Renaissance Technologies LLC lifted its stake in Northrim BanCorp, Inc. (NASDAQ:NRIM) by 68.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 150,800 shares of the financial services provider’s stock after buying an additional 61,482 shares during the period. Renaissance Technologies LLC owned approximately 2.20% of Northrim BanCorp worth $5,964,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in NRIM. Meeder Asset Management Inc. increased its holdings in shares of Northrim BanCorp by 231.4% in the second quarter. Meeder Asset Management Inc. now owns 5,246 shares of the financial services provider’s stock worth $207,000 after buying an additional 3,663 shares during the period. First Trust Advisors LP increased its holdings in shares of Northrim BanCorp by 21.2% in the second quarter. First Trust Advisors LP now owns 9,714 shares of the financial services provider’s stock worth $384,000 after buying an additional 1,699 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of Northrim BanCorp by 12.0% in the second quarter. Russell Investments Group Ltd. now owns 14,953 shares of the financial services provider’s stock worth $590,000 after buying an additional 1,599 shares during the period. Wedge Capital Management L L P NC purchased a new position in shares of Northrim BanCorp in the second quarter worth about $772,000. Finally, Acadian Asset Management LLC purchased a new position in shares of Northrim BanCorp in the second quarter worth about $1,882,000. Hedge funds and other institutional investors own 70.57% of the company’s stock.
In other Northrim BanCorp news, Director David W. Karp purchased 620 shares of Northrim BanCorp stock in a transaction that occurred on Wednesday, August 1st. The shares were bought at an average price of $40.50 per share, for a total transaction of $25,110.00. Following the acquisition, the director now directly owns 2,436 shares in the company, valued at $98,658. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director David G. Wight sold 2,000 shares of the business’s stock in a transaction dated Tuesday, August 21st. The shares were sold at an average price of $44.15, for a total value of $88,300.00. Following the transaction, the director now owns 11,500 shares in the company, valued at approximately $507,725. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 1,705 shares of company stock worth $71,190. 2.80% of the stock is owned by company insiders.
Several research analysts have recently commented on NRIM shares. BidaskClub upgraded Northrim BanCorp from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 15th. Zacks Investment Research downgraded Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 4th.
NRIM opened at $39.42 on Friday. The stock has a market capitalization of $285.57 million, a PE ratio of 19.32 and a beta of 0.70. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 0.09. Northrim BanCorp, Inc. has a 12 month low of $31.85 and a 12 month high of $45.40.
Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings data on Monday, July 30th. The financial services provider reported $0.84 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.22. Northrim BanCorp had a return on equity of 9.52% and a net margin of 15.84%. The firm had revenue of $23.30 million for the quarter, compared to the consensus estimate of $23.10 million. On average, analysts predict that Northrim BanCorp, Inc. will post 2.85 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 14th. Investors of record on Thursday, September 6th were issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date was Wednesday, September 5th. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.24. Northrim BanCorp’s payout ratio is currently 52.94%.
Northrim BanCorp Profile
Northrim BanCorp, Inc operates as the bank holding company for Northrim Bank that provides commercial banking products and services to businesses and professionals in Alaska. The company operates in two segments, Community Banking and Home Mortgage Lending. It offers various deposit products, including noninterest-bearing checking accounts and interest-bearing time deposits, checking accounts, and savings accounts, as well as money market deposit accounts, certificates of deposit, and courier noncash deposits.
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