Informed Momentum Co LLC Reduces Stock Position in Northrim BanCorp Inc (NASDAQ:NRIM)

Key Points

• Informed Momentum Co LLC reduced its stock position in Northrim BanCorp Inc (NASDAQ:NRIM) by 52.1% during the first quarter, now holding 6,245 shares valued at approximately $457,000.
• Several large investors, including Vanguard Group, JPMorgan Chase, and Barclays PLC, have recently increased their holdings in Northrim BanCorp, indicating continued institutional interest.
• Northrim BanCorp's latest earnings report showed an EPS of $2.09, which fell short of the consensus estimate, while revenue exceeded expectations at $50.23 million.

Informed Momentum Co LLC lowered its holdings in shares of Northrim BanCorp Inc (NASDAQ:NRIM - Free Report) by 52.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,245 shares of the financial services provider's stock after selling 6,798 shares during the quarter. Informed Momentum Co LLC owned 0.11% of Northrim BanCorp worth $457,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of NRIM. Vanguard Group Inc. boosted its holdings in Northrim BanCorp by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 301,117 shares of the financial services provider's stock valued at $23,469,000 after acquiring an additional 2,802 shares during the period. JPMorgan Chase & Co. raised its position in Northrim BanCorp by 202.7% during the 4th quarter. JPMorgan Chase & Co. now owns 17,193 shares of the financial services provider's stock valued at $1,340,000 after purchasing an additional 11,514 shares in the last quarter. Wells Fargo & Company MN raised its position in Northrim BanCorp by 25.4% during the 4th quarter. Wells Fargo & Company MN now owns 3,354 shares of the financial services provider's stock valued at $261,000 after purchasing an additional 679 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Northrim BanCorp during the 4th quarter valued at $1,794,000. Finally, Barclays PLC raised its position in Northrim BanCorp by 5.7% during the 4th quarter. Barclays PLC now owns 21,876 shares of the financial services provider's stock valued at $1,705,000 after purchasing an additional 1,187 shares in the last quarter. Hedge funds and other institutional investors own 65.99% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on NRIM shares. Wall Street Zen lowered Northrim BanCorp from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Hovde Group lifted their target price on Northrim BanCorp from $99.00 to $104.00 and gave the company an "outperform" rating in a research report on Monday, April 28th.

Northrim BanCorp Trading Up 0.7%

NRIM opened at $87.75 on Thursday. The firm has a market cap of $484.38 million, a price-to-earnings ratio of 10.98 and a beta of 1.00. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 0.25. Northrim BanCorp Inc has a 12 month low of $61.89 and a 12 month high of $100.21. The stock has a fifty day moving average price of $90.32 and a 200-day moving average price of $83.71.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $2.09 EPS for the quarter, missing the consensus estimate of $2.26 by ($0.17). The company had revenue of $50.23 million during the quarter, compared to the consensus estimate of $48.80 million. Northrim BanCorp had a return on equity of 16.35% and a net margin of 20.11%. As a group, equities research analysts anticipate that Northrim BanCorp Inc will post 8.05 earnings per share for the current fiscal year.

Northrim BanCorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Thursday, June 5th were given a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Thursday, June 5th. Northrim BanCorp's payout ratio is presently 32.04%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.