BlackRock Inc. Buys Shares of 2,926,599 Northrim BanCorp Inc $NRIM

Key Points

• BlackRock acquired 2,926,599 Northrim BanCorp shares valued at approximately $81.2 million, giving it a 13.16% stake. Institutional investors collectively own 65.99% of the company.
• Northrim BanCorp reported quarterly earnings of $0.68 per share, beating estimates of $0.61, while revenue of $53.79 million also exceeded forecasts. Analysts maintain a “Moderate Buy” consensus with a $31.50 target price.
• The company raised its quarterly dividend to $0.17 per share, equivalent to an annualized $0.68 dividend and a 2.7% yield. Two executive vice presidents recently sold shares, reducing their respective holdings.

BlackRock Inc. bought a new stake in shares of Northrim BanCorp Inc (NASDAQ:NRIM - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,926,599 shares of the financial services provider's stock, valued at approximately $81,184,000. BlackRock Inc. owned 13.16% of Northrim BanCorp at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Empowered Funds LLC purchased a new stake in shares of Northrim BanCorp in the 1st quarter valued at approximately $1,397,000. Arrowstreet Capital Limited Partnership boosted its stake in Northrim BanCorp by 15.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 291,767 shares of the financial services provider's stock worth $6,676,000 after purchasing an additional 39,463 shares during the period. Principal Financial Group Inc. purchased a new position in shares of Northrim BanCorp during the first quarter worth about $1,039,000. Punch & Associates Investment Management Inc. increased its holdings in shares of Northrim BanCorp by 22.4% in the fourth quarter. Punch & Associates Investment Management Inc. now owns 302,900 shares of the financial services provider's stock valued at $8,060,000 after purchasing an additional 55,404 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Northrim BanCorp in the 1st quarter worth $2,609,000. Institutional investors and hedge funds own 65.99% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on NRIM shares. Keefe, Bruyette & Woods initiated coverage on shares of Northrim BanCorp in a report on Wednesday, July 1st. They issued a "market perform" rating and a $30.00 price target 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's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $31.50.

Insider Activity

In related news, EVP Jason Alexander Criqui sold 13,488 shares of the business's stock in a transaction that occurred on Friday, July 31st. The shares were 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 approximately $334,545.32. The trade was a 51.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jed W. Ballard sold 3,492 shares of the stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $25.91, for a total transaction of $90,477.72. Following the transaction, the executive vice president directly owned 26,835 shares in the company, valued at approximately $695,294.85. This represents a 11.51% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.40% of the company's stock.

Northrim BanCorp Price Performance

Shares of NASDAQ NRIM opened at $25.65 on Monday. The firm has a market cap of $570.58 million, a P/E ratio of 8.44 and a beta of 0.88. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.91 and a current ratio of 0.94. Northrim BanCorp Inc has a 1 year low of $19.60 and a 1 year high of $30.82. The firm's 50 day moving average price is $26.86 and its 200 day moving average price is $25.15.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last issued its quarterly 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 company had revenue of $53.79 million for the quarter, compared to analyst estimates of $51.80 million. As a group, sell-side analysts anticipate that Northrim BanCorp Inc will post 2.57 earnings per share for the current year.

Northrim BanCorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Thursday, September 10th will be issued a $0.17 dividend. This is a positive change from Northrim BanCorp's previous quarterly dividend of $0.16. The ex-dividend date is Thursday, September 10th. This represents a $0.68 annualized dividend and a yield of 2.7%. Northrim BanCorp's dividend payout ratio (DPR) is presently 22.37%.

Northrim BanCorp Company 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.

Want to see what other hedge funds are holding NRIM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Northrim BanCorp Inc (NASDAQ:NRIM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source