Empowered Funds LLC Takes $2.52 Million Position in Northrim BanCorp Inc $NRIM

Empowered Funds LLC purchased a new stake in shares of Northrim BanCorp Inc (NASDAQ:NRIM) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 90,728 shares of the financial services provider’s stock, valued at approximately $2,517,000.

Several other large investors have also recently added to or reduced their stakes in the company. Western Wealth Management LLC bought a new stake in Northrim BanCorp during the first quarter valued at $27,000. Quarry LP lifted its position in shares of Northrim BanCorp by 47.7% in the 4th quarter. Quarry LP now owns 1,275 shares of the financial services provider’s stock worth $34,000 after buying an additional 412 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its position in shares of Northrim BanCorp by 298.0% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider’s stock worth $34,000 after buying an additional 1,174 shares during the last quarter. Ameritas Investment Partners Inc. boosted its holdings in shares of Northrim BanCorp by 227.2% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 1,816 shares of the financial services provider’s stock valued at $39,000 after buying an additional 1,261 shares during the period. Finally, Clearstead Advisors LLC boosted its holdings in shares of Northrim BanCorp by 192.4% in the 4th quarter. Clearstead Advisors LLC now owns 1,509 shares of the financial services provider’s stock valued at $40,000 after buying an additional 993 shares during the period. 65.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in 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 issued 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 issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $31.50.

Northrim BanCorp Stock Up 1.6%

Northrim BanCorp stock opened at $25.79 on Thursday. The company has a 50-day simple moving average of $26.84 and a 200-day simple moving average of $25.15. The firm has a market capitalization of $573.70 million, a P/E ratio of 8.48 and a beta of 0.87. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.91 and a current ratio of 0.94. Northrim BanCorp Inc has a one year low of $19.60 and a one year high of $30.82.

Northrim BanCorp (NASDAQ:NRIM) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.07. The firm had revenue of $53.79 million for the quarter, compared to the consensus estimate of $51.80 million. Northrim BanCorp had a net margin of 26.03% and a return on equity of 17.33%. As a group, equities analysts expect that Northrim BanCorp Inc will post 2.57 earnings per share for the current year.

Northrim BanCorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Thursday, September 10th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. This is a boost from Northrim BanCorp’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Thursday, September 10th. Northrim BanCorp’s dividend payout ratio is presently 22.37%.

Insider Activity

In other news, EVP Jason Alexander Criqui sold 13,488 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The stock was 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 directly owned 12,653 shares in the company, valued at approximately $334,545.32. The trade was a 51.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Jed W. Ballard sold 3,492 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 26,835 shares of the company’s stock, valued at $695,294.85. This trade represents a 11.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 18,180 shares of company stock valued at $477,724. Insiders own 2.40% of the company’s stock.

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.