De Lisle Partners LLP Acquires New Holdings in Northrim BanCorp Inc $NRIM

Key Points

• De Lisle Partners LLP acquired 476,019 shares of Northrim BanCorp worth approximately $13.2 million, giving it a 2.14% stake and making NRIM its 14th-largest portfolio holding. Institutional investors collectively own 65.99% of the company.
• Northrim BanCorp exceeded quarterly expectations, reporting earnings of $0.68 per share versus the $0.61 consensus estimate and revenue of $53.79 million. Analysts maintain a “Moderate Buy” consensus with an average price target of $31.50.
• The company pays a quarterly dividend of $0.16 per share, equivalent to an annualized $0.64 and a 2.5% yield. Shares recently traded at $25.80, while an executive sold 13,488 shares for approximately $356,623.

De Lisle Partners LLP purchased 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 SEC. The fund purchased 476,019 shares of the financial services provider's stock, valued at approximately $13,220,000. Northrim BanCorp makes up 1.4% of De Lisle Partners LLP's investment portfolio, making the stock its 14th largest position. De Lisle Partners LLP owned approximately 2.14% of Northrim BanCorp at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC grew its position in Northrim BanCorp by 34.5% during the second quarter. Tower Research Capital LLC TRC now owns 538 shares of the financial services provider's stock worth $50,000 after buying an additional 138 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Northrim BanCorp by 5.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider's stock valued at $233,000 after acquiring an additional 156 shares in the last quarter. Creative Planning raised its holdings in shares of Northrim BanCorp by 11.2% in the 2nd quarter. Creative Planning now owns 3,096 shares of the financial services provider's stock valued at $289,000 after acquiring an additional 313 shares in the last quarter. Occudo Quantitative Strategies LP boosted its position in shares of 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 valued at $369,000 after acquiring an additional 355 shares during the last quarter. Finally, Quarry LP boosted its position in shares of Northrim BanCorp by 47.7% during the 4th quarter. Quarry LP now owns 1,275 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 412 shares during the last quarter. Institutional investors own 65.99% of the company's stock.

Insider Activity

In related news, EVP Jason Alexander Criqui sold 13,488 shares of Northrim BanCorp stock in a transaction 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 transaction, the executive vice president directly owned 12,653 shares of the company's stock, valued at $334,545.32. The trade was a 51.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.40% of the company's stock.

Northrim BanCorp Trading Up 0.2%

NRIM stock opened at $25.80 on Friday. The company has a market capitalization of $574.05 million, a PE ratio of 8.49 and a beta of 0.88. Northrim BanCorp Inc has a one year low of $19.60 and a one year high of $30.82. The company's 50 day moving average price is $26.81 and its two-hundred day moving average price is $25.14. 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 (NASDAQ:NRIM - Get Free Report) last posted its quarterly 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. The business had revenue of $53.79 million during the quarter, compared to the consensus estimate of $51.80 million. Northrim BanCorp had a net margin of 26.03% and a return on equity of 17.33%. As a group, analysts predict that Northrim BanCorp Inc will post 2.57 earnings per share for the current fiscal year.

Northrim BanCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, June 11th were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Thursday, June 11th. Northrim BanCorp's dividend payout ratio is 21.05%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on NRIM shares. Keefe, Bruyette & Woods assumed coverage on shares of Northrim BanCorp in a research report on Wednesday, July 1st. They issued a "market perform" rating and a $30.00 price objective on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of Northrim BanCorp in a research note on Tuesday, June 16th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $31.50.

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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