Northrim BanCorp (NASDAQ:NRIM) posted its quarterly earnings results on Monday, October 29th. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.13, Fidelity Earnings reports. Northrim BanCorp had a return on equity of 9.28% and a net margin of 16.25%. The company had revenue of $24.49 million for the quarter, compared to analysts’ expectations of $24.10 million.
Shares of NASDAQ NRIM traded up $0.21 during mid-day trading on Thursday, reaching $36.79. The company had a trading volume of 12,672 shares, compared to its average volume of 12,846. Northrim BanCorp has a twelve month low of $32.60 and a twelve month high of $45.40. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $251.83 million, a PE ratio of 18.03 and a beta of 0.76.
NRIM has been the topic of several recent analyst reports. BidaskClub downgraded shares of Northrim BanCorp from a “buy” rating to a “hold” rating in a research note on Friday, October 19th. Zacks Investment Research raised shares of Northrim BanCorp from a “hold” rating to a “strong-buy” rating and set a $49.00 target price on the stock in a research note on Thursday, August 9th. Finally, ValuEngine downgraded shares of Northrim BanCorp from a “buy” rating to a “hold” rating in a research note on Tuesday, November 6th.
In related news, Director Karl L. Hanneman purchased 700 shares of the company’s stock in a transaction dated Thursday, November 1st. The shares were acquired at an average cost of $37.80 per share, with a total value of $26,460.00. Following the completion of the purchase, the director now owns 4,900 shares of the company’s stock, valued at approximately $185,220. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.90% of the company’s stock.
An institutional investor recently raised its position in Northrim BanCorp stock. JPMorgan Chase & Co. increased its holdings in Northrim BanCorp, Inc. (NASDAQ:NRIM) by 1,593.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,332 shares of the financial services provider’s stock after purchasing an additional 21,954 shares during the period. JPMorgan Chase & Co. owned approximately 0.34% of Northrim BanCorp worth $969,000 at the end of the most recent reporting period. 70.95% of the stock is currently owned by institutional investors and hedge funds.
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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 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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