LSV Asset Management Increases Position in Northrim BanCorp Inc $NRIM

LSV Asset Management boosted its position in Northrim BanCorp Inc (NASDAQ:NRIM) by 185.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 255,360 shares of the financial services provider’s stock after acquiring an additional 166,020 shares during the quarter. LSV Asset Management’s holdings in Northrim BanCorp were worth $5,531,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Alaska Wealth Advisors boosted its holdings in shares of Northrim BanCorp by 300.0% in the 3rd quarter. Alaska Wealth Advisors now owns 97,791 shares of the financial services provider’s stock worth $2,118,000 after purchasing an additional 73,343 shares in the last quarter. Farther Finance Advisors LLC lifted its position in Northrim BanCorp by 307.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 31,076 shares of the financial services provider’s stock worth $673,000 after buying an additional 23,457 shares during the last quarter. Y Intercept Hong Kong Ltd boosted its stake in Northrim BanCorp by 1,280.1% in the third quarter. Y Intercept Hong Kong Ltd now owns 65,858 shares of the financial services provider’s stock worth $1,426,000 after buying an additional 61,086 shares in the last quarter. Brandywine Global Investment Management LLC bought a new position in Northrim BanCorp during the second quarter valued at approximately $238,000. Finally, Rosenthal Henry Capital Advisors Inc. grew its position in Northrim BanCorp by 300.0% during the third quarter. Rosenthal Henry Capital Advisors Inc. now owns 120,000 shares of the financial services provider’s stock valued at $2,599,000 after acquiring an additional 90,000 shares during the last quarter. Institutional investors own 65.99% of the company’s stock.

Northrim BanCorp Trading Up 1.2%

Shares of NRIM opened at $25.37 on Monday. The stock has a market capitalization of $560.42 million, a P/E ratio of 8.85 and a beta of 0.95. Northrim BanCorp Inc has a twelve month low of $16.17 and a twelve month high of $30.82. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The firm has a fifty day simple moving average of $26.61 and a two-hundred day simple moving average of $23.92.

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

Northrim BanCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Thursday, March 5th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, March 5th. This represents a $0.64 dividend on an annualized basis and a yield of 2.5%. Northrim BanCorp’s dividend payout ratio is presently 22.30%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on NRIM shares. Hovde Group boosted their price objective on shares of Northrim BanCorp from $28.00 to $33.00 and gave the stock an “outperform” rating in a report on Friday, October 24th. Zacks Research downgraded shares of Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. Wall Street Zen lowered shares of Northrim BanCorp from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Northrim BanCorp in a report on Wednesday, December 24th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Northrim BanCorp currently has an average rating of “Moderate Buy” and a consensus target price of $33.00.

Insiders Place Their Bets

In related news, CEO Michael G. Huston acquired 1,500 shares of Northrim BanCorp stock in a transaction on Thursday, January 29th. The shares were acquired at an average cost 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. This trade represents a 1.83% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Shauna Hegna purchased 1,186 shares of Northrim BanCorp stock in a transaction that occurred on Tuesday, December 9th. The shares were bought at an average price of $25.25 per share, for a total transaction of $29,946.50. Following the transaction, the director directly owned 1,638 shares of the company’s stock, valued at $41,359.50. This trade represents a 262.39% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders acquired 5,126 shares of company stock worth $122,726. 3.90% of the stock is currently owned by company insiders.

About Northrim BanCorp

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.