Insider Selling: Northrim BanCorp (NASDAQ:NRIM) EVP Sells $90,477.72 in Stock

Northrim BanCorp Inc (NASDAQ:NRIM) EVP Jed Ballard sold 3,492 shares of the company’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $25.91, for a total value of $90,477.72. Following the completion of the sale, the executive vice president owned 26,835 shares in the company, valued at $695,294.85. This trade represents a 11.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Northrim BanCorp Stock Performance

Shares of NRIM opened at $25.65 on Monday. The company has a current ratio of 0.94, a quick ratio of 0.91 and a debt-to-equity ratio of 0.23. The firm’s fifty day simple moving average is $26.86 and its two-hundred day simple moving average is $25.15. The stock has a market capitalization of $570.58 million, a P/E ratio of 8.44 and a beta of 0.88. Northrim BanCorp Inc has a 12 month low of $19.60 and a 12 month high of $30.82.

Northrim BanCorp (NASDAQ:NRIM) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07. The business had revenue of $53.79 million for the quarter, compared to the consensus estimate of $51.80 million. Northrim BanCorp had a return on equity of 17.33% and a net margin of 26.03%. As a group, analysts predict that Northrim BanCorp Inc will post 2.57 EPS for the current year.

Northrim BanCorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Thursday, September 10th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.7%. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.16. The ex-dividend date is Thursday, September 10th. Northrim BanCorp’s dividend payout ratio is currently 22.37%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Royal Bank of Canada raised its position in shares of Northrim BanCorp by 21.5% in the first quarter. Royal Bank of Canada now owns 39,505 shares of the financial services provider’s stock worth $2,892,000 after buying an additional 6,990 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in Northrim BanCorp in the 1st quarter worth about $210,000. AQR Capital Management LLC raised its holdings in shares of Northrim BanCorp by 171.3% in the 1st quarter. AQR Capital Management LLC now owns 13,352 shares of the financial services provider’s stock valued at $978,000 after acquiring an additional 8,431 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Northrim BanCorp by 5.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider’s stock valued at $233,000 after acquiring an additional 156 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Northrim BanCorp by 30.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 28,470 shares of the financial services provider’s stock valued at $2,085,000 after acquiring an additional 6,599 shares during the last quarter. 65.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on NRIM. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northrim BanCorp in a research report on Tuesday, June 16th. Keefe, Bruyette & Woods began coverage on shares of Northrim BanCorp in a research report on Wednesday, July 1st. They issued a “market perform” rating and a $30.00 price target on the stock. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $31.50.

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.