Principal Financial Group Inc. Makes New Investment in Northrim BanCorp Inc $NRIM

Principal Financial Group Inc. bought a new position in shares of Northrim BanCorp Inc (NASDAQ:NRIM) during the first quarter, Holdings Channel reports. The institutional investor bought 45,415 shares of the financial services provider’s stock, valued at approximately $1,039,000.

A number of other large investors also recently modified their holdings of NRIM. Hsbc Holdings PLC acquired a new position in shares of Northrim BanCorp in the 1st quarter valued at about $305,000. Y Intercept Hong Kong Ltd acquired a new stake in Northrim BanCorp during the first quarter worth about $2,609,000. Alaska Wealth Advisors LLC raised its stake in Northrim BanCorp by 212.6% during the first quarter. Alaska Wealth Advisors LLC now owns 305,721 shares of the financial services provider’s stock worth $6,995,000 after acquiring an additional 207,930 shares during the period. Inspire Investing LLC lifted its holdings in Northrim BanCorp by 59.3% in the first quarter. Inspire Investing LLC now owns 73,209 shares of the financial services provider’s stock worth $1,675,000 after acquiring an additional 27,243 shares during the last quarter. Finally, World Investment Advisors bought a new position in Northrim BanCorp in the fourth quarter worth about $231,000. 65.99% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Keefe, Bruyette & Woods started coverage on Northrim BanCorp in a research note on Wednesday, July 1st. They issued a “market perform” rating and a $30.00 target price for the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Northrim BanCorp in a research report on Tuesday, June 16th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Northrim BanCorp has a consensus rating of “Moderate Buy” and a consensus price target of $31.50.

Northrim BanCorp Stock Performance

Shares of NRIM opened at $26.51 on Friday. The firm has a fifty day moving average of $26.26 and a 200-day moving average of $25.14. The company has a market cap of $589.71 million, a price-to-earnings ratio of 8.72 and a beta of 0.86. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.91 and a current ratio of 0.93. Northrim BanCorp Inc has a 1 year low of $19.60 and a 1 year high of $30.82.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07. The business had revenue of $53.79 million for the quarter, compared to analysts’ expectations of $51.80 million. Northrim BanCorp had a net margin of 26.03% and a return on equity of 17.62%. As a group, equities analysts anticipate that Northrim BanCorp Inc will post 2.53 earnings per share for the current year.

Northrim BanCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, June 11th were given a $0.16 dividend. The ex-dividend date was Thursday, June 11th. This represents a $0.64 annualized dividend and a yield of 2.4%. Northrim BanCorp’s dividend payout ratio is 21.05%.

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.