Ameriprise Financial Inc. Sells 47,962 Shares of Northrim BanCorp, Inc. (NASDAQ:NRIM)

Ameriprise Financial Inc. reduced its holdings in shares of Northrim BanCorp, Inc. (NASDAQ:NRIM - Free Report) by 20.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 186,127 shares of the financial services provider's stock after selling 47,962 shares during the quarter. Ameriprise Financial Inc. owned 3.38% of Northrim BanCorp worth $14,507,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of NRIM. Segall Bryant & Hamill LLC bought a new stake in shares of Northrim BanCorp during the 4th quarter worth $2,111,000. Raymond James Financial Inc. bought a new position in Northrim BanCorp in the fourth quarter valued at about $1,794,000. American Century Companies Inc. raised its position in Northrim BanCorp by 16.4% in the fourth quarter. American Century Companies Inc. now owns 122,173 shares of the financial services provider's stock valued at $9,522,000 after purchasing an additional 17,240 shares during the last quarter. JPMorgan Chase & Co. raised its position in Northrim BanCorp by 202.7% in the fourth quarter. JPMorgan Chase & Co. now owns 17,193 shares of the financial services provider's stock valued at $1,340,000 after purchasing an additional 11,514 shares during the last quarter. Finally, Martingale Asset Management L P raised its position in Northrim BanCorp by 140.2% in the fourth quarter. Martingale Asset Management L P now owns 16,736 shares of the financial services provider's stock valued at $1,304,000 after purchasing an additional 9,769 shares during the last quarter. 65.99% of the stock is currently owned by institutional investors.

Northrim BanCorp Trading Up 0.9%

Northrim BanCorp stock traded up $0.78 during trading hours on Friday, hitting $88.13. The stock had a trading volume of 47,862 shares, compared to its average volume of 30,880. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. The stock has a market cap of $486.57 million, a price-to-earnings ratio of 13.31 and a beta of 0.93. Northrim BanCorp, Inc. has a one year low of $51.50 and a one year high of $91.72. The business's 50 day simple moving average is $77.58 and its 200-day simple moving average is $79.82.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The financial services provider reported $2.38 EPS for the quarter, beating the consensus estimate of $1.56 by $0.82. The firm had revenue of $45.50 million during the quarter, compared to the consensus estimate of $44.10 million. Northrim BanCorp had a return on equity of 14.86% and a net margin of 18.87%. On average, equities analysts predict that Northrim BanCorp, Inc. will post 8.05 EPS for the current fiscal year.

Northrim BanCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Thursday, June 5th will be given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.90%. Northrim BanCorp's dividend payout ratio (DPR) is 34.04%.

Analysts Set New Price Targets

Separately, Hovde Group increased their target price on Northrim BanCorp from $99.00 to $104.00 and gave the company an "outperform" rating in a research report on Monday, April 28th.

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.