Northrim BanCorp, Inc. (NRIM) Receives Average Recommendation of “Hold” from Brokerages

Shares of Northrim BanCorp, Inc. (NASDAQ:NRIM) have been assigned an average broker rating score of 3.00 (Hold) from the one analysts that cover the stock, Zacks Investment Research reports. One analyst has rated the stock with a hold recommendation.

Brokers have set a twelve-month consensus target price of $44.00 for the company and are anticipating that the company will post $0.74 EPS for the current quarter, according to Zacks. Zacks has also assigned Northrim BanCorp an industry rank of 88 out of 255 based on the ratings given to related companies.

A number of brokerages have weighed in on NRIM. BidaskClub lowered Northrim BanCorp from a “buy” rating to a “hold” rating in a report on Tuesday, June 12th. Zacks Investment Research lowered Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 5th.

In other news, Director David G. Wight sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $44.15, for a total transaction of $88,300.00. Following the sale, the director now owns 11,500 shares of the company’s stock, valued at approximately $507,725. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David W. Karp purchased 620 shares of the firm’s stock in a transaction dated Wednesday, August 1st. The shares were purchased at an average cost of $40.50 per share, for a total transaction of $25,110.00. Following the purchase, the director now directly owns 2,436 shares in the company, valued at $98,658. The disclosure for this purchase can be found here. 2.90% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in shares of Northrim BanCorp by 0.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 577,680 shares of the financial services provider’s stock worth $19,959,000 after acquiring an additional 1,905 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Northrim BanCorp by 2.7% during the 2nd quarter. BlackRock Inc. now owns 524,269 shares of the financial services provider’s stock worth $20,735,000 after acquiring an additional 13,985 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Northrim BanCorp by 16.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 260,913 shares of the financial services provider’s stock worth $9,014,000 after acquiring an additional 36,793 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Northrim BanCorp by 68.8% during the 2nd quarter. Renaissance Technologies LLC now owns 150,800 shares of the financial services provider’s stock worth $5,964,000 after acquiring an additional 61,482 shares in the last quarter. Finally, Dalton Greiner Hartman Maher & Co. boosted its stake in shares of Northrim BanCorp by 42.7% during the 2nd quarter. Dalton Greiner Hartman Maher & Co. now owns 87,799 shares of the financial services provider’s stock worth $3,472,000 after acquiring an additional 26,292 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Shares of NRIM opened at $43.80 on Friday. Northrim BanCorp has a twelve month low of $30.20 and a twelve month high of $45.40. The company has a market capitalization of $307.57 million, a price-to-earnings ratio of 21.47 and a beta of 0.71. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.82 and a current ratio of 0.86.

Northrim BanCorp (NASDAQ:NRIM) last announced its quarterly earnings data on Monday, July 30th. The financial services provider reported $0.84 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.22. Northrim BanCorp had a return on equity of 9.52% and a net margin of 15.84%. The company had revenue of $23.30 million for the quarter, compared to analyst estimates of $23.10 million. analysts expect that Northrim BanCorp will post 2.85 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 14th. Stockholders of record on Thursday, September 6th will be paid a dividend of $0.27 per share. This is a positive change from Northrim BanCorp’s previous quarterly dividend of $0.24. The ex-dividend date is Wednesday, September 5th. This represents a $1.08 annualized dividend and a dividend yield of 2.47%. Northrim BanCorp’s payout ratio is 52.94%.

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 professionals in Alaska. The company operates in two segments, Community Banking and Home Mortgage Lending. It offers various deposit products, including noninterest-bearing checking accounts and interest-bearing time deposits, checking accounts, and savings accounts, as well as money market deposit accounts, certificates of deposit, and courier noncash deposits.

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