Northrim BanCorp Inc $NRIM Shares Bought by Farther Finance Advisors LLC

Farther Finance Advisors LLC raised its holdings in Northrim BanCorp Inc (NASDAQ:NRIM) by 307.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,076 shares of the financial services provider’s stock after purchasing an additional 23,457 shares during the quarter. Farther Finance Advisors LLC owned 0.14% of Northrim BanCorp worth $673,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of NRIM. Brandywine Global Investment Management LLC purchased a new stake in Northrim BanCorp in the 2nd quarter valued at about $238,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Northrim BanCorp during the second quarter valued at about $388,000. De Lisle Partners LLP raised its stake in shares of Northrim BanCorp by 3.0% in the 2nd quarter. De Lisle Partners LLP now owns 97,853 shares of the financial services provider’s stock valued at $9,136,000 after acquiring an additional 2,870 shares during the period. Raymond James Financial Inc. lifted its holdings in shares of Northrim BanCorp by 7.8% in the 2nd quarter. Raymond James Financial Inc. now owns 25,628 shares of the financial services provider’s stock worth $2,390,000 after acquiring an additional 1,847 shares during the last quarter. Finally, Cullen Frost Bankers Inc. boosted its position in shares of Northrim BanCorp by 159.9% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 486 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 299 shares during the period. 65.99% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Northrim BanCorp news, Director Shauna Hegna purchased 1,186 shares of the firm’s stock in a transaction on Tuesday, December 9th. The stock was bought at an average cost of $25.25 per share, with a total value of $29,946.50. Following the acquisition, the director directly owned 1,638 shares of the company’s stock, valued at approximately $41,359.50. This represents a 262.39% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David J. Mccambridge acquired 1,150 shares of the company’s stock in a transaction dated Tuesday, December 9th. The stock was acquired at an average price of $24.87 per share, for a total transaction of $28,600.50. Following the acquisition, the director owned 41,598 shares in the company, valued at approximately $1,034,542.26. The trade was a 2.84% increase in their position. The SEC filing for this purchase provides additional information. 3.90% of the stock is owned by company insiders.

Northrim BanCorp Price Performance

Shares of NASDAQ NRIM opened at $26.59 on Wednesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.87. The company has a market cap of $587.37 million, a price-to-earnings ratio of 9.48 and a beta of 0.98. The stock’s 50-day moving average is $24.58 and its two-hundred day moving average is $23.17. Northrim BanCorp Inc has a 1-year low of $16.17 and a 1-year high of $28.21.

Northrim BanCorp (NASDAQ:NRIM) last announced its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. The business had revenue of $66.59 million during the quarter, compared to the consensus estimate of $50.60 million. Northrim BanCorp had a return on equity of 18.12% and a net margin of 25.32%. Analysts forecast that Northrim BanCorp Inc will post 8.05 EPS for the current fiscal year.

Northrim BanCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 26th. Investors of record on Thursday, December 18th were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Thursday, December 18th. Northrim BanCorp’s dividend payout ratio is 22.78%.

Analysts Set New Price Targets

A number of analysts have issued reports on NRIM shares. Zacks Research raised Northrim BanCorp from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 14th. Weiss Ratings reiterated a “buy (b)” rating on shares of Northrim BanCorp in a report on Wednesday, December 24th. Wall Street Zen raised Northrim BanCorp from a “hold” rating to a “buy” rating in a research note on Saturday, October 25th. Finally, Hovde Group lifted their target price on Northrim BanCorp from $28.00 to $33.00 and gave the company an “outperform” rating in a research report on Friday, October 24th. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $33.00.

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.