Linda Thomas Purchases 1,200 Shares of Northrim BanCorp (NASDAQ:NRIM) Stock

Northrim BanCorp Inc (NASDAQ:NRIM) Director Linda Thomas acquired 1,200 shares of Northrim BanCorp stock in a transaction on Tuesday, September 8th. The shares were bought at an average cost of $26.20 per share, with a total value of $31,440.00. Following the completion of the purchase, the director owned 6,688 shares in the company, valued at $175,225.60. The trade was a 21.87% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link.

Northrim BanCorp Stock Up 0.0%

Northrim BanCorp stock opened at $26.04 on Thursday. The stock has a 50 day moving average of $26.69 and a two-hundred day moving average of $25.18. Northrim BanCorp Inc has a twelve month low of $19.60 and a twelve month high of $30.82. The stock has a market capitalization of $579.39 million, a price-to-earnings ratio of 8.57 and a beta of 0.87. The company has a current ratio of 0.94, a quick ratio of 0.91 and a debt-to-equity ratio of 0.23.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.68 EPS for the quarter, topping the consensus estimate of $0.61 by $0.07. Northrim BanCorp had a return on equity of 17.33% and a net margin of 26.03%.The business had revenue of $53.79 million during the quarter, compared to analysts’ expectations of $51.80 million. As a group, research analysts expect that Northrim BanCorp Inc will post 2.68 earnings per share for the current year.

Northrim BanCorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Thursday, September 10th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Thursday, September 10th. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.16. Northrim BanCorp’s payout ratio is currently 21.05%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Northrim BanCorp in a research note on Tuesday, June 16th. Hovde Group assumed coverage on shares of Northrim BanCorp in a research report on Tuesday. They issued an “outperform” rating and a $30.00 price objective for the company. Finally, Keefe, Bruyette & Woods initiated coverage on Northrim BanCorp in a research note on Wednesday, July 1st. They set a “market perform” rating and a $30.00 target price for the company. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Northrim BanCorp has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

Hedge Funds Weigh In On Northrim BanCorp

A number of large investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in Northrim BanCorp during the second quarter worth about $81,184,000. Vanguard Group Inc. increased its holdings in Northrim BanCorp by 326.4% in the third 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 increased its holdings in Northrim BanCorp by 248.6% in the third quarter. Dimensional Fund Advisors LP now owns 1,346,512 shares of the financial services provider’s stock valued at $29,166,000 after buying an additional 960,299 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Northrim BanCorp during the 2nd quarter valued at approximately $21,890,000. Finally, Geode Capital Management LLC boosted its stake in shares of Northrim BanCorp by 18.5% during the 4th quarter. Geode Capital Management LLC now owns 727,180 shares of the financial services provider’s stock worth $19,353,000 after acquiring an additional 113,293 shares in the last quarter. Hedge funds and other institutional investors own 65.99% 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.