Bank of America Corp DE Purchases 3,511 Shares of Northrim BanCorp, Inc. (NASDAQ:NRIM)

Bank of America Corp DE increased its position in shares of Northrim BanCorp, Inc. (NASDAQ:NRIM - Free Report) by 45.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,291 shares of the financial services provider's stock after buying an additional 3,511 shares during the quarter. Bank of America Corp DE owned 0.21% of Northrim BanCorp worth $880,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. BNP Paribas Financial Markets grew its position in Northrim BanCorp by 17.8% during the fourth quarter. BNP Paribas Financial Markets now owns 5,797 shares of the financial services provider's stock worth $452,000 after buying an additional 875 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in Northrim BanCorp by 57.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 366 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 133 shares in the last quarter. Zacks Investment Management boosted its holdings in Northrim BanCorp by 1.7% during the fourth quarter. Zacks Investment Management now owns 44,952 shares of the financial services provider's stock valued at $3,504,000 after purchasing an additional 744 shares in the last quarter. Barclays PLC boosted its holdings in Northrim BanCorp by 5.7% during the fourth quarter. Barclays PLC now owns 21,876 shares of the financial services provider's stock valued at $1,705,000 after purchasing an additional 1,187 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Northrim BanCorp during the fourth quarter valued at approximately $1,794,000. 65.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on NRIM shares. Hovde Group boosted their target price on Northrim BanCorp from $99.00 to $104.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Wall Street Zen downgraded Northrim BanCorp from a "buy" rating to a "hold" rating in a report on Friday, May 30th.

Northrim BanCorp Trading Down 0.1%

NRIM stock traded down $0.10 during trading on Wednesday, hitting $90.36. The company had a trading volume of 47,180 shares, compared to its average volume of 33,943. The firm has a 50-day moving average price of $81.91 and a 200-day moving average price of $80.64. The stock has a market cap of $498.88 million, a price-to-earnings ratio of 13.65 and a beta of 0.98. Northrim BanCorp, Inc. has a 12 month low of $52.68 and a 12 month high of $92.45. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.09.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last issued 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. Northrim BanCorp had a net margin of 18.87% and a return on equity of 14.86%. The company had revenue of $45.50 million during the quarter, compared to analysts' expectations of $44.10 million. As a group, analysts predict that Northrim BanCorp, Inc. will post 8.05 earnings per share for the current year.

Northrim BanCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Thursday, June 5th will be paid a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date of this dividend is Thursday, June 5th. Northrim BanCorp's payout ratio is presently 34.04%.

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 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.