Punch & Associates Investment Management Inc. Invests $9.51 Million in Northrim BanCorp Inc $NRIM

Punch & Associates Investment Management Inc. bought a new stake in shares of Northrim BanCorp Inc (NASDAQ:NRIM) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 342,960 shares of the financial services provider’s stock, valued at approximately $9,514,000. Punch & Associates Investment Management Inc. owned approximately 1.54% of Northrim BanCorp as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Western Wealth Management LLC purchased a new position in Northrim BanCorp during the 1st quarter valued at $27,000. Quarry LP boosted its stake in shares of Northrim BanCorp by 47.7% during the 4th quarter. Quarry LP now owns 1,275 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 412 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its position in shares of Northrim BanCorp by 298.0% during the third quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider’s stock valued at $34,000 after buying an additional 1,174 shares during the period. Ameritas Investment Partners Inc. increased its position in shares of Northrim BanCorp by 227.2% during the third quarter. Ameritas Investment Partners Inc. now owns 1,816 shares of the financial services provider’s stock valued at $39,000 after buying an additional 1,261 shares during the period. Finally, Clearstead Advisors LLC raised its stake in Northrim BanCorp by 192.4% in the fourth quarter. Clearstead Advisors LLC now owns 1,509 shares of the financial services provider’s stock worth $40,000 after buying an additional 993 shares in the last quarter. Hedge funds and other institutional investors own 65.99% of the company’s stock.

Insider Activity at Northrim BanCorp

In related news, EVP Jason Alexander Criqui sold 13,488 shares of Northrim BanCorp 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 completion of the sale, the executive vice president owned 12,653 shares of the company’s stock, valued at $334,545.32. The trade was 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 link. 2.40% of the stock is owned by insiders.

Northrim BanCorp Trading Up 0.3%

Northrim BanCorp stock opened at $25.63 on Thursday. Northrim BanCorp Inc has a one year low of $19.60 and a one year high of $30.82. The business’s fifty day moving average is $26.84 and its 200 day moving average is $25.15. The stock has a market capitalization of $570.27 million, a PE ratio of 8.43 and a beta of 0.88. 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) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share (EPS) 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 business had revenue of $53.79 million for the quarter, compared to analysts’ expectations of $51.80 million. On average, sell-side analysts predict that Northrim BanCorp Inc will post 2.57 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on NRIM shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northrim BanCorp in a research report on Tuesday, June 16th. 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 target price on the stock. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Northrim BanCorp presently has an average rating of “Moderate Buy” and a consensus target price of $31.50.

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.