Bank of New York Mellon Corp Acquires Shares of 143,642 Northrim BanCorp Inc $NRIM

Key Points

• Bank of New York Mellon acquired 143,642 Northrim BanCorp shares worth approximately $4.0 million, while institutional investors collectively own 65.99% of the company.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $31.50. Northrim also exceeded quarterly earnings and revenue estimates, reporting EPS of $0.68 and revenue of $53.79 million.
• Northrim increased its quarterly dividend from $0.16 to $0.17 per share, implying an annualized yield of about 2.6%; meanwhile, company insiders sold 18,180 shares worth $477,724 over the past 90 days.

Bank of New York Mellon Corp purchased a new stake in Northrim BanCorp Inc (NASDAQ:NRIM - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 143,642 shares of the financial services provider's stock, valued at approximately $3,985,000. Bank of New York Mellon Corp owned approximately 0.65% of Northrim BanCorp at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Tower Research Capital LLC TRC grew its stake in shares of Northrim BanCorp by 34.5% in the second quarter. Tower Research Capital LLC TRC now owns 538 shares of the financial services provider's stock worth $50,000 after purchasing an additional 138 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Northrim BanCorp by 5.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider's stock worth $233,000 after purchasing an additional 156 shares during the last quarter. Creative Planning raised its position in Northrim BanCorp by 11.2% during the 2nd quarter. Creative Planning now owns 3,096 shares of the financial services provider's stock worth $289,000 after purchasing an additional 313 shares during the last quarter. Occudo Quantitative Strategies LP lifted its holdings in Northrim BanCorp by 9.8% during the 2nd quarter. Occudo Quantitative Strategies LP now owns 3,960 shares of the financial services provider's stock worth $369,000 after buying an additional 355 shares during the period. Finally, Quarry LP lifted its holdings in Northrim BanCorp by 47.7% during the 4th quarter. Quarry LP now owns 1,275 shares of the financial services provider's stock worth $34,000 after buying an additional 412 shares during the period. 65.99% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on NRIM. Keefe, Bruyette & Woods started coverage on shares of Northrim BanCorp in a research report on Wednesday, July 1st. They set a "market perform" rating and a $30.00 target price for the company. Weiss Ratings restated a "buy (b)" rating on shares of Northrim BanCorp in a research report on Tuesday, June 16th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $31.50.

Insider Buying and Selling at Northrim BanCorp

In other news, EVP Jason Criqui sold 13,488 shares of the company's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $26.44, for a total value of $356,622.72. Following the completion of 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 position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Anthony Drabek sold 1,200 shares of the company's stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $25.52, for a total transaction of $30,624.00. Following the completion of the transaction, the director owned 14,120 shares of the company's stock, valued at approximately $360,342.40. The trade was a 7.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 18,180 shares of company stock worth $477,724. 2.40% of the stock is owned by insiders.

Northrim BanCorp Stock Up 1.8%

Northrim BanCorp stock opened at $26.45 on Friday. Northrim BanCorp Inc has a 1-year low of $19.60 and a 1-year high of $30.82. The firm has a market capitalization of $588.51 million, a price-to-earnings ratio of 8.70 and a beta of 0.87. The firm's fifty day moving average price is $26.78 and its two-hundred day moving average price is $25.16. 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 announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.07. Northrim BanCorp had a return on equity of 17.33% and a net margin of 26.03%.The firm had revenue of $53.79 million for the quarter, compared to the consensus estimate of $51.80 million. On average, equities research analysts predict that Northrim BanCorp Inc will post 2.68 earnings per share for the current fiscal year.

Northrim BanCorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Thursday, September 10th will be given a dividend of $0.17 per share. This is a boost from Northrim BanCorp's previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $0.68 dividend on an annualized basis and a yield of 2.6%. Northrim BanCorp's dividend payout ratio is 21.05%.

About Northrim BanCorp

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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