Northrim BanCorp (NASDAQ:NRIM) Shares Down 6.1% Following Weak Earnings

Northrim BanCorp Inc (NASDAQ:NRIM)’s stock price traded down 6.1% during mid-day trading on Friday following a dissappointing earnings announcement. The stock traded as low as $27.60 and last traded at $27.87. 55,972 shares were traded during mid-day trading, a decline of 63% from the average session volume of 150,870 shares. The stock had previously closed at $29.69.

The financial services provider reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.10). Northrim BanCorp had a net margin of 25.32% and a return on equity of 18.12%. The business had revenue of $51.66 million during the quarter, compared to analyst estimates of $52.70 million.

Northrim BanCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 26th. Shareholders of record on Thursday, December 18th were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.5%. The ex-dividend date was Thursday, December 18th. Northrim BanCorp’s payout ratio is presently 22.78%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on NRIM. Weiss Ratings reiterated a “buy (b)” rating on shares of Northrim BanCorp in a report on Wednesday, December 24th. Wall Street Zen upgraded Northrim BanCorp from a “hold” rating to a “buy” rating in a report on Saturday, October 25th. Hovde Group raised their target price on Northrim BanCorp from $28.00 to $33.00 and gave the company an “outperform” rating in a report on Friday, October 24th. Finally, Zacks Research lowered shares of Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

Insider Buying and Selling at Northrim BanCorp

In other Northrim BanCorp news, Director David J. Mccambridge acquired 1,150 shares of the stock in a transaction that occurred on Tuesday, December 9th. The shares were purchased at an average cost of $24.87 per share, with a total value of $28,600.50. Following the purchase, the director owned 41,598 shares in the company, valued at approximately $1,034,542.26. The trade was a 2.84% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Shauna Hegna bought 1,186 shares of the company’s stock in a transaction on Tuesday, December 9th. The shares were acquired at an average price of $25.25 per share, with a total value of $29,946.50. Following the completion of the acquisition, the director directly owned 1,638 shares in the company, valued at $41,359.50. This represents a 262.39% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 3.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in Northrim BanCorp by 326.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,639,351 shares of the financial services provider’s stock valued at $35,508,000 after buying an additional 1,254,870 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Northrim BanCorp by 248.6% during the third quarter. Dimensional Fund Advisors LP now owns 1,346,512 shares of the financial services provider’s stock worth $29,166,000 after acquiring an additional 960,299 shares during the last quarter. American Century Companies Inc. raised its holdings in Northrim BanCorp by 344.3% in the 3rd quarter. American Century Companies Inc. now owns 665,888 shares of the financial services provider’s stock valued at $14,423,000 after acquiring an additional 516,030 shares during the last quarter. Punch & Associates Investment Management Inc. grew its holdings in Northrim BanCorp by 1,148.3% in the 3rd quarter. Punch & Associates Investment Management Inc. now owns 247,496 shares of the financial services provider’s stock valued at $5,361,000 after buying an additional 227,669 shares during the period. Finally, Ameriprise Financial Inc. grew its position in Northrim BanCorp by 239.7% during the third quarter. Ameriprise Financial Inc. now owns 302,192 shares of the financial services provider’s stock valued at $6,545,000 after acquiring an additional 213,238 shares during the period. 65.99% of the stock is owned by hedge funds and other institutional investors.

Northrim BanCorp Price Performance

The company has a market capitalization of $557.77 million, a price-to-earnings ratio of 9.00 and a beta of 0.97. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a 50 day simple moving average of $26.49 and a 200 day simple moving average of $23.76.

About Northrim BanCorp

Northrim BanCorp is the bank holding company for Northrim Bank, a community bank headquartered in Anchorage, Alaska. The company offers a comprehensive suite of personal and commercial banking products and services, including checking and savings accounts, consumer and commercial loans, mortgage financing, and treasury and cash management solutions.

With branches located across Alaska’s major population centers—such as Anchorage, Fairbanks and Juneau—Northrim serves both urban and rural communities.