Raymond James Financial Inc. Acquires New Stake in Northrim BanCorp, Inc. (NASDAQ:NRIM)

Raymond James Financial Inc. acquired a new stake in Northrim BanCorp, Inc. (NASDAQ:NRIM) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 23,017 shares of the financial services provider’s stock, valued at approximately $1,794,000. Raymond James Financial Inc. owned approximately 0.42% of Northrim BanCorp as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. DecisionPoint Financial LLC acquired a new position in Northrim BanCorp during the fourth quarter worth about $39,000. Quantbot Technologies LP purchased a new position in Northrim BanCorp in the 4th quarter worth approximately $112,000. SG Americas Securities LLC boosted its holdings in shares of Northrim BanCorp by 25.8% during the 4th quarter. SG Americas Securities LLC now owns 2,501 shares of the financial services provider’s stock worth $195,000 after purchasing an additional 513 shares during the last quarter. Semanteon Capital Management LP acquired a new position in shares of Northrim BanCorp during the 4th quarter worth approximately $201,000. Finally, Wells Fargo & Company MN grew its position in shares of Northrim BanCorp by 25.4% in the fourth quarter. Wells Fargo & Company MN now owns 3,354 shares of the financial services provider’s stock valued at $261,000 after purchasing an additional 679 shares in the last quarter. Hedge funds and other institutional investors own 65.99% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Hovde Group boosted their price objective on Northrim BanCorp from $99.00 to $104.00 and gave the stock an “outperform” rating in a research note on Monday.

Insider Buying and Selling

In other news, CEO Michael G. Huston sold 453 shares of the company’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $89.18, for a total value of $40,398.54. Following the transaction, the chief executive officer now owns 23,759 shares of the company’s stock, valued at $2,118,827.62. This represents a 1.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.90% of the stock is currently owned by company insiders.

Northrim BanCorp Trading Up 0.5 %

Shares of NRIM stock opened at $80.66 on Friday. Northrim BanCorp, Inc. has a twelve month low of $49.28 and a twelve month high of $91.72. The stock has a market cap of $445.32 million, a price-to-earnings ratio of 12.18 and a beta of 0.73. The company’s 50-day moving average price is $74.45 and its 200-day moving average price is $77.78. The company has a current ratio of 0.85, a quick ratio of 0.81 and a debt-to-equity ratio of 0.09.

Northrim BanCorp (NASDAQ:NRIM) last posted its earnings results on Wednesday, April 23rd. The financial services provider reported $2.38 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.82. The company had revenue of $45.50 million for the quarter, compared to analyst estimates of $44.10 million. Northrim BanCorp had a net margin of 18.87% and a return on equity of 14.86%. As a group, equities analysts predict that Northrim BanCorp, Inc. will post 8.05 earnings per share for the current year.

About Northrim BanCorp

Northrim BanCorp, Inc operates as the bank holding company for Northrim Bank that provides commercial banking products and services to businesses and professional individuals. It operates through two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, individual retirement and money market deposit accounts, certificates of deposit, and business sweep accounts.