Northrim BanCorp (NASDAQ:NRIM) Trading Down 6.1% After Earnings Miss

Northrim BanCorp Inc (NASDAQ:NRIM)’s share price dropped 6.1% during trading on Friday following a weaker than expected earnings announcement. The company traded as low as $27.60 and last traded at $27.87. Approximately 55,972 shares were traded during trading, a decline of 63% from the average daily volume of 150,870 shares. The stock had previously closed at $29.69.

The financial services provider reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.10). The business had revenue of $51.66 million during the quarter, compared to analysts’ expectations of $52.70 million. Northrim BanCorp had a return on equity of 18.12% and a net margin of 25.32%.

Northrim BanCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 26th. Shareholders of record on Thursday, December 18th were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, December 18th. This represents a $0.64 dividend on an annualized basis and a yield of 2.5%. Northrim BanCorp’s payout ratio is 22.78%.

Wall Street Analyst Weigh In

NRIM has been the topic of several analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Northrim BanCorp in a report on Wednesday, December 24th. Wall Street Zen raised shares of Northrim BanCorp from a “hold” rating to a “buy” rating in a report on Saturday, October 25th. Hovde Group lifted their target price on shares of Northrim BanCorp from $28.00 to $33.00 and gave the stock an “outperform” rating in a research note on Friday, October 24th. Finally, Zacks Research lowered shares of Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Northrim BanCorp has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

Insiders Place Their Bets

In related news, Director Shauna Hegna bought 1,186 shares of the stock in a transaction on Tuesday, December 9th. The stock was bought at an average price of $25.25 per share, with a total value of $29,946.50. Following the completion of the purchase, the director directly owned 1,638 shares in the company, valued at $41,359.50. This represents a 262.39% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director David J. Mccambridge purchased 1,150 shares of the company’s stock in a transaction on Tuesday, December 9th. The shares were bought at an average price of $24.87 per share, with a total value of $28,600.50. Following the completion of the transaction, the director owned 41,598 shares of the company’s stock, valued at approximately $1,034,542.26. The trade was a 2.84% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Northrim BanCorp

Several large investors have recently made changes to their positions in NRIM. Vanguard Group Inc. increased its holdings in Northrim BanCorp by 326.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,639,351 shares of the financial services provider’s stock valued at $35,508,000 after purchasing an additional 1,254,870 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Northrim BanCorp by 248.6% during the third quarter. Dimensional Fund Advisors LP now owns 1,346,512 shares of the financial services provider’s stock worth $29,166,000 after buying an additional 960,299 shares during the period. American Century Companies Inc. boosted its position in shares of Northrim BanCorp by 344.3% during the third quarter. American Century Companies Inc. now owns 665,888 shares of the financial services provider’s stock worth $14,423,000 after buying an additional 516,030 shares during the period. Ameriprise Financial Inc. grew its stake in shares of Northrim BanCorp by 239.7% in the third quarter. Ameriprise Financial Inc. now owns 302,192 shares of the financial services provider’s stock valued at $6,545,000 after buying an additional 213,238 shares in the last quarter. Finally, LSV Asset Management grew its stake in shares of Northrim BanCorp by 185.8% in the third quarter. LSV Asset Management now owns 255,360 shares of the financial services provider’s stock valued at $5,531,000 after buying an additional 166,020 shares in the last quarter. 65.99% of the stock is currently owned by institutional investors and hedge funds.

Northrim BanCorp Price Performance

The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 0.07. The stock has a market cap of $557.77 million, a PE ratio of 8.81 and a beta of 0.97. The company has a fifty day moving average of $26.49 and a 200-day moving average of $23.76.

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.