LSV Asset Management Boosts Stock Position in Northrim BanCorp Inc $NRIM

LSV Asset Management raised its holdings in Northrim BanCorp Inc (NASDAQ:NRIM) by 185.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 255,360 shares of the financial services provider’s stock after purchasing an additional 166,020 shares during the quarter. LSV Asset Management owned 1.16% of Northrim BanCorp worth $5,531,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in NRIM. Alaska Wealth Advisors grew its position in shares of Northrim BanCorp by 300.0% during the 3rd quarter. Alaska Wealth Advisors now owns 97,791 shares of the financial services provider’s stock valued at $2,118,000 after acquiring an additional 73,343 shares during the period. Farther Finance Advisors LLC lifted its stake in Northrim BanCorp by 307.9% in the third quarter. Farther Finance Advisors LLC now owns 31,076 shares of the financial services provider’s stock valued at $673,000 after purchasing an additional 23,457 shares during the last quarter. Y Intercept Hong Kong Ltd grew its holdings in Northrim BanCorp by 1,280.1% during the third quarter. Y Intercept Hong Kong Ltd now owns 65,858 shares of the financial services provider’s stock valued at $1,426,000 after purchasing an additional 61,086 shares during the period. Brandywine Global Investment Management LLC purchased a new stake in Northrim BanCorp in the second quarter worth $238,000. Finally, Rosenthal Henry Capital Advisors Inc. raised its stake in shares of Northrim BanCorp by 300.0% in 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 buying an additional 90,000 shares during the period. 65.99% of the stock is currently owned by institutional investors.

Northrim BanCorp Stock Up 1.2%

NRIM stock opened at $25.37 on Monday. The stock has a 50-day simple moving average of $26.61 and a two-hundred day simple moving average of $23.92. Northrim BanCorp Inc has a twelve month low of $16.17 and a twelve month high of $30.82. The firm has a market capitalization of $560.42 million, a PE ratio of 8.85 and a beta of 0.95. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 0.07.

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

Northrim BanCorp Announces Dividend

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

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Hovde Group increased their price target on Northrim BanCorp from $28.00 to $33.00 and gave the stock an “outperform” rating in a research note on Friday, October 24th. Zacks Research downgraded shares of Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Wall Street Zen downgraded shares of Northrim BanCorp from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Northrim BanCorp in a research note on Wednesday, December 24th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $33.00.

Insiders Place Their Bets

In other Northrim BanCorp news, Director Shauna Hegna purchased 1,186 shares of the company’s stock in a transaction dated Tuesday, December 9th. The stock was purchased at an average price of $25.25 per share, for a total transaction of $29,946.50. Following the transaction, the director owned 1,638 shares in the company, valued at $41,359.50. The trade was a 262.39% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David J. Mccambridge acquired 1,150 shares of the business’s stock in a transaction dated Tuesday, December 9th. The shares were acquired at an average cost of $24.87 per share, with a total value of $28,600.50. Following the acquisition, the director directly owned 41,598 shares of the company’s stock, valued at $1,034,542.26. This represents a 2.84% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired 5,126 shares of company stock worth $122,726 in the last ninety days. 3.90% of the stock is currently owned by 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.