ValuEngine upgraded shares of Northrim BanCorp Inc (NASDAQ:NRIM) from a buy rating to a strong-buy rating in a research note released on Tuesday.
Northrim BanCorp (NASDAQ:NRIM) traded up 1.03% during trading on Tuesday, hitting $34.45. The stock had a trading volume of 4,072 shares. The firm has a market cap of $238.05 million, a PE ratio of 17.14 and a beta of 0.59. The company’s 50-day moving average is $28.87 and its 200 day moving average is $29.86. Northrim BanCorp has a 52 week low of $24.35 and a 52 week high of $34.45.
Northrim BanCorp (NASDAQ:NRIM) last issued its quarterly earnings data on Monday, July 31st. The financial services provider reported $0.51 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.04. Northrim BanCorp had a return on equity of 8.33% and a net margin of 14.15%. The business had revenue of $23.96 million for the quarter, compared to the consensus estimate of $24.70 million. Equities analysts expect that Northrim BanCorp will post $2.51 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, September 7th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.61%. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend was Wednesday, September 6th. Northrim BanCorp’s dividend payout ratio (DPR) is presently 43.78%.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. American International Group Inc. increased its position in Northrim BanCorp by 6.9% in the 1st quarter. American International Group Inc. now owns 4,137 shares of the financial services provider’s stock worth $124,000 after buying an additional 267 shares during the period. Menta Capital LLC increased its position in Northrim BanCorp by 2.5% in the 2nd quarter. Menta Capital LLC now owns 12,086 shares of the financial services provider’s stock worth $367,000 after buying an additional 300 shares during the period. Bank of America Corp DE increased its position in Northrim BanCorp by 6.1% in the 1st quarter. Bank of America Corp DE now owns 6,141 shares of the financial services provider’s stock worth $185,000 after buying an additional 353 shares during the period. Russell Investments Group Ltd. increased its position in Northrim BanCorp by 2.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 25,466 shares of the financial services provider’s stock worth $774,000 after buying an additional 497 shares during the period. Finally, Teachers Advisors LLC increased its position in Northrim BanCorp by 8.2% in the 4th quarter. Teachers Advisors LLC now owns 11,713 shares of the financial services provider’s stock worth $370,000 after buying an additional 887 shares during the period. 71.15% of the stock is currently owned by institutional investors.
About Northrim BanCorp
Northrim BanCorp, Inc is a bank holding company. The Company operates in two segments: Community Banking and Home Mortgage Lending. The Community Banking segment’s principal business focus is the offering of loan and deposit products to business and consumer customers in its primary market areas. The Community Banking segment operates approximately 10 branches throughout Alaska.
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