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

Bank of America Corp DE lifted its stake in shares of Northrim BanCorp, Inc. (NASDAQ:NRIM - Free Report) by 45.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,291 shares of the financial services provider's stock after acquiring an additional 3,511 shares during the quarter. Bank of America Corp DE owned approximately 0.21% of Northrim BanCorp worth $880,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp raised its position in shares of Northrim BanCorp by 16.6% during the fourth quarter. Bank of New York Mellon Corp now owns 49,272 shares of the financial services provider's stock worth $3,840,000 after acquiring an additional 7,009 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in Northrim BanCorp by 17.8% in the fourth quarter. BNP Paribas Financial Markets now owns 5,797 shares of the financial services provider's stock worth $452,000 after purchasing an additional 875 shares in the last quarter. JPMorgan Chase & Co. increased its holdings 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 worth $1,340,000 after purchasing an additional 11,514 shares in the last quarter. American Century Companies Inc. increased its holdings 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 worth $9,522,000 after purchasing an additional 17,240 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Northrim BanCorp in the fourth quarter worth approximately $1,794,000. 65.99% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on NRIM shares. Hovde Group lifted 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 Up 0.7%

Shares of NRIM stock opened at $88.46 on Friday. The company has a market cap of $488.39 million, a P/E ratio of 13.36 and a beta of 0.98. The stock has a 50 day simple moving average of $80.73 and a two-hundred day simple moving average of $80.53. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.85. Northrim BanCorp, Inc. has a fifty-two week low of $52.10 and a fifty-two week high of $92.45.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last released its quarterly earnings data 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%. Research analysts forecast that Northrim BanCorp, Inc. will post 8.05 earnings per share for the current year.

Northrim BanCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Thursday, June 5th will be issued a dividend of $0.64 per share. The ex-dividend date is Thursday, June 5th. This represents a $2.56 annualized dividend and a dividend yield of 2.89%. Northrim BanCorp's dividend payout ratio is 34.04%.

About Northrim BanCorp

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.

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