Legato Capital Management LLC Has $1.72 Million Position in Northrim BanCorp, Inc. (NRIM)
Legato Capital Management LLC increased its holdings in Northrim BanCorp, Inc. (NASDAQ:NRIM) by 14.9% in the 1st quarter, HoldingsChannel.com reports. The fund owned 50,059 shares of the financial services provider’s stock after purchasing an additional 6,510 shares during the quarter. Legato Capital Management LLC’s holdings in Northrim BanCorp were worth $1,723,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Heritage Trust Co purchased a new position in shares of Northrim BanCorp during the fourth quarter worth $47,000. Metropolitan Life Insurance Co. NY boosted its position in shares of Northrim BanCorp by 372.8% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 2,482 shares of the financial services provider’s stock worth $82,000 after buying an additional 1,957 shares during the period. Meeder Asset Management Inc. boosted its position in shares of Northrim BanCorp by 18.7% during the first quarter. Meeder Asset Management Inc. now owns 5,858 shares of the financial services provider’s stock worth $202,000 after buying an additional 924 shares during the period. MetLife Investment Advisors LLC boosted its position in shares of Northrim BanCorp by 55.5% during the third quarter. MetLife Investment Advisors LLC now owns 5,486 shares of the financial services provider’s stock worth $228,000 after buying an additional 1,957 shares during the period. Finally, Rhumbline Advisers boosted its position in shares of Northrim BanCorp by 42.5% during the fourth quarter. Rhumbline Advisers now owns 9,463 shares of the financial services provider’s stock worth $311,000 after buying an additional 2,824 shares during the period. Institutional investors own 71.13% of the company’s stock.
NRIM has been the subject of several research analyst reports. BidaskClub upgraded Northrim BanCorp from a “hold” rating to a “buy” rating in a research report on Wednesday, February 13th. Zacks Investment Research lowered Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 16th.
Northrim BanCorp (NASDAQ:NRIM) last released its earnings results on Monday, January 28th. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.77 by ($0.08). The company had revenue of $23.86 million during the quarter, compared to analysts’ expectations of $23.80 million. Northrim BanCorp had a net margin of 20.76% and a return on equity of 9.96%. Equities analysts forecast that Northrim BanCorp, Inc. will post 2.83 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Thursday, March 14th were issued a $0.30 dividend. The ex-dividend date was Wednesday, March 13th. This is a positive change from Northrim BanCorp’s previous quarterly dividend of $0.27. This represents a $1.20 dividend on an annualized basis and a yield of 3.46%. Northrim BanCorp’s dividend payout ratio (DPR) is 41.96%.
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About Northrim BanCorp
Northrim BanCorp, Inc operates as the bank holding company for Northrim Bank that provides commercial banking products and services to businesses and professional individuals in Alaska. It operates in two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, money market deposit accounts, certificates of deposit, and courier noncash deposits.
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