Northrim BanCorp Inc $NRIM Shares Sold by Royal Bank of Canada

Royal Bank of Canada lessened its stake in shares of Northrim BanCorp Inc (NASDAQ:NRIM) by 91.2% in the 1st quarter, Holdings Channel reports. The institutional investor owned 3,539 shares of the financial services provider’s stock after selling 36,557 shares during the quarter. Royal Bank of Canada’s holdings in Northrim BanCorp were worth $81,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Northrim BanCorp by 326.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,639,351 shares of the financial services provider’s stock valued at $35,508,000 after buying an additional 1,254,870 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Northrim BanCorp by 248.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,346,512 shares of the financial services provider’s stock worth $29,166,000 after acquiring an additional 960,299 shares in the last quarter. Punch & Associates Investment Management Inc. raised its stake in Northrim BanCorp by 1,148.3% during the 3rd quarter. Punch & Associates Investment Management Inc. now owns 247,496 shares of the financial services provider’s stock worth $5,361,000 after acquiring an additional 227,669 shares in the last quarter. Ameriprise Financial Inc. lifted its position in Northrim BanCorp by 239.7% in the third quarter. Ameriprise Financial Inc. now owns 302,192 shares of the financial services provider’s stock valued at $6,545,000 after acquiring an additional 213,238 shares during the last quarter. Finally, Two Sigma Investments LP lifted its position in Northrim BanCorp by 872.1% in the third quarter. Two Sigma Investments LP now owns 236,425 shares of the financial services provider’s stock valued at $5,121,000 after acquiring an additional 212,103 shares during the last quarter. Hedge funds and other institutional investors own 65.99% of the company’s stock.

Insider Activity

In other news, EVP Jason Alexander Criqui sold 13,488 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $26.44, for a total value of $356,622.72. Following the completion of the sale, the executive vice president directly owned 12,653 shares of the company’s stock, valued at approximately $334,545.32. This represents a 51.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anthony Drabek sold 1,200 shares of the stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $25.52, for a total transaction of $30,624.00. Following the sale, the director owned 14,120 shares of the company’s stock, valued at $360,342.40. This trade represents a 7.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 18,180 shares of company stock valued at $477,724. Insiders own 2.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Weiss Ratings reaffirmed 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 research report on Wednesday, July 1st. They set a “market perform” rating and a $30.00 target price on the stock. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $31.50.

Northrim BanCorp Price Performance

NRIM stock opened at $25.38 on Wednesday. The company has a current ratio of 0.94, a quick ratio of 0.91 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $564.71 million, a P/E ratio of 8.35 and a beta of 0.87. The business has a 50 day simple moving average of $26.86 and a 200-day simple moving average of $25.15. Northrim BanCorp Inc has a twelve month low of $19.60 and a twelve month high of $30.82.

Northrim BanCorp (NASDAQ:NRIM) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.07. Northrim BanCorp had a net margin of 26.03% and a return on equity of 17.33%. The business had revenue of $53.79 million for the quarter, compared to analysts’ expectations of $51.80 million. As a group, equities analysts anticipate that Northrim BanCorp Inc will post 2.57 EPS for the current year.

Northrim BanCorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Thursday, September 10th will be paid a $0.17 dividend. This is a boost from Northrim BanCorp’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Thursday, September 10th. Northrim BanCorp’s dividend payout ratio (DPR) is presently 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.