shares of the company’s stock traded hands, compared to its average volume of 56,694. The company has a market cap of $491.42 million, a price-to-earnings ratio of 13.45 and a beta of 0.83. The firm’s fifty day moving average price is $81.09 and its 200-day moving average price is $74.02. Northrim BanCorp, Inc. has a 52 week low of $43.92 and a 52 week high of $91.72. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.09.

Northrim BanCorp (NASDAQ:NRIM) last announced its earnings results on Friday, January 24th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.72. Northrim BanCorp had a return on equity of 14.86% and a net margin of 18.87%. As a group, sell-side analysts forecast that Northrim BanCorp, Inc. will post 7.96 earnings per share for the current fiscal year.

Northrim BanCorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Thursday, March 6th will be paid a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 2.87%. This is a boost from Northrim BanCorp’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Thursday, March 6th. Northrim BanCorp’s payout ratio is presently 37.46%.

Institutional Investors Weigh In On Northrim BanCorp

Several large investors have recently modified their holdings of NRIM. Raymond James Financial Inc. bought a new position in Northrim BanCorp during the fourth quarter valued at $1,794,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Northrim BanCorp in the third quarter worth $824,000. State Street Corp lifted its holdings in Northrim BanCorp by 8.0% during the 3rd quarter. State Street Corp now owns 107,568 shares of the financial services provider’s stock worth $7,661,000 after purchasing an additional 8,012 shares in the last quarter. De Lisle Partners LLP boosted its stake in Northrim BanCorp by 11.6% in the 3rd quarter. De Lisle Partners LLP now owns 77,095 shares of the financial services provider’s stock worth $5,476,000 after purchasing an additional 8,000 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Northrim BanCorp by 16.6% during the 4th quarter. Bank of New York Mellon Corp now owns 49,272 shares of the financial services provider’s stock valued at $3,840,000 after buying an additional 7,009 shares in the last quarter. Hedge funds and other institutional investors own 65.99% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Hovde Group started coverage on Northrim BanCorp in a report on Friday, December 20th. They set an “outperform” rating and a $96.50 price target on the stock.

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.