Northrim BanCorp (NASDAQ:NRIM) Director Purchases $28,600.50 in Stock

Northrim BanCorp Inc (NASDAQ:NRIM) Director David Mccambridge bought 1,150 shares of the company’s stock in a transaction on Tuesday, December 9th. The shares were bought at an average cost of $24.87 per share, for a total transaction of $28,600.50. Following the transaction, the director directly owned 41,598 shares in the company, valued at approximately $1,034,542.26. This represents a 2.84% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Northrim BanCorp Stock Up 4.0%

Shares of NRIM traded up $1.00 during trading hours on Wednesday, hitting $25.84. The company had a trading volume of 43,655 shares, compared to its average volume of 177,173. 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 company has a market capitalization of $570.70 million, a PE ratio of 9.21 and a beta of 0.98. Northrim BanCorp Inc has a one year low of $16.17 and a one year high of $25.95. The company’s fifty day moving average price is $22.71 and its two-hundred day moving average price is $22.65.

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

Northrim BanCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Thursday, December 18th will be given a $0.16 dividend. The ex-dividend date of this dividend is Thursday, December 18th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.5%. Northrim BanCorp’s payout ratio is presently 22.78%.

Institutional Investors Weigh In On Northrim BanCorp

Large investors have recently made changes to their positions in the stock. Jacobs Levy Equity Management Inc. raised its holdings in shares of Northrim BanCorp by 0.5% during the first quarter. Jacobs Levy Equity Management Inc. now owns 22,618 shares of the financial services provider’s stock worth $1,656,000 after purchasing an additional 116 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in Northrim BanCorp by 34.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 538 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 138 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Northrim BanCorp by 5.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider’s stock worth $233,000 after purchasing an additional 156 shares during the period. Federated Hermes Inc. increased its holdings in shares of Northrim BanCorp by 388.6% during the 1st quarter. Federated Hermes Inc. now owns 342 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 272 shares in the last quarter. Finally, Cullen Frost Bankers Inc. lifted its stake in shares of Northrim BanCorp by 159.9% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 486 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 299 shares during the period. 65.99% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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. It operates through two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, individual retirement and money market deposit accounts, certificates of deposit, and business sweep accounts.