Northrim BanCorp Inc $NRIM Shares Purchased by Rafferty Asset Management LLC

Rafferty Asset Management LLC boosted its stake in shares of Northrim BanCorp Inc (NASDAQ:NRIM) by 871.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 42,559 shares of the financial services provider’s stock after purchasing an additional 38,177 shares during the quarter. Rafferty Asset Management LLC owned approximately 0.19% of Northrim BanCorp worth $922,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Northrim BanCorp by 326.4% in 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 buying an additional 1,254,870 shares during the period. LSV Asset Management raised its holdings in Northrim BanCorp by 185.8% in the third quarter. LSV Asset Management now owns 255,360 shares of the financial services provider’s stock valued at $5,531,000 after acquiring an additional 166,020 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Northrim BanCorp by 314.2% in the third quarter. JPMorgan Chase & Co. now owns 191,908 shares of the financial services provider’s stock valued at $4,157,000 after acquiring an additional 145,578 shares in the last quarter. Rosenthal Henry Capital Advisors Inc. lifted its stake in Northrim BanCorp by 300.0% in the third quarter. Rosenthal Henry Capital Advisors Inc. now owns 120,000 shares of the financial services provider’s stock worth $2,599,000 after acquiring an additional 90,000 shares during the last quarter. Finally, Alaska Wealth Advisors lifted its stake in Northrim BanCorp by 300.0% in the third quarter. Alaska Wealth Advisors now owns 97,791 shares of the financial services provider’s stock worth $2,118,000 after acquiring an additional 73,343 shares during the last quarter. Institutional investors and hedge funds own 65.99% of the company’s stock.

Northrim BanCorp Stock Down 3.0%

Shares of NASDAQ:NRIM opened at $23.01 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 0.07. The firm has a 50 day simple moving average of $25.86 and a 200-day simple moving average of $24.24. The company has a market capitalization of $508.29 million, a PE ratio of 8.02 and a beta of 0.93. Northrim BanCorp Inc has a twelve month low of $16.17 and a twelve month high of $30.82.

Northrim BanCorp (NASDAQ:NRIM) last issued its quarterly earnings data on Friday, January 23rd. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.10). Northrim BanCorp had a return on equity of 18.13% and a net margin of 25.17%.The firm had revenue of $51.66 million for the quarter, compared to analysts’ expectations of $52.70 million. On average, equities analysts predict that Northrim BanCorp Inc will post 8.05 EPS for the current fiscal year.

Northrim BanCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Thursday, March 5th will be paid a $0.16 dividend. The ex-dividend date is Thursday, March 5th. This represents a $0.64 dividend on an annualized basis and a yield of 2.8%. Northrim BanCorp’s payout ratio is currently 22.30%.

Analysts Set New Price Targets

A number of equities research analysts have commented on NRIM shares. Wall Street Zen downgraded shares of Northrim BanCorp from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northrim BanCorp in a research report on Wednesday, December 24th. Finally, Zacks Research downgraded shares of Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $33.00.

Insider Activity

In other Northrim BanCorp news, Director David J. Mccambridge bought 1,150 shares of the business’s stock in a transaction dated Tuesday, December 9th. The shares were acquired at an average cost of $24.87 per share, with a total value of $28,600.50. Following the acquisition, the director directly owned 41,598 shares of the company’s stock, valued at $1,034,542.26. The trade was a 2.84% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael G. Huston purchased 1,500 shares of Northrim BanCorp stock in a transaction that occurred on Thursday, January 29th. The stock was acquired at an average price of $22.80 per share, with a total value of $34,200.00. Following the transaction, the chief executive officer owned 83,252 shares in the company, valued at $1,898,145.60. The trade was a 1.83% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders bought 5,126 shares of company stock valued at $122,726. 3.90% of the stock is currently owned by company 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.