Insider Buying: Northrim BanCorp (NASDAQ:NRIM) Director Acquires 1,200 Shares of Stock

Northrim BanCorp Inc (NASDAQ:NRIM) Director Linda Thomas bought 1,200 shares of the company’s stock in a transaction on Tuesday, September 8th. The stock was purchased at an average price of $26.20 per share, with a total value of $31,440.00. Following the completion of the transaction, the director directly owned 6,688 shares of the company’s stock, valued at approximately $175,225.60. The trade was a 21.87% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Northrim BanCorp Trading Down 1.6%

NASDAQ NRIM traded down $0.42 on Tuesday, hitting $26.03. The company’s stock had a trading volume of 188,772 shares, compared to its average volume of 159,443. The company’s 50-day moving average is $26.75 and its 200 day moving average is $25.17. The firm has a market cap of $579.17 million, a PE ratio of 8.56 and a beta of 0.87. Northrim BanCorp Inc has a 1-year low of $19.60 and a 1-year high of $30.82. The company has a quick ratio of 0.91, a current ratio of 0.94 and a debt-to-equity ratio of 0.23.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.07. The firm had revenue of $53.79 million for the quarter, compared to analyst estimates of $51.80 million. Northrim BanCorp had a return on equity of 17.33% and a net margin of 26.03%. As a group, analysts predict that Northrim BanCorp Inc will post 2.68 earnings per share for the current fiscal year.

Northrim BanCorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Thursday, September 10th will be issued a $0.17 dividend. The ex-dividend date is Thursday, September 10th. This is a boost from Northrim BanCorp’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a yield of 2.6%. Northrim BanCorp’s dividend payout ratio (DPR) is currently 21.05%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Royal Bank of Canada lifted its stake in shares of Northrim BanCorp by 21.5% in the 1st quarter. Royal Bank of Canada now owns 39,505 shares of the financial services provider’s stock valued at $2,892,000 after purchasing an additional 6,990 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in Northrim BanCorp during the first quarter worth approximately $210,000. AQR Capital Management LLC grew its stake in Northrim BanCorp by 171.3% during the first quarter. AQR Capital Management LLC now owns 13,352 shares of the financial services provider’s stock worth $978,000 after purchasing an additional 8,431 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Northrim BanCorp by 5.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider’s stock worth $233,000 after purchasing an additional 156 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Northrim BanCorp by 30.2% in the first quarter. Goldman Sachs Group Inc. now owns 28,470 shares of the financial services provider’s stock worth $2,085,000 after purchasing an additional 6,599 shares in the last quarter. 65.99% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Northrim BanCorp in a research report on Tuesday, June 16th. Hovde Group started coverage on shares of Northrim BanCorp in a research note on Tuesday. They issued an “outperform” rating and a $30.00 price objective on the stock. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Northrim BanCorp in a research report on Wednesday, July 1st. They set a “market perform” rating and a $30.00 price objective for the company. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

Northrim BanCorp Company Profile

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.