Punch & Associates Investment Management Inc. acquired a new position in Northrim BanCorp Inc (NASDAQ:NRIM – Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 342,960 shares of the financial services provider’s stock, valued at approximately $9,514,000.
Several other institutional investors have also recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Northrim BanCorp during the 2nd quarter worth approximately $81,184,000. Vanguard Group Inc. raised its position in shares of Northrim BanCorp by 326.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,639,351 shares of the financial services provider’s stock valued at $35,508,000 after purchasing an additional 1,254,870 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Northrim BanCorp by 248.6% during the 3rd 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 in the last quarter. The Manufacturers Life Insurance Company bought a new position in Northrim BanCorp in the 2nd quarter worth $21,890,000. Finally, Geode Capital Management LLC increased its stake 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. Institutional investors own 65.99% of the company’s stock.
Analyst Ratings Changes
Several analysts recently issued reports on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Northrim BanCorp in a research note on Tuesday, June 16th. Keefe, Bruyette & Woods began coverage on shares of Northrim BanCorp in a report on Wednesday, July 1st. They set a “market perform” rating and a $30.00 price objective for the company. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $31.50.
Northrim BanCorp Stock Up 0.3%
NRIM opened at $25.63 on Thursday. The company has a market capitalization of $570.27 million, a PE ratio of 8.43 and a beta of 0.88. The firm has a 50-day simple moving average of $26.84 and a two-hundred day simple moving average of $25.15. The company has a quick ratio of 0.91, a current ratio of 0.94 and a debt-to-equity ratio of 0.23. Northrim BanCorp Inc has a 52 week low of $19.60 and a 52 week high of $30.82.
Northrim BanCorp (NASDAQ:NRIM – Get Free Report) last issued its 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 firm had revenue of $53.79 million for the quarter, compared to analysts’ expectations of $51.80 million. Northrim BanCorp had a return on equity of 17.33% and a net margin of 26.03%. Analysts forecast that Northrim BanCorp Inc will post 2.57 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Northrim BanCorp news, EVP Jason Alexander Criqui sold 13,488 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $26.44, for a total transaction of $356,622.72. Following the completion of the transaction, the executive vice president owned 12,653 shares in the company, valued at $334,545.32. This trade represents a 51.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.40% of the stock is owned by corporate insiders.
Northrim BanCorp Profile
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.
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