Raymond James Financial Inc. acquired a new stake in Northrim BanCorp, Inc. (NASDAQ:NRIM - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 23,017 shares of the financial services provider's stock, valued at approximately $1,794,000. Raymond James Financial Inc. owned 0.42% of Northrim BanCorp at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. DecisionPoint Financial LLC purchased a new stake in Northrim BanCorp in the 4th quarter valued at $39,000. FMR LLC raised its holdings in shares of Northrim BanCorp by 13.1% in the third quarter. FMR LLC now owns 1,731 shares of the financial services provider's stock valued at $123,000 after buying an additional 201 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of Northrim BanCorp by 25.8% during the fourth quarter. SG Americas Securities LLC now owns 2,501 shares of the financial services provider's stock worth $195,000 after buying an additional 513 shares during the period. Sunpointe LLC purchased a new position in shares of Northrim BanCorp during the fourth quarter worth about $339,000. Finally, JPMorgan Chase & Co. increased its position in Northrim BanCorp by 150.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,679 shares of the financial services provider's stock valued at $404,000 after acquiring an additional 3,411 shares during the period. 65.99% of the stock is currently owned by hedge funds and other institutional investors.
Northrim BanCorp Stock Performance
NRIM traded down $2.34 during trading on Friday, hitting $65.53. The stock had a trading volume of 15,200 shares, compared to its average volume of 28,177. Northrim BanCorp, Inc. has a twelve month low of $43.92 and a twelve month high of $91.72. The firm has a market capitalization of $361.79 million, a P/E ratio of 9.84 and a beta of 0.82. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.85. The company's 50-day moving average price is $79.70 and its 200 day moving average price is $77.22.
Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last issued its quarterly earnings results on Friday, January 24th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.23 by $0.72. Northrim BanCorp had a net margin of 18.87% and a return on equity of 14.86%. On average, equities research analysts forecast that Northrim BanCorp, Inc. will post 8.05 EPS for the current fiscal year.
Northrim BanCorp Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, March 6th were issued a $0.64 dividend. This is a boost from Northrim BanCorp's previous quarterly dividend of $0.62. This represents a $2.56 annualized dividend and a dividend yield of 3.91%. The ex-dividend date of this dividend was Thursday, March 6th. Northrim BanCorp's dividend payout ratio (DPR) is currently 38.67%.
Wall Street Analyst Weigh In
Separately, Hovde Group initiated coverage on Northrim BanCorp in a research note on Friday, December 20th. They issued an "outperform" rating and a $96.50 target price on the stock.
Check Out Our Latest Stock Report on Northrim BanCorp
Insider Buying and Selling
In other Northrim BanCorp news, CEO Michael G. Huston sold 453 shares of the firm's stock in a transaction on Friday, February 7th. The stock was sold at an average price of $89.18, for a total value of $40,398.54. Following the completion of the sale, the chief executive officer now owns 23,759 shares of the company's stock, valued at approximately $2,118,827.62. This trade represents a 1.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.10% of the stock is currently owned by corporate insiders.
About Northrim BanCorp
(
Free Report)
Northrim BanCorp, Inc operates as the bank holding company for Northrim Bank that provides commercial banking products and services to businesses and professional individuals. It operates through two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, individual retirement and money market deposit accounts, certificates of deposit, and business sweep accounts.
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