Jupiter Topco LLC Makes New $5.20 Million Investment in Northrim BanCorp Inc $NRIM

Jupiter Topco LLC purchased a new stake in Northrim BanCorp Inc (NASDAQ:NRIM) during the second quarter, Holdings Channel reports. The firm purchased 187,522 shares of the financial services provider’s stock, valued at approximately $5,202,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Hsbc Holdings PLC bought a new position in shares of Northrim BanCorp during the 2nd quarter worth approximately $233,000. Ancora Advisors LLC acquired a new stake in shares of Northrim BanCorp in the 2nd quarter worth $3,501,000. Canada Pension Plan Investment Board purchased a new position in Northrim BanCorp during the 2nd quarter worth $730,000. Legal & General Group Plc acquired a new position in Northrim BanCorp during the 2nd quarter valued at about $60,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Northrim BanCorp in the second quarter valued at about $21,890,000. Hedge funds and other institutional investors own 65.99% of the company’s stock.

Insider Buying and Selling at Northrim BanCorp

In other news, Director Anthony Drabek sold 1,200 shares of Northrim BanCorp stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $25.52, for a total transaction of $30,624.00. Following the completion of the transaction, the director directly owned 14,120 shares of the company’s stock, valued at $360,342.40. The trade was a 7.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jason Alexander Criqui sold 13,488 shares of the business’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $26.44, for a total transaction of $356,622.72. Following the completion of the transaction, the executive vice president owned 12,653 shares of the company’s stock, valued at approximately $334,545.32. This represents a 51.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 18,180 shares of company stock valued at $477,724. 2.40% of the stock is owned by company insiders.

Northrim BanCorp Price Performance

NASDAQ:NRIM opened at $25.57 on Tuesday. Northrim BanCorp Inc has a one year low of $19.60 and a one year high of $30.82. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.91 and a current ratio of 0.94. The firm has a market cap of $568.93 million, a price-to-earnings ratio of 8.41 and a beta of 0.88. The firm’s fifty day moving average is $26.87 and its two-hundred day moving average is $25.15.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.07. The business had revenue of $53.79 million during 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%. Research analysts expect that Northrim BanCorp Inc will post 2.57 EPS for the current year.

Northrim BanCorp Increases Dividend

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

Wall Street Analysts Forecast Growth

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