SummerHaven Investment Management LLC Acquires New Position in Northrim BanCorp Inc $NRIM

SummerHaven Investment Management LLC acquired a new stake in Northrim BanCorp Inc (NASDAQ:NRIM) during the 3rd quarter, HoldingsChannel reports. The firm acquired 35,187 shares of the financial services provider’s stock, valued at approximately $762,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CWM LLC boosted its stake in shares of Northrim BanCorp by 286.6% during the 3rd quarter. CWM LLC now owns 1,616 shares of the financial services provider’s stock valued at $35,000 after buying an additional 1,198 shares during the period. Assetmark Inc. purchased a new stake in shares of Northrim BanCorp during the second quarter worth $43,000. Cullen Frost Bankers Inc. boosted its position in Northrim BanCorp by 159.9% during the second quarter. Cullen Frost Bankers Inc. now owns 486 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 299 shares during the last quarter. Cypress Capital Management LLC WY grew its stake in Northrim BanCorp by 303.0% in the third quarter. Cypress Capital Management LLC WY now owns 2,184 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 1,642 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its position in Northrim BanCorp by 34.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 538 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 138 shares during the last quarter. Hedge funds and other institutional investors own 65.99% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on NRIM shares. Zacks Research downgraded Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northrim BanCorp in a research report on Wednesday, December 24th. Hovde Group lifted their target price on shares of Northrim BanCorp from $28.00 to $33.00 and gave the company an “outperform” rating in a research note on Friday, October 24th. Finally, Wall Street Zen upgraded shares of Northrim BanCorp from a “hold” rating to a “buy” rating in a research note on Saturday, October 25th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Northrim BanCorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

Northrim BanCorp Stock Down 2.0%

Shares of NRIM stock opened at $22.61 on Thursday. The stock’s 50 day simple moving average is $26.51 and its 200 day simple moving average is $23.74. Northrim BanCorp Inc has a twelve month low of $16.17 and a twelve month high of $30.82. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.87 and a current ratio of 0.91. The company has a market capitalization of $499.45 million, a price-to-earnings ratio of 7.88 and a beta of 0.97.

Northrim BanCorp (NASDAQ:NRIM) last announced its quarterly earnings results on Friday, January 23rd. The financial services provider reported $0.54 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.10). Northrim BanCorp had a net margin of 25.17% and a return on equity of 18.13%. The company had revenue of $51.66 million for the quarter, compared to analyst estimates of $52.70 million. As a group, research analysts predict that Northrim BanCorp Inc will post 8.05 EPS for the current year.

Northrim BanCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Thursday, March 5th will be paid a $0.16 dividend. The ex-dividend date is Thursday, March 5th. This represents a $0.64 dividend on an annualized basis and a yield of 2.8%. Northrim BanCorp’s dividend payout ratio (DPR) is presently 22.30%.

Insider Buying and Selling at Northrim BanCorp

In other news, Director Shauna Hegna bought 1,186 shares of the business’s stock in a transaction on Tuesday, December 9th. The stock was purchased at an average price of $25.25 per share, with a total value of $29,946.50. Following the transaction, the director directly owned 1,638 shares in the company, valued at approximately $41,359.50. The trade was a 262.39% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director David J. Mccambridge purchased 1,150 shares of the firm’s stock in a transaction on Tuesday, December 9th. The shares were purchased at an average price of $24.87 per share, with a total value of $28,600.50. Following the completion of the acquisition, the director directly owned 41,598 shares of the company’s stock, valued at approximately $1,034,542.26. This trade represents a 2.84% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 3.90% of the company’s stock.

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.