Jupiter Topco LLC Invests $5.20 Million in Northrim BanCorp Inc $NRIM

Key Points

• Jupiter Topco LLC acquired 187,522 Northrim BanCorp shares worth approximately $5.2 million, representing about 0.84% of the company. Institutional investors collectively own 65.99% of NRIM.
• Northrim BanCorp exceeded quarterly earnings expectations, reporting $0.68 EPS versus a $0.61 estimate and revenue of $53.79 million versus $51.80 million expected.
• The company raised its quarterly dividend from $0.16 to $0.17 per share, implying an annualized dividend of $0.68 and a 2.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $31.50.

Jupiter Topco LLC bought a new stake in shares of Northrim BanCorp Inc (NASDAQ:NRIM - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 187,522 shares of the financial services provider's stock, valued at approximately $5,202,000. Jupiter Topco LLC owned approximately 0.84% of Northrim BanCorp as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC boosted its holdings in Northrim BanCorp by 34.5% in the second quarter. Tower Research Capital LLC TRC now owns 538 shares of the financial services provider's stock valued at $50,000 after acquiring an additional 138 shares in the last quarter. Western Wealth Management LLC purchased a new stake in shares of Northrim BanCorp in the 1st quarter worth about $27,000. Quarry LP boosted its stake 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 purchasing an additional 412 shares in the last quarter. Clearstead Advisors LLC boosted its stake in shares of Northrim BanCorp by 192.4% during the 4th quarter. Clearstead Advisors LLC now owns 1,509 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 993 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its position 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 valued at $34,000 after buying an additional 1,174 shares during the period. Hedge funds and other institutional investors own 65.99% of the company's stock.

Wall Street Analyst Weigh In

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

Northrim BanCorp Stock Down 0.3%

NASDAQ:NRIM opened at $25.57 on Tuesday. Northrim BanCorp Inc has a 1-year low of $19.60 and a 1-year high of $30.82. The company has a 50-day moving average of $26.87 and a 200 day moving average of $25.15. The firm has a market cap of $568.93 million, a PE ratio of 8.41 and a beta of 0.88. 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 (NASDAQ:NRIM - Get Free Report) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.07. Northrim BanCorp had a net margin of 26.03% and a return on equity of 17.33%. The company had revenue of $53.79 million for the quarter, compared to analysts' expectations of $51.80 million. As a group, research analysts anticipate that Northrim BanCorp Inc will post 2.57 EPS for the current fiscal year.

Northrim BanCorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Thursday, September 10th will be paid a dividend of $0.17 per share. This is a boost from Northrim BanCorp's previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Thursday, September 10th. Northrim BanCorp's payout ratio is 21.05%.

Insider Activity

In other Northrim BanCorp news, Director Anthony Drabek sold 1,200 shares of the company's stock in a transaction on Monday, August 31st. The stock was sold at an average price of $25.52, for a total transaction of $30,624.00. Following the completion of the sale, the director owned 14,120 shares in the company, valued at $360,342.40. This represents a 7.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jed W. Ballard sold 3,492 shares of the stock in a transaction on Friday, August 28th. The shares were sold at an average price of $25.91, for a total value of $90,477.72. Following the sale, the executive vice president directly owned 26,835 shares in the company, valued at $695,294.85. This trade represents a 11.51% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 18,180 shares of company stock worth $477,724. Corporate insiders own 2.40% of the company's stock.

Northrim BanCorp Company 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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