Northrim BanCorp (NASDAQ:NRIM) Announces Earnings Results

Northrim BanCorp (NASDAQ:NRIM) posted its earnings results on Friday. The financial services provider reported $1.95 EPS for the quarter, topping the consensus estimate of $1.23 by $0.72, Zacks reports. Northrim BanCorp had a net margin of 17.79% and a return on equity of 13.31%.

Northrim BanCorp Stock Up 1.7 %

Shares of Northrim BanCorp stock traded up $1.37 during midday trading on Friday, hitting $80.17. The company’s stock had a trading volume of 25,975 shares, compared to its average volume of 58,737. The firm has a market capitalization of $440.94 million, a P/E ratio of 13.68 and a beta of 0.82. Northrim BanCorp has a 1-year low of $43.92 and a 1-year 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. The stock has a 50-day simple moving average of $81.03 and a 200-day simple moving average of $72.15.

Northrim BanCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Thursday, December 19th were paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 3.09%. The ex-dividend date was Thursday, December 19th. Northrim BanCorp’s dividend payout ratio (DPR) is currently 42.32%.

Analysts Set New Price Targets

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

Insider Buying and Selling

In related news, Director Linda C. Thomas sold 2,550 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $79.00, for a total transaction of $201,450.00. Following the completion of the sale, the director now directly owns 1,172 shares in the company, valued at approximately $92,588. This trade represents a 68.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.10% of the company’s 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.