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

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

Northrim BanCorp Trading Down 3.0 %

Shares of NASDAQ:NRIM opened at $64.56 on Friday. The stock has a 50 day moving average of $68.32 and a 200 day moving average of $60.36. The company has a market cap of $355.08 million, a PE ratio of 11.19 and a beta of 0.71. The company has a current ratio of 0.83, a quick ratio of 0.79 and a debt-to-equity ratio of 0.22. Northrim BanCorp has a 12-month low of $39.34 and a 12-month high of $74.34.

Northrim BanCorp Increases Dividend

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

Insider Activity at Northrim BanCorp

In other Northrim BanCorp news, Director Joseph Marushack purchased 493 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was acquired at an average cost of $60.22 per share, for a total transaction of $29,688.46. Following the purchase, the director now directly owns 2,768 shares of the company’s stock, valued at $166,688.96. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Northrim BanCorp by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 292,798 shares of the financial services provider’s stock worth $14,789,000 after acquiring an additional 1,795 shares in the last quarter. American Century Companies Inc. raised its holdings in Northrim BanCorp by 7.3% during the 2nd quarter. American Century Companies Inc. now owns 84,730 shares of the financial services provider’s stock valued at $4,884,000 after buying an additional 5,794 shares during the period. Huber Capital Management LLC raised its holdings in Northrim BanCorp by 0.4% during the 1st quarter. Huber Capital Management LLC now owns 56,079 shares of the financial services provider’s stock valued at $2,833,000 after buying an additional 200 shares during the period. Bank of New York Mellon Corp raised its holdings in Northrim BanCorp by 2.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 47,275 shares of the financial services provider’s stock valued at $2,725,000 after buying an additional 1,149 shares during the period. Finally, Elizabeth Park Capital Advisors Ltd. raised its holdings in Northrim BanCorp by 27.3% during the 2nd quarter. Elizabeth Park Capital Advisors Ltd. now owns 46,316 shares of the financial services provider’s stock valued at $2,670,000 after buying an additional 9,919 shares during the period. 65.99% of the stock is currently owned by institutional investors.

About Northrim BanCorp

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.