Punch & Associates Investment Management Inc. Increases Position in Northrim BanCorp Inc $NRIM

Punch & Associates Investment Management Inc. increased its holdings in Northrim BanCorp Inc (NASDAQ:NRIM) by 7.8% in the first quarter, HoldingsChannel.com reports. The firm owned 326,410 shares of the financial services provider’s stock after buying an additional 23,510 shares during the quarter. Punch & Associates Investment Management Inc.’s holdings in Northrim BanCorp were worth $7,468,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its position in shares of Northrim BanCorp by 314.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 191,908 shares of the financial services provider’s stock valued at $4,157,000 after buying an additional 145,578 shares in the last quarter. Tudor Investment Corp ET AL purchased a new position in Northrim BanCorp during the third quarter valued at $457,000. Inspire Investing LLC lifted its holdings in Northrim BanCorp by 59.3% during the first quarter. Inspire Investing LLC now owns 73,209 shares of the financial services provider’s stock valued at $1,675,000 after purchasing an additional 27,243 shares in the last quarter. Bailard Inc. acquired a new stake in shares of Northrim BanCorp in the fourth quarter valued at about $802,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of Northrim BanCorp during the 1st quarter worth about $2,609,000. Hedge funds and other institutional investors own 65.99% of the company’s stock.

Wall Street Analyst Weigh In

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

Northrim BanCorp Stock Performance

NASDAQ NRIM opened at $27.09 on Friday. The stock’s fifty day moving average is $26.03 and its two-hundred day moving average is $25.17. The firm has a market capitalization of $602.75 million, a P/E ratio of 8.91 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 fifty-two week low of $19.60 and a fifty-two week high of $30.82.

Northrim BanCorp (NASDAQ:NRIM) last issued its earnings results on Wednesday, July 22nd. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07. Northrim BanCorp had a return on equity of 17.62% and a net margin of 26.03%.The business had revenue of $52.63 million during the quarter, compared to the consensus estimate of $51.80 million. On average, research 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 issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.4%. The ex-dividend date was Thursday, June 11th. Northrim BanCorp’s payout ratio is presently 21.05%.

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.