Principal Financial Group Inc. Takes $1.04 Million Position in Northrim BanCorp Inc $NRIM

Key Points

• Principal Financial Group acquired 45,415 Northrim BanCorp shares worth approximately $1.04 million, while institutional investors and hedge funds collectively own 65.99% of the company.
• Analysts maintain a “Moderate Buy” consensus on NRIM, with a consensus price target of $31.50; Keefe, Bruyette & Woods initiated coverage with a “Market Perform” rating and a $30 target.
• Northrim BanCorp exceeded quarterly earnings expectations, reporting $0.68 per share versus the $0.61 estimate and $53.79 million in revenue. The company also pays a quarterly dividend of $0.16, equivalent to a 2.4% annualized yield.

Principal Financial Group Inc. bought a new stake in shares of Northrim BanCorp Inc (NASDAQ:NRIM - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The firm bought 45,415 shares of the financial services provider's stock, valued at approximately $1,039,000. Principal Financial Group Inc. owned 0.20% of Northrim BanCorp as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NRIM. JPMorgan Chase & Co. grew its position in Northrim BanCorp by 314.2% in the third quarter. JPMorgan Chase & Co. now owns 191,908 shares of the financial services provider's stock valued at $4,157,000 after acquiring an additional 145,578 shares in the last quarter. Tudor Investment Corp ET AL purchased a new stake in shares of Northrim BanCorp during the third quarter valued at approximately $457,000. Punch & Associates Investment Management Inc. lifted its position in shares of Northrim BanCorp by 22.4% during the fourth quarter. Punch & Associates Investment Management Inc. now owns 302,900 shares of the financial services provider's stock worth $8,060,000 after purchasing an additional 55,404 shares in the last quarter. Inspire Investing LLC lifted its position in shares of Northrim BanCorp by 59.3% during the first quarter. Inspire Investing LLC now owns 73,209 shares of the financial services provider's stock worth $1,675,000 after purchasing an additional 27,243 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Northrim BanCorp in the first quarter valued at $2,609,000. 65.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Northrim BanCorp Stock Performance

Shares of NRIM stock opened at $26.51 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.91 and a current ratio of 0.93. Northrim BanCorp Inc has a one year low of $19.60 and a one year high of $30.82. The company's 50-day simple moving average is $26.26 and its 200-day simple moving average is $25.14. The stock has a market capitalization of $589.71 million, a price-to-earnings ratio of 8.72 and a beta of 0.86.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.07. Northrim BanCorp had a return on equity of 17.62% and a net margin of 26.03%.The firm had revenue of $53.79 million during the quarter, compared to analyst estimates of $51.80 million. Equities analysts anticipate that Northrim BanCorp Inc will post 2.53 earnings per share for the current fiscal year.

Northrim BanCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, June 11th were given a $0.16 dividend. The ex-dividend date was Thursday, June 11th. This represents a $0.64 annualized dividend 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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