Brandes Investment Partners LP Increases Stake in Northrim BanCorp Inc (NRIM)
Brandes Investment Partners LP increased its position in Northrim BanCorp Inc (NASDAQ:NRIM) by 19.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 50,765 shares of the financial services provider’s stock after buying an additional 8,158 shares during the period. Brandes Investment Partners LP owned about 0.73% of Northrim BanCorp worth $1,544,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in NRIM. FMR LLC boosted its stake in Northrim BanCorp by 467.6% in the first quarter. FMR LLC now owns 156,669 shares of the financial services provider’s stock worth $4,708,000 after buying an additional 129,069 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in Northrim BanCorp by 16.5% in the first quarter. Ameriprise Financial Inc. now owns 299,968 shares of the financial services provider’s stock worth $9,014,000 after buying an additional 42,405 shares in the last quarter. Legato Capital Management LLC bought a new stake in Northrim BanCorp during the second quarter worth approximately $861,000. Vanguard Group Inc. boosted its stake in Northrim BanCorp by 11.1% in the first quarter. Vanguard Group Inc. now owns 239,132 shares of the financial services provider’s stock worth $7,186,000 after buying an additional 23,806 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its stake in Northrim BanCorp by 147.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 35,306 shares of the financial services provider’s stock worth $1,074,000 after buying an additional 21,025 shares in the last quarter. 71.15% of the stock is owned by institutional investors and hedge funds.
Shares of Northrim BanCorp Inc (NASDAQ NRIM) opened at 30.00 on Friday. The stock has a market cap of $207.30 million, a PE ratio of 14.93 and a beta of 0.59. Northrim BanCorp Inc has a 52 week low of $24.35 and a 52 week high of $33.00. The company’s 50-day moving average is $28.66 and its 200 day moving average is $29.83.
Northrim BanCorp (NASDAQ:NRIM) last announced its quarterly earnings data on Monday, July 31st. The financial services provider reported $0.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.04. Northrim BanCorp had a net margin of 14.15% and a return on equity of 8.33%. The firm had revenue of $23.96 million during the quarter, compared to analysts’ expectations of $24.70 million. Analysts forecast that Northrim BanCorp Inc will post $2.51 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, September 7th will be issued a dividend of $0.22 per share. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a yield of 2.93%. The ex-dividend date is Wednesday, September 6th. Northrim BanCorp’s dividend payout ratio (DPR) is 41.79%.
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Separately, ValuEngine raised shares of Northrim BanCorp from a “hold” rating to a “buy” rating in a research note on Tuesday, August 8th.
About Northrim BanCorp
Northrim BanCorp, Inc is a bank holding company. The Company operates in two segments: Community Banking and Home Mortgage Lending. The Community Banking segment’s principal business focus is the offering of loan and deposit products to business and consumer customers in its primary market areas. The Community Banking segment operates approximately 10 branches throughout Alaska.
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