Renaissance Technologies LLC Sells 117,600 Shares of Northrim BanCorp Inc $NRIM

Key Points

• Renaissance Technologies cut its Northrim BanCorp stake by 84.2% in the first quarter, selling 117,600 shares and retaining 22,000 shares worth approximately $503,000. Institutional investors collectively own 65.99% of the company.
• Northrim BanCorp reported quarterly earnings of $0.68 per share, exceeding the $0.61 analyst consensus, while revenue of $53.79 million also topped estimates. The company pays a quarterly dividend of $0.16 per share, representing a 2.4% annualized yield.
• Analysts maintain a “Moderate Buy” consensus rating with a $31.50 average price target, compared with the stock’s opening price of $26.89. Separately, Executive Vice President Jason Alexander Criqui sold 13,488 shares, reducing his position by 51.6%.

Renaissance Technologies LLC lowered its holdings in Northrim BanCorp Inc (NASDAQ:NRIM - Free Report) by 84.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,000 shares of the financial services provider's stock after selling 117,600 shares during the period. Renaissance Technologies LLC owned about 0.10% of Northrim BanCorp worth $503,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NRIM. Royal Bank of Canada grew its holdings in shares of Northrim BanCorp by 21.5% in the 1st quarter. Royal Bank of Canada now owns 39,505 shares of the financial services provider's stock valued at $2,892,000 after acquiring an additional 6,990 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in Northrim BanCorp during the first quarter valued at approximately $210,000. AQR Capital Management LLC boosted its position in Northrim BanCorp by 171.3% during the first quarter. AQR Capital Management LLC now owns 13,352 shares of the financial services provider's stock valued at $978,000 after purchasing an additional 8,431 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Northrim BanCorp by 5.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider's stock valued at $233,000 after purchasing an additional 156 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in Northrim BanCorp by 30.2% in the first quarter. Goldman Sachs Group Inc. now owns 28,470 shares of the financial services provider's stock valued at $2,085,000 after purchasing an additional 6,599 shares in the last quarter. 65.99% of the stock is owned by institutional investors.

Insider Buying and Selling at Northrim BanCorp

In related news, EVP Jason Alexander Criqui sold 13,488 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $26.44, for a total value of $356,622.72. Following the sale, the executive vice president owned 12,653 shares in the company, valued at approximately $334,545.32. This represents a 51.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.40% of the company's stock.

Analyst Ratings Changes

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

Northrim BanCorp Trading Down 1.3%

Shares of NASDAQ:NRIM opened at $26.89 on Tuesday. Northrim BanCorp Inc has a 52-week low of $19.60 and a 52-week high of $30.82. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.91 and a current ratio of 0.94. The company has a market capitalization of $598.30 million, a P/E ratio of 8.85 and a beta of 0.88. The company has a 50-day simple moving average of $26.77 and a 200 day simple moving average of $25.07.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.07. The firm had revenue of $53.79 million for the quarter, compared to the consensus estimate of $51.80 million. Northrim BanCorp had a return on equity of 17.33% and a net margin of 26.03%. Sell-side analysts forecast that Northrim BanCorp Inc will post 2.57 earnings per share for the current year.

Northrim BanCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Thursday, June 11th were issued 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 payout ratio is presently 21.05%.

Northrim BanCorp 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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