The Manufacturers Life Insurance Company Takes Position in Northrim BanCorp Inc $NRIM

The Manufacturers Life Insurance Company purchased a new stake in Northrim BanCorp Inc (NASDAQ:NRIM) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 789,126 shares of the financial services provider’s stock, valued at approximately $21,890,000.

A number of other hedge funds have also bought and sold shares of the business. Alaska Wealth Advisors LLC acquired a new stake in shares of Northrim BanCorp in the 2nd quarter valued at $8,481,000. Empowered Funds LLC acquired a new position in shares of Northrim BanCorp during the 1st quarter worth $1,397,000. Arrowstreet Capital Limited Partnership lifted its position in shares of Northrim BanCorp by 15.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 291,767 shares of the financial services provider’s stock worth $6,676,000 after buying an additional 39,463 shares during the last quarter. Principal Financial Group Inc. bought a new stake in shares of Northrim BanCorp during the 1st quarter worth $1,039,000. Finally, Punch & Associates Investment Management Inc. boosted its stake in Northrim BanCorp by 22.4% in the fourth quarter. Punch & Associates Investment Management Inc. now owns 302,900 shares of the financial services provider’s stock valued at $8,060,000 after buying an additional 55,404 shares in the last quarter. 65.99% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on NRIM. Keefe, Bruyette & Woods began coverage on Northrim BanCorp in a research note on Wednesday, July 1st. They set a “market perform” rating and a $30.00 target price for the company. Weiss Ratings restated a “buy (b)” rating on shares of Northrim BanCorp in a research note on Tuesday, June 16th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Northrim BanCorp has an average rating of “Moderate Buy” and a consensus target price of $31.50.

Northrim BanCorp Stock Performance

Shares of Northrim BanCorp stock opened at $25.80 on Friday. The stock has a market cap of $573.92 million, a price-to-earnings ratio of 8.49 and a beta of 0.88. Northrim BanCorp Inc has a twelve month low of $19.60 and a twelve month high of $30.82. The company’s fifty day moving average is $26.86 and its 200 day moving average is $25.15. The company has a quick ratio of 0.91, a current ratio of 0.94 and a debt-to-equity ratio of 0.23.

Northrim BanCorp (NASDAQ:NRIM) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.07. The business had revenue of $53.79 million during the quarter, compared to analyst estimates 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 EPS for the current year.

Insider Buying and Selling at Northrim BanCorp

In other news, EVP Jason Alexander Criqui sold 13,488 shares of the stock in a transaction dated 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 approximately $334,545.32. This represents a 51.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.40% of the company’s stock.

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.