Raymond James Financial Inc. Invests $1.79 Million in Northrim BanCorp, Inc. (NASDAQ:NRIM)

Raymond James Financial Inc. purchased a new position in Northrim BanCorp, Inc. (NASDAQ:NRIM - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 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 reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its holdings in Northrim BanCorp by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 15,677 shares of the financial services provider's stock valued at $1,117,000 after acquiring an additional 457 shares in the last quarter. FMR LLC increased its stake in shares of Northrim BanCorp by 13.1% during the 3rd quarter. FMR LLC now owns 1,731 shares of the financial services provider's stock worth $123,000 after purchasing an additional 201 shares in the last quarter. Martingale Asset Management L P raised its position in shares of Northrim BanCorp by 13.8% during the 3rd quarter. Martingale Asset Management L P now owns 6,967 shares of the financial services provider's stock worth $496,000 after purchasing an additional 846 shares during the last quarter. State Street Corp lifted its stake in Northrim BanCorp by 8.0% in the 3rd quarter. State Street Corp now owns 107,568 shares of the financial services provider's stock valued at $7,661,000 after buying an additional 8,012 shares in the last quarter. Finally, Zacks Investment Management grew its holdings in Northrim BanCorp by 8.7% during the 3rd quarter. Zacks Investment Management now owns 44,208 shares of the financial services provider's stock valued at $3,148,000 after buying an additional 3,550 shares during the last quarter. 65.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Hovde Group initiated coverage on Northrim BanCorp in a report on Friday, December 20th. They issued an "outperform" rating and a $96.50 price target for the company.

Insider Buying and Selling

In related news, CEO Michael G. Huston sold 453 shares of the company's stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $89.18, for a total transaction of $40,398.54. Following the completion of the transaction, the chief executive officer now owns 23,759 shares of the company's stock, valued at approximately $2,118,827.62. This represents a 1.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.10% of the stock is currently owned by company insiders.

Northrim BanCorp Trading Up 0.6 %

Shares of Northrim BanCorp stock traded up $0.44 during mid-day trading on Friday, hitting $68.31. 36,019 shares of the stock were exchanged, compared to its average volume of 28,430. The stock has a market capitalization of $377.14 million, a price-to-earnings ratio of 10.32 and a beta of 0.82. Northrim BanCorp, Inc. has a twelve month low of $43.92 and a twelve month high of $91.72. The company has a current ratio of 0.85, a quick ratio of 0.81 and a debt-to-equity ratio of 0.09. The company has a 50-day simple moving average of $79.46 and a 200 day simple moving average of $77.27.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last announced its 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%. Research analysts forecast that Northrim BanCorp, Inc. will post 8.05 EPS for the current year.

Northrim BanCorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, March 6th were given a $0.64 dividend. The ex-dividend date was Thursday, March 6th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.75%. This is an increase from Northrim BanCorp's previous quarterly dividend of $0.62. Northrim BanCorp's payout ratio is currently 38.67%.

Northrim BanCorp Company Profile

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.