Redmont Wealth Advisors LLC Sells 3,593 Shares of Northrim BanCorp Inc (NASDAQ:NRIM)

Redmont Wealth Advisors LLC cut its holdings in Northrim BanCorp Inc (NASDAQ:NRIM - Free Report) by 32.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,328 shares of the financial services provider's stock after selling 3,593 shares during the period. Northrim BanCorp accounts for 1.0% of Redmont Wealth Advisors LLC's investment portfolio, making the stock its 17th biggest position. Redmont Wealth Advisors LLC owned approximately 0.13% of Northrim BanCorp worth $537,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Bank of New York Mellon Corp grew its position in shares of Northrim BanCorp by 16.6% during the 4th quarter. Bank of New York Mellon Corp now owns 49,272 shares of the financial services provider's stock valued at $3,840,000 after purchasing an additional 7,009 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Northrim BanCorp during the fourth quarter worth about $1,794,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in Northrim BanCorp by 47.2% in the 4th 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 last quarter. Semanteon Capital Management LP bought a new position in Northrim BanCorp in the 4th quarter worth about $201,000. Finally, Quantbot Technologies LP purchased a new stake in shares of Northrim BanCorp in the 4th quarter valued at about $112,000. 65.99% of the stock is currently owned by hedge funds and other institutional investors.

Northrim BanCorp Price Performance

NASDAQ NRIM traded up $2.47 during trading hours on Friday, reaching $98.97. 26,446 shares of the stock traded hands, compared to its average volume of 36,999. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.88 and a quick ratio of 0.82. The stock has a 50 day simple moving average of $88.12 and a two-hundred day simple moving average of $81.18. Northrim BanCorp Inc has a 1 year low of $54.99 and a 1 year high of $99.33. The company has a market cap of $546.41 million, a price-to-earnings ratio of 13.16 and a beta of 0.96.

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

Northrim BanCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Thursday, June 5th were issued a $0.64 dividend. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.59%. Northrim BanCorp's payout ratio is 34.04%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Northrim BanCorp from a "hold" rating to a "buy" rating in a research report on Sunday, June 29th. Hovde Group increased their price target on shares of Northrim BanCorp from $99.00 to $104.00 and gave the stock an "outperform" rating in a report on Monday, April 28th.

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.