Northrim BanCorp (NASDAQ:NRIM) Director Linda Thomas Purchases 1,200 Shares of Stock

Northrim BanCorp Inc (NASDAQ:NRIM) Director Linda Thomas acquired 1,200 shares of the business’s stock in a transaction dated Tuesday, September 8th. The stock was purchased at an average cost of $26.20 per share, for a total transaction of $31,440.00. Following the transaction, the director owned 6,688 shares in the company, valued at approximately $175,225.60. The trade was a 21.87% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Northrim BanCorp Trading Down 1.6%

NASDAQ:NRIM opened at $26.03 on Wednesday. Northrim BanCorp Inc has a 52 week low of $19.60 and a 52 week high of $30.82. The firm has a 50 day moving average of $26.72 and a 200 day moving average of $25.17. 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 stock has a market capitalization of $579.17 million, a price-to-earnings ratio of 8.56 and a beta of 0.87.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.07. The business had revenue of $53.79 million for 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%. As a group, sell-side analysts anticipate that Northrim BanCorp Inc will post 2.68 earnings per share for the current fiscal year.

Northrim BanCorp Increases Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $0.68 annualized dividend and a yield of 2.6%. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.16. Northrim BanCorp’s dividend payout ratio is currently 21.05%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada boosted its position in Northrim BanCorp by 21.5% in the 1st quarter. Royal Bank of Canada now owns 39,505 shares of the financial services provider’s stock worth $2,892,000 after purchasing an additional 6,990 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Northrim BanCorp during the 1st quarter valued at approximately $210,000. AQR Capital Management LLC lifted its stake in shares of Northrim BanCorp by 171.3% in the 1st quarter. AQR Capital Management LLC now owns 13,352 shares of the financial services provider’s stock valued at $978,000 after purchasing an additional 8,431 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Northrim BanCorp by 5.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider’s stock valued at $233,000 after purchasing an additional 156 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in Northrim BanCorp by 30.2% during the first quarter. Goldman Sachs Group Inc. now owns 28,470 shares of the financial services provider’s stock worth $2,085,000 after buying an additional 6,599 shares in the last quarter. 65.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on NRIM. 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 price target on the stock. Hovde Group initiated coverage on shares of Northrim BanCorp in a research note on Tuesday. They issued an “outperform” rating and a $30.00 target price for the company. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Northrim BanCorp in a research report on Tuesday, June 16th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Northrim BanCorp presently has an average rating of “Moderate Buy” and an average target price of $30.00.

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.