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

Northrim BanCorp Inc (NASDAQ:NRIM) shares were down 0.5% during mid-day trading on Friday. The stock traded as low as $23.85 and last traded at $23.94. Approximately 83,803 shares were traded 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 Analysts Forecast Growth

Several analysts have recently issued reports on NRIM shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Northrim BanCorp in a research report on Friday, September 11th. Keefe, Bruyette & Woods cut their target price on shares of Northrim BanCorp from $30.00 to $29.00 and set a “market perform” rating for the company in a research note on Monday, October 19th. Finally, Hovde Group assumed coverage on shares of Northrim BanCorp in a research report on Tuesday, September 8th. They set an “outperform” rating and a $30.00 price target for the company. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $29.50.

Northrim BanCorp Price Performance

The company has a quick ratio of 0.89, a current ratio of 0.94 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $532.66 million, a PE ratio of 9.69 and a beta of 0.92. The company has a 50-day moving average of $24.55 and a 200 day moving average of $24.98.

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

Northrim BanCorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Thursday, September 10th were paid a $0.17 dividend. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Thursday, September 10th. Northrim BanCorp’s payout ratio is 27.53%.

Insider Transactions at Northrim BanCorp

In related news, Director Anthony Drabek sold 1,200 shares of the business’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $25.52, for a total transaction of $30,624.00. Following the transaction, the director directly owned 14,120 shares in the company, valued at approximately $360,342.40. The trade was a 7.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Linda Thomas purchased 1,200 shares of the stock in a transaction that occurred on Tuesday, September 8th. The shares were acquired at an average price of $26.20 per share, for a total transaction of $31,440.00. Following the completion of the transaction, the director directly owned 6,688 shares of the company’s stock, valued at $175,225.60. The trade was a 21.87% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NRIM. Western Wealth Management LLC acquired a new stake in shares of Northrim BanCorp in the first quarter valued at approximately $27,000. Versant Capital Management Inc boosted its stake in Northrim BanCorp by 254.3% during the third quarter. Versant Capital Management Inc now owns 1,233 shares of the financial services provider’s stock worth $30,000 after buying an additional 885 shares during the last quarter. IFP Advisors Inc boosted its stake in Northrim BanCorp by 97.0% during the second quarter. IFP Advisors Inc now owns 1,375 shares of the financial services provider’s stock worth $38,000 after buying an additional 677 shares during the last quarter. Legal & General Group Plc acquired a new position in Northrim BanCorp during the second quarter worth $60,000. Finally, Quantbot Technologies LP acquired a new position in Northrim BanCorp during the second quarter worth $138,000. 65.99% of the stock is currently owned by institutional investors and hedge funds.

Northrim BanCorp Company Profile

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.