Ameriprise Financial Inc. Decreases Stake in Northrim BanCorp, Inc. (NASDAQ:NRIM)

Ameriprise Financial Inc. reduced its stake in Northrim BanCorp, Inc. (NASDAQ:NRIM) by 20.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 186,127 shares of the financial services provider’s stock after selling 47,962 shares during the quarter. Ameriprise Financial Inc. owned about 3.38% of Northrim BanCorp worth $14,507,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Tower Research Capital LLC TRC raised its position in shares of Northrim BanCorp by 57.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 366 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 133 shares during the last quarter. Zacks Investment Management raised its position in shares of Northrim BanCorp by 1.7% in the 4th quarter. Zacks Investment Management now owns 44,952 shares of the financial services provider’s stock valued at $3,504,000 after purchasing an additional 744 shares during the last quarter. Barclays PLC raised its position in shares of Northrim BanCorp by 5.7% in the 4th quarter. Barclays PLC now owns 21,876 shares of the financial services provider’s stock valued at $1,705,000 after purchasing an additional 1,187 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Northrim BanCorp in the 4th quarter worth approximately $1,794,000. Finally, Martingale Asset Management L P increased its holdings in Northrim BanCorp by 140.2% in the 4th quarter. Martingale Asset Management L P now owns 16,736 shares of the financial services provider’s stock worth $1,304,000 after buying an additional 9,769 shares during the period. 65.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Hovde Group increased their price target on shares of Northrim BanCorp from $99.00 to $104.00 and gave the stock an “outperform” rating in a report on Monday, April 28th.

Northrim BanCorp Price Performance

Shares of NASDAQ:NRIM opened at $89.24 on Friday. Northrim BanCorp, Inc. has a twelve month low of $51.50 and a twelve month high of $91.72. The company’s 50 day moving average is $76.00 and its 200 day moving average is $79.10. The company has a current ratio of 0.85, a quick ratio of 0.81 and a debt-to-equity ratio of 0.09. The company has a market cap of $492.69 million, a PE ratio of 13.48 and a beta of 0.93.

Northrim BanCorp (NASDAQ:NRIM) last issued its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $2.38 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.82. Northrim BanCorp had a net margin of 18.87% and a return on equity of 14.86%. The company had revenue of $45.50 million for the quarter, compared to the consensus estimate of $44.10 million. On average, sell-side analysts forecast that Northrim BanCorp, Inc. will post 8.05 EPS for the current year.

Northrim BanCorp Company Profile

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.