Northrim BanCorp (NASDAQ:NRIM) Posts Quarterly Earnings Results, Beats Expectations By $0.72 EPS

Northrim BanCorp (NASDAQ:NRIM) announced its quarterly earnings results on Friday. The financial services provider reported $1.95 earnings per share for the quarter, beating 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 Performance

Shares of Northrim BanCorp stock traded up $1.37 on Friday, hitting $80.17. 25,975 shares of the company’s stock were exchanged, compared to its average volume of 59,132. The company has a 50-day simple moving average of $81.03 and a 200-day simple moving average of $72.15. The stock has a market capitalization of $440.94 million, a PE 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 debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.85.

Northrim BanCorp Announces Dividend

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

Analyst Upgrades and Downgrades

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

Insider Activity at Northrim BanCorp

In other Northrim BanCorp news, Director Linda C. Thomas sold 2,550 shares of Northrim BanCorp stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $79.00, for a total value of $201,450.00. Following the sale, the director now directly owns 1,172 shares in the company, valued at approximately $92,588. The trade was a 68.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 4.10% of the stock is owned by corporate insiders.

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.