Connor Clark & Lunn Investment Management Ltd. Takes Position in Northrim BanCorp Inc $NRIM

Key Points

• Connor Clark & Lunn Investment Management acquired 198,965 shares of Northrim BanCorp, valued at approximately $5.52 million and representing about 0.89% of the company. Institutional investors collectively own 65.99% of the stock.
• Northrim BanCorp exceeded quarterly expectations, reporting $0.68 in earnings per share versus the $0.61 consensus estimate and revenue of $53.79 million versus $51.80 million expected.
• Analysts rate the stock “Moderate Buy,” with a consensus price target of $31.50 compared with a recent price of $25.80. However, EVP Jason Alexander Criqui sold 13,488 shares, reducing his ownership by 51.6%.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in Northrim BanCorp Inc (NASDAQ:NRIM - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 198,965 shares of the financial services provider's stock, valued at approximately $5,519,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.89% of Northrim BanCorp at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Western Wealth Management LLC acquired a new position in Northrim BanCorp in the first quarter worth approximately $27,000. CANADA LIFE ASSURANCE Co boosted its stake in shares of Northrim BanCorp by 298.0% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider's stock worth $34,000 after acquiring an additional 1,174 shares in the last quarter. Quarry LP grew its holdings in shares of Northrim BanCorp by 47.7% in the 4th quarter. Quarry LP now owns 1,275 shares of the financial services provider's stock worth $34,000 after acquiring an additional 412 shares during the last quarter. Ameritas Investment Partners Inc. grew its holdings in shares of Northrim BanCorp by 227.2% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 1,816 shares of the financial services provider's stock worth $39,000 after acquiring an additional 1,261 shares during the last quarter. Finally, Clearstead Advisors LLC raised its position in shares of 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 purchasing an additional 993 shares during the period. 65.99% of the stock is currently owned by institutional investors.

Northrim BanCorp Price Performance

Shares of NASDAQ:NRIM opened at $25.80 on Friday. The firm has a market cap of $573.92 million, a price-to-earnings ratio of 8.49 and a beta of 0.88. Northrim BanCorp Inc has a 1 year low of $19.60 and a 1 year 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. The business has a fifty day simple moving average of $26.86 and a 200 day simple moving average of $25.15.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share for the quarter, topping the consensus estimate 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 predict that Northrim BanCorp Inc will post 2.57 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

Insider Activity at Northrim BanCorp

In related news, EVP Jason Alexander Criqui sold 13,488 shares of the stock in a transaction that occurred 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 transaction, the executive vice president owned 12,653 shares in the company, valued at approximately $334,545.32. This represents a 51.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.40% of the company's stock.

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.

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.