Empowered Funds LLC Buys Shares of 61,073 Northrim BanCorp Inc $NRIM

Key Points

• Empowered Funds LLC acquired 61,073 shares of Northrim BanCorp worth approximately $1.397 million, representing a 0.27% stake. Institutional investors and hedge funds collectively own 65.99% of the company.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $31.50, compared with NRIM’s recent price of $26.37.
• Northrim BanCorp exceeded quarterly earnings expectations, reporting $0.68 in EPS versus the $0.61 consensus and $53.79 million in revenue. The company also pays a $0.16 quarterly dividend, equal to a 2.4% annualized yield.

Empowered Funds LLC bought a new position in shares of Northrim BanCorp Inc (NASDAQ:NRIM - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 61,073 shares of the financial services provider's stock, valued at approximately $1,397,000. Empowered Funds LLC owned 0.27% of Northrim BanCorp as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Financial Management Professionals Inc. purchased a new position in Northrim BanCorp in the fourth quarter worth approximately $27,000. Quarry LP lifted 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 worth $34,000 after purchasing an additional 412 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of Northrim BanCorp by 298.0% during the third quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider's stock worth $34,000 after purchasing an additional 1,174 shares in the last quarter. Ameritas Investment Partners Inc. grew its stake in shares of Northrim BanCorp by 227.2% during the third quarter. Ameritas Investment Partners Inc. now owns 1,816 shares of the financial services provider's stock worth $39,000 after purchasing an additional 1,261 shares in the last quarter. Finally, Clearstead Advisors LLC increased its holdings in Northrim BanCorp by 192.4% in the fourth quarter. Clearstead Advisors LLC now owns 1,509 shares of the financial services provider's stock valued at $40,000 after buying an additional 993 shares during the last quarter. 65.99% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Northrim BanCorp Stock Down 0.7%

NRIM stock opened at $26.37 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.94 and a quick ratio of 0.91. Northrim BanCorp Inc has a 12 month low of $19.60 and a 12 month high of $30.82. The company's 50 day simple moving average is $26.47 and its 200-day simple moving average is $25.09. The firm has a market capitalization of $586.73 million, a PE ratio of 8.67 and a beta of 0.88.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.68 EPS for the quarter, topping analysts' consensus estimates of $0.61 by $0.07. The firm had revenue of $53.79 million during the quarter, compared to analysts' expectations of $51.80 million. Northrim BanCorp had a return on equity of 17.33% and a net margin of 26.03%. Equities analysts expect that Northrim BanCorp Inc will post 2.53 earnings per share for the current fiscal year.

Northrim BanCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Thursday, June 11th were given a dividend of $0.16 per share. The ex-dividend date was Thursday, June 11th. This represents a $0.64 annualized dividend and a yield of 2.4%. Northrim BanCorp's dividend payout ratio is 21.05%.

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. Corporate insiders own 2.40% of the company's stock.

Northrim BanCorp 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.

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