Northrim BanCorp Inc $NRIM Shares Sold by Royal Bank of Canada

Royal Bank of Canada decreased its holdings in Northrim BanCorp Inc (NASDAQ:NRIM) by 91.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,539 shares of the financial services provider’s stock after selling 36,557 shares during the quarter. Royal Bank of Canada’s holdings in Northrim BanCorp were worth $81,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in NRIM. Vanguard Group Inc. lifted its holdings in Northrim BanCorp by 326.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,639,351 shares of the financial services provider’s stock worth $35,508,000 after buying an additional 1,254,870 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Northrim BanCorp by 248.6% in the third quarter. Dimensional Fund Advisors LP now owns 1,346,512 shares of the financial services provider’s stock worth $29,166,000 after acquiring an additional 960,299 shares in the last quarter. Punch & Associates Investment Management Inc. grew its stake in shares of Northrim BanCorp by 1,148.3% in the third quarter. Punch & Associates Investment Management Inc. now owns 247,496 shares of the financial services provider’s stock worth $5,361,000 after acquiring an additional 227,669 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of Northrim BanCorp by 239.7% in the third quarter. Ameriprise Financial Inc. now owns 302,192 shares of the financial services provider’s stock worth $6,545,000 after acquiring an additional 213,238 shares in the last quarter. Finally, Two Sigma Investments LP increased its position in shares of Northrim BanCorp by 872.1% during the third quarter. Two Sigma Investments LP now owns 236,425 shares of the financial services provider’s stock worth $5,121,000 after acquiring an additional 212,103 shares during the period. Institutional investors and hedge funds own 65.99% of the company’s stock.

Northrim BanCorp Stock Down 0.7%

Shares of Northrim BanCorp stock opened at $25.38 on Wednesday. Northrim BanCorp Inc has a 52-week low of $19.60 and a 52-week high of $30.82. The company has a 50 day moving average of $26.86 and a 200 day moving average of $25.15. The company has a quick ratio of 0.91, a current ratio of 0.94 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $564.71 million, a P/E ratio of 8.35 and a beta of 0.87.

Northrim BanCorp (NASDAQ:NRIM) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.68 EPS for the quarter, topping the consensus estimate of $0.61 by $0.07. Northrim BanCorp had a net margin of 26.03% and a return on equity of 17.33%. The company had revenue of $53.79 million during the quarter, compared to analysts’ expectations of $51.80 million. As a group, research analysts forecast that Northrim BanCorp Inc will post 2.57 EPS for the current fiscal year.

Northrim BanCorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Thursday, September 10th will be paid a dividend of $0.17 per share. The ex-dividend date is Thursday, September 10th. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. Northrim BanCorp’s payout ratio is presently 21.05%.

Insider Buying and Selling

In related news, EVP Jed W. Ballard sold 3,492 shares of the stock in a transaction on Friday, August 28th. The stock was sold at an average price of $25.91, for a total value of $90,477.72. Following the transaction, the executive vice president owned 26,835 shares of the company’s stock, valued at $695,294.85. This represents a 11.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Anthony Drabek sold 1,200 shares of the stock in a transaction on Monday, August 31st. The shares were sold at an average price of $25.52, for a total value of $30,624.00. Following the completion of the transaction, the director directly owned 14,120 shares in the company, valued at $360,342.40. This trade represents a 7.83% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 18,180 shares of company stock worth $477,724. Corporate insiders own 2.40% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on NRIM shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Northrim BanCorp in a research note on Tuesday, June 16th. Keefe, Bruyette & Woods initiated coverage on Northrim BanCorp in a research note on Wednesday, July 1st. They set a “market perform” rating and a $30.00 target price for the company. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.50.

About Northrim BanCorp

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.