Ancora Advisors LLC Takes Position in Northrim BanCorp Inc $NRIM

Key Points

• Ancora Advisors acquired 126,214 shares of Northrim BanCorp in the second quarter, valued at approximately $3.5 million and representing a 0.57% stake. Institutional investors collectively own 65.99% of the company.
• Northrim BanCorp reported quarterly earnings of $0.68 per share, exceeding the $0.61 analyst estimate, while revenue of $53.79 million also surpassed expectations.
• Analysts maintain a “Moderate Buy” consensus with a $31.50 average price target, compared with the stock’s reported price of $25.63. An executive vice president separately sold 13,488 shares, reducing his direct ownership by 51.6%.

Ancora Advisors LLC acquired a new stake in shares of Northrim BanCorp Inc (NASDAQ:NRIM - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 126,214 shares of the financial services provider's stock, valued at approximately $3,501,000. Ancora Advisors LLC owned 0.57% of Northrim BanCorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Tower Research Capital LLC TRC raised its position in shares of Northrim BanCorp by 34.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 538 shares of the financial services provider's stock worth $50,000 after acquiring an additional 138 shares in the last quarter. Western Wealth Management LLC bought a new position in shares of Northrim BanCorp in the 1st quarter worth about $27,000. Quarry LP boosted its stake in Northrim BanCorp by 47.7% during the fourth quarter. Quarry LP now owns 1,275 shares of the financial services provider's stock worth $34,000 after acquiring an additional 412 shares in the last quarter. Clearstead Advisors LLC boosted its stake in Northrim BanCorp by 192.4% during the fourth quarter. Clearstead Advisors LLC now owns 1,509 shares of the financial services provider's stock worth $40,000 after acquiring an additional 993 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its holdings in Northrim BanCorp by 298.0% in the third quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider's stock worth $34,000 after purchasing an additional 1,174 shares during the period. Institutional investors own 65.99% of the company's stock.

Northrim BanCorp Trading Up 0.3%

Shares of NASDAQ:NRIM opened at $25.63 on Thursday. The stock has a 50 day moving average of $26.84 and a 200 day moving average of $25.15. The company has a market cap of $570.27 million, a PE ratio of 8.43 and a beta of 0.88. Northrim BanCorp Inc has a 12-month low of $19.60 and a 12-month high of $30.82. 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 - Get Free Report) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.07. The company had revenue of $53.79 million for the quarter, compared to analysts' expectations of $51.80 million. Northrim BanCorp had a net margin of 26.03% and a return on equity of 17.33%. As a group, equities research analysts expect that Northrim BanCorp Inc will post 2.57 EPS for the current year.

Insider Transactions at Northrim BanCorp

In other Northrim BanCorp news, EVP Jason Alexander Criqui sold 13,488 shares of the company's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $26.44, for a total transaction of $356,622.72. Following the sale, the executive vice president directly owned 12,653 shares in the company, valued at $334,545.32. This represents a 51.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 2.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on NRIM shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Northrim BanCorp in a research report on Tuesday, June 16th. Keefe, Bruyette & Woods started coverage on shares of Northrim BanCorp in a report on Wednesday, July 1st. They set a "market perform" rating and a $30.00 price target on the stock. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $31.50.

Northrim BanCorp Profile

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.

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