Man Group plc Purchases New Position in Northrim BanCorp Inc $NRIM

Man Group plc acquired a new position in Northrim BanCorp Inc (NASDAQ:NRIM) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 40,017 shares of the financial services provider’s stock, valued at approximately $1,110,000. Man Group plc owned about 0.18% of Northrim BanCorp as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in NRIM. BlackRock Inc. bought a new stake in shares of Northrim BanCorp in the 2nd quarter worth $81,184,000. Vanguard Group Inc. boosted its position in shares of Northrim BanCorp by 326.4% during the third quarter. Vanguard Group Inc. now owns 1,639,351 shares of the financial services provider’s stock valued at $35,508,000 after buying an additional 1,254,870 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Northrim BanCorp by 248.6% during the third quarter. Dimensional Fund Advisors LP now owns 1,346,512 shares of the financial services provider’s stock valued at $29,166,000 after buying an additional 960,299 shares during the last quarter. The Manufacturers Life Insurance Company bought a new stake in Northrim BanCorp in the 2nd quarter worth about $21,890,000. Finally, Geode Capital Management LLC increased its holdings in Northrim BanCorp by 18.5% in the 4th quarter. Geode Capital Management LLC now owns 727,180 shares of the financial services provider’s stock worth $19,353,000 after buying an additional 113,293 shares in the last quarter. 65.99% of the stock is owned by institutional investors.

Northrim BanCorp Trading Up 1.6%

Shares of NASDAQ:NRIM opened at $25.79 on Thursday. The stock’s 50-day simple moving average is $26.84 and its two-hundred day simple moving average is $25.15. The stock has a market capitalization of $573.70 million, a price-to-earnings ratio of 8.48 and a beta of 0.87. Northrim BanCorp Inc has a 52-week low of $19.60 and a 52-week 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.

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 the consensus estimate of $0.61 by $0.07. The firm had revenue of $53.79 million during the quarter, compared to analyst estimates of $51.80 million. Northrim BanCorp had a net margin of 26.03% and a return on equity of 17.33%. Analysts expect that Northrim BanCorp Inc will post 2.57 EPS for the current year.

Northrim BanCorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Thursday, September 10th will be issued 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 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Thursday, September 10th. Northrim BanCorp’s dividend payout ratio is currently 22.37%.

Analyst Ratings Changes

A number of analysts have recently commented 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 started coverage on shares of Northrim BanCorp in a research report on Wednesday, July 1st. They issued a “market perform” rating and a $30.00 target price for the company. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Northrim BanCorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.50.

Insiders Place Their Bets

In other news, 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 sale, the executive vice president owned 12,653 shares of the company’s stock, valued at $334,545.32. The trade was a 51.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Jed W. Ballard sold 3,492 shares of the company’s 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 completion of the sale, the executive vice president 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 disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 18,180 shares of company stock worth $477,724. Company 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.