The Manufacturers Life Insurance Company purchased a new stake in Northrim BanCorp Inc (NASDAQ:NRIM - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 789,126 shares of the financial services provider's stock, valued at approximately $21,890,000. The Manufacturers Life Insurance Company owned approximately 3.55% of Northrim BanCorp as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in NRIM. Tower Research Capital LLC TRC boosted its holdings in shares of Northrim BanCorp by 34.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 538 shares of the financial services provider's stock valued at $50,000 after buying an additional 138 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Northrim BanCorp by 5.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider's stock worth $233,000 after acquiring an additional 156 shares in the last quarter. Creative Planning lifted its stake in Northrim BanCorp by 11.2% in the second quarter. Creative Planning now owns 3,096 shares of the financial services provider's stock valued at $289,000 after acquiring an additional 313 shares during the last quarter. Occudo Quantitative Strategies LP lifted its stake in Northrim BanCorp by 9.8% in the second quarter. Occudo Quantitative Strategies LP now owns 3,960 shares of the financial services provider's stock valued at $369,000 after acquiring an additional 355 shares during the last quarter. Finally, Quarry LP grew its position in shares of Northrim BanCorp by 47.7% in the 4th quarter. Quarry LP now owns 1,275 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 412 shares during the period. Institutional investors and hedge funds own 65.99% of the company's stock.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on NRIM. Weiss Ratings restated a "buy (b)" rating on shares of Northrim BanCorp in a research note on Tuesday, June 16th. Keefe, Bruyette & Woods started coverage on shares of Northrim BanCorp in a research note on Wednesday, July 1st. They issued a "market perform" rating and a $30.00 target price for the company. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $31.50.
Check Out Our Latest Research Report on Northrim BanCorp
Northrim BanCorp Trading Up 0.7%
NRIM stock opened at $25.80 on Friday. Northrim BanCorp Inc has a one year low of $19.60 and a one year high of $30.82. The stock has a market cap of $573.92 million, a price-to-earnings ratio of 8.49 and a beta of 0.88. The company has a fifty day moving average price of $26.86 and a two-hundred day moving average price of $25.15. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.94 and a quick ratio of 0.91.
Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last issued 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 net margin of 26.03% and a return on equity of 17.33%. The company had revenue of $53.79 million for the quarter, compared to analyst estimates of $51.80 million. Equities analysts anticipate that Northrim BanCorp Inc will post 2.57 EPS for the current year.
Insider Transactions at Northrim BanCorp
In other Northrim BanCorp news, EVP Jason Alexander Criqui sold 13,488 shares of the firm's stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $26.44, for a total transaction of $356,622.72. Following the completion of the sale, the executive vice president directly owned 12,653 shares in the company, valued at $334,545.32. This trade represents a 51.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.40% of the stock is owned by company insiders.
Northrim BanCorp Company Profile
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Free Report)
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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