Lazard Asset Management LLC Cuts Position in Northrim BanCorp Inc $NRIM

Key Points

• Lazard Asset Management cut its Northrim BanCorp position by 71% in the first quarter, selling 50,770 shares and retaining 20,707 shares worth about $474,000. Institutional investors and hedge funds collectively own 65.99% of the company.
• Northrim BanCorp reported quarterly earnings of $0.68 per share, beating the $0.61 consensus estimate, while revenue of $53.79 million also exceeded forecasts. Analysts give the stock a “Moderate Buy” rating with an average price target of $31.50.
• NRIM shares opened at $26.56, with a market capitalization of approximately $590.8 million, and the company maintains a quarterly dividend of $0.16 per share, representing a 2.4% annualized yield.

Lazard Asset Management LLC lowered its holdings in shares of Northrim BanCorp Inc (NASDAQ:NRIM - Free Report) by 71.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,707 shares of the financial services provider's stock after selling 50,770 shares during the quarter. Lazard Asset Management LLC owned approximately 0.09% of Northrim BanCorp worth $474,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Northrim BanCorp by 326.4% in the third quarter. Vanguard Group Inc. now owns 1,639,351 shares of the financial services provider's stock worth $35,508,000 after acquiring an additional 1,254,870 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Northrim BanCorp by 248.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,346,512 shares of the financial services provider's stock valued at $29,166,000 after purchasing an additional 960,299 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Northrim BanCorp by 18.5% in the 4th quarter. Geode Capital Management LLC now owns 727,180 shares of the financial services provider's stock valued at $19,353,000 after purchasing an additional 113,293 shares in the last quarter. De Lisle Partners LLP boosted its stake in Northrim BanCorp by 3.9% during the 4th quarter. De Lisle Partners LLP now owns 460,708 shares of the financial services provider's stock worth $12,268,000 after purchasing an additional 17,296 shares during the last quarter. Finally, Punch & Associates Investment Management Inc. raised its position in shares of Northrim BanCorp by 7.8% in the first quarter. Punch & Associates Investment Management Inc. now owns 326,410 shares of the financial services provider's stock valued at $7,468,000 after buying an additional 23,510 shares during the last quarter. 65.99% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Northrim BanCorp

In related news, EVP Jason Alexander Criqui sold 13,488 shares of Northrim BanCorp 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 owned 12,653 shares in the company, valued at approximately $334,545.32. This trade represents a 51.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.40% of the company's stock.

Analyst Upgrades and Downgrades

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

Northrim BanCorp Stock Down 1.6%

Shares of NRIM opened at $26.56 on Friday. The company's 50-day moving average price is $26.44 and its 200 day moving average price is $25.08. Northrim BanCorp Inc has a 12-month low of $19.60 and a 12-month high of $30.82. The company has a current ratio of 0.94, a quick ratio of 0.91 and a debt-to-equity ratio of 0.23. The firm has a market cap of $590.83 million, a P/E ratio of 8.74 and a beta of 0.88.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last announced its 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. 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 during the quarter, compared to analyst estimates of $51.80 million. On average, sell-side analysts forecast that Northrim BanCorp Inc will post 2.53 earnings per share for the current year.

Northrim BanCorp Dividend Announcement

The business also recently disclosed 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 of this dividend was Thursday, June 11th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.4%. Northrim BanCorp's dividend payout ratio (DPR) is presently 21.05%.

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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