Summit Global Investments Acquires Shares of 4,430 Northrim BanCorp, Inc. (NASDAQ:NRIM)

Summit Global Investments bought a new position in shares of Northrim BanCorp, Inc. (NASDAQ:NRIM - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,430 shares of the financial services provider's stock, valued at approximately $324,000. Summit Global Investments owned 0.08% of Northrim BanCorp at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Segall Bryant & Hamill LLC acquired a new stake in shares of Northrim BanCorp in the fourth quarter valued at approximately $2,111,000. Raymond James Financial Inc. acquired a new stake in shares of Northrim BanCorp in the fourth quarter valued at approximately $1,794,000. American Century Companies Inc. grew its position in shares of Northrim BanCorp by 16.4% in the fourth quarter. American Century Companies Inc. now owns 122,173 shares of the financial services provider's stock valued at $9,522,000 after purchasing an additional 17,240 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Northrim BanCorp by 37,588.2% in the first quarter. GAMMA Investing LLC now owns 12,814 shares of the financial services provider's stock valued at $938,000 after purchasing an additional 12,780 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of Northrim BanCorp by 202.7% in the fourth quarter. JPMorgan Chase & Co. now owns 17,193 shares of the financial services provider's stock valued at $1,340,000 after purchasing an additional 11,514 shares during the last quarter. 65.99% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NRIM. Wall Street Zen lowered shares of Northrim BanCorp from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Hovde Group lifted their price target on Northrim BanCorp from $99.00 to $104.00 and gave the company an "outperform" rating in a report on Monday, April 28th.

Northrim BanCorp Trading Down 2.4%

Northrim BanCorp stock traded down $2.21 during trading on Wednesday, reaching $88.98. The company had a trading volume of 47,657 shares, compared to its average volume of 44,579. Northrim BanCorp, Inc. has a 12-month low of $52.10 and a 12-month high of $92.45. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.85. The stock's 50 day moving average price is $79.82 and its two-hundred day moving average price is $80.38. The firm has a market capitalization of $491.26 million, a price-to-earnings ratio of 13.44 and a beta of 0.93.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last announced its quarterly earnings results 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 analyst estimates of $44.10 million. Northrim BanCorp had a net margin of 18.87% and a return on equity of 14.86%. As a group, equities analysts expect that Northrim BanCorp, Inc. will post 8.05 earnings per share for the current fiscal year.

Northrim BanCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Thursday, June 5th will be given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date is Thursday, June 5th. Northrim BanCorp's dividend payout ratio (DPR) is presently 34.04%.

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.