Huber Capital Management LLC Boosts Holdings in Northrim BanCorp Inc $NRIM

Huber Capital Management LLC raised its stake in shares of Northrim BanCorp Inc (NASDAQ:NRIM) by 300.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 183,656 shares of the financial services provider’s stock after purchasing an additional 137,742 shares during the quarter. Huber Capital Management LLC owned about 0.83% of Northrim BanCorp worth $3,978,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in NRIM. Invesco Ltd. boosted its stake in shares of Northrim BanCorp by 309.1% during the 3rd quarter. Invesco Ltd. now owns 158,143 shares of the financial services provider’s stock worth $3,425,000 after acquiring an additional 119,486 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Northrim BanCorp by 265.1% in the third quarter. Arrowstreet Capital Limited Partnership now owns 194,352 shares of the financial services provider’s stock valued at $4,210,000 after purchasing an additional 141,126 shares in the last quarter. UBS Group AG lifted its position in Northrim BanCorp by 1,676.9% during the third quarter. UBS Group AG now owns 119,263 shares of the financial services provider’s stock worth $2,583,000 after buying an additional 112,551 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in Northrim BanCorp by 868.5% in the third quarter. BNP Paribas Financial Markets now owns 37,037 shares of the financial services provider’s stock valued at $802,000 after acquiring an additional 33,213 shares during the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of Northrim BanCorp by 313.2% in the 3rd quarter. Franklin Resources Inc. now owns 204,156 shares of the financial services provider’s stock worth $4,422,000 after acquiring an additional 154,750 shares during the last quarter. Institutional investors and hedge funds own 65.99% of the company’s stock.

Northrim BanCorp Stock Performance

NASDAQ NRIM traded down $0.05 during trading hours on Friday, hitting $22.40. The company had a trading volume of 2,647 shares, compared to its average volume of 193,892. The business has a fifty day simple moving average of $25.53 and a 200-day simple moving average of $24.25. The company has a quick ratio of 0.87, a current ratio of 0.93 and a debt-to-equity ratio of 0.25. The firm has a market cap of $495.76 million, a P/E ratio of 7.80 and a beta of 0.93. Northrim BanCorp Inc has a fifty-two week low of $16.17 and a fifty-two week high of $30.82.

Northrim BanCorp (NASDAQ:NRIM) last issued 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 business had revenue of $51.66 million during the quarter, compared to the consensus estimate of $52.70 million. Northrim BanCorp had a return on equity of 17.66% and a net margin of 25.17%. Equities analysts predict that Northrim BanCorp Inc will post 8.05 EPS for the current year.

Northrim BanCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Thursday, March 5th will be issued a $0.16 dividend. The ex-dividend date is Thursday, March 5th. This represents a $0.64 dividend on an annualized basis and a yield of 2.9%. Northrim BanCorp’s dividend payout ratio is currently 22.30%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NRIM. Zacks Research downgraded Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Wall Street Zen lowered 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 research note on Wednesday, December 24th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

Insider Buying and Selling

In other Northrim BanCorp news, CEO Michael G. Huston acquired 1,500 shares of the company’s stock in a transaction dated Thursday, January 29th. The shares were acquired at an average cost of $22.80 per share, for a total transaction of $34,200.00. Following the completion of the purchase, the chief executive officer owned 83,252 shares of the company’s stock, valued at approximately $1,898,145.60. This trade represents a 1.83% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders purchased a total of 2,790 shares of company stock worth $64,179 in the last 90 days. Company insiders own 3.90% of the company’s stock.

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.