GAMMA Investing LLC Raises Stock Position in Northrim BanCorp Inc (NASDAQ:NRIM)

GAMMA Investing LLC raised its stake in shares of Northrim BanCorp Inc (NASDAQ:NRIM - Free Report) by 37,588.2% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 12,814 shares of the financial services provider's stock after acquiring an additional 12,780 shares during the period. GAMMA Investing LLC owned approximately 0.23% of Northrim BanCorp worth $938,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Sunpointe LLC bought a new position in Northrim BanCorp during the fourth quarter valued at approximately $339,000. Bank of New York Mellon Corp boosted its stake in shares of Northrim BanCorp by 16.6% in the 4th quarter. Bank of New York Mellon Corp now owns 49,272 shares of the financial services provider's stock worth $3,840,000 after buying an additional 7,009 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Northrim BanCorp in the fourth quarter worth $1,794,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Northrim BanCorp by 47.2% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 17,023 shares of the financial services provider's stock worth $1,327,000 after acquiring an additional 5,455 shares during the period. Finally, Semanteon Capital Management LP purchased a new stake in Northrim BanCorp during the fourth quarter valued at $201,000. Hedge funds and other institutional investors own 65.99% of the company's stock.

Northrim BanCorp Stock Performance

Shares of NASDAQ:NRIM traded down $0.21 during midday trading on Friday, hitting $87.20. The company had a trading volume of 39,383 shares, compared to its average volume of 45,898. Northrim BanCorp Inc has a 12-month low of $54.58 and a 12-month high of $92.45. The company has a fifty day moving average of $84.06 and a two-hundred day moving average of $80.69. The company has a market cap of $481.32 million, a price-to-earnings ratio of 11.60 and a beta of 0.98. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.88 and a quick ratio of 0.82.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $2.38 EPS for the quarter, topping the consensus estimate of $1.56 by $0.82. Northrim BanCorp had a return on equity of 15.97% and a net margin of 20.23%. The firm had revenue of $45.50 million for the quarter, compared to the consensus estimate of $44.10 million. On average, equities research analysts expect that Northrim BanCorp Inc will post 8.05 EPS for the current fiscal year.

Northrim BanCorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Thursday, June 5th were issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 2.94%. The ex-dividend date was Thursday, June 5th. Northrim BanCorp's dividend payout ratio is currently 34.04%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on NRIM. Hovde Group raised their target price on Northrim BanCorp from $99.00 to $104.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. Wall Street Zen cut shares of Northrim BanCorp from a "buy" rating to a "hold" rating in a report on Friday, May 30th.

About Northrim BanCorp

Northrim BanCorp, Inc operates as the bank holding company for Northrim Bank that provides commercial banking products and services to businesses and professional individuals. It operates through two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, individual retirement and money market deposit accounts, certificates of deposit, and business sweep accounts.