Wavvest Wealth LLC Acquires New Shares in Northrim BanCorp Inc $NRIM

Wavvest Wealth LLC bought a new position in shares of Northrim BanCorp Inc (NASDAQ:NRIM) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 41,237 shares of the financial services provider’s stock, valued at approximately $999,000. Wavvest Wealth LLC owned 0.19% of Northrim BanCorp as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Canada Pension Plan Investment Board bought a new stake in Northrim BanCorp during the 2nd quarter valued at $730,000. Alaska Wealth Advisors LLC acquired a new position in Northrim BanCorp during the second quarter worth $8,481,000. Ancora Advisors LLC raised its holdings in Northrim BanCorp by 74.5% during the second quarter. Ancora Advisors LLC now owns 126,214 shares of the financial services provider’s stock worth $3,501,000 after buying an additional 53,894 shares during the last quarter. BlackRock Inc. acquired a new position in Northrim BanCorp during the second quarter worth $81,184,000. Finally, Bank of New York Mellon Corp acquired a new position in Northrim BanCorp during the second quarter worth $3,985,000. 65.99% of the stock is currently owned by institutional investors.

Northrim BanCorp Stock Performance

Shares of Northrim BanCorp stock opened at $23.65 on Thursday. The business’s fifty day simple moving average is $25.26 and its 200 day simple moving average is $25.49. The firm has a market capitalization of $526.09 million, a P/E ratio of 9.57 and a beta of 0.90. Northrim BanCorp Inc has a 12 month low of $20.70 and a 12 month high of $30.82. The company has a current ratio of 0.94, a quick ratio of 0.91 and a debt-to-equity ratio of 0.23.

Northrim BanCorp (NASDAQ:NRIM) last announced its quarterly earnings data on Thursday, October 15th. The financial services provider reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.10). The business had revenue of $57.41 million during the quarter, compared to the consensus estimate of $55.80 million. Northrim BanCorp had a net margin of 22.02% and a return on equity of 16.25%. As a group, analysts anticipate that Northrim BanCorp Inc will post 2.68 EPS for the current year.

Northrim BanCorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Thursday, September 10th were issued a $0.17 dividend. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Thursday, September 10th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.9%. Northrim BanCorp’s payout ratio is presently 27.53%.

Insider Activity at Northrim BanCorp

In related news, Director Anthony Drabek sold 1,200 shares of the stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $25.52, for a total transaction of $30,624.00. Following the completion of the transaction, the director owned 14,120 shares in the company, valued at approximately $360,342.40. This represents a 7.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Linda Thomas acquired 1,200 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The shares were bought at an average price of $26.20 per share, with a total value of $31,440.00. Following the acquisition, the director directly owned 6,688 shares of the company’s stock, valued at $175,225.60. The trade was a 21.87% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 18,180 shares of company stock valued at $477,724 over the last quarter. Corporate insiders own 2.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on NRIM shares. Keefe, Bruyette & Woods reduced their price objective on shares of Northrim BanCorp from $30.00 to $29.00 and set a “market perform” rating for the company in a report on Monday. Hovde Group started coverage on shares of Northrim BanCorp in a research report on Tuesday, September 8th. They set an “outperform” rating and a $30.00 target price for the company. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Northrim BanCorp in a report on Friday, September 11th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $29.50.

Northrim BanCorp Company Profile

Northrim BanCorp, Inc is a bank holding company headquartered in Anchorage, Alaska. Through its subsidiary, Northrim Bank, the company provides banking and financial services to businesses, individuals, and organizations, with a focus on serving Alaska communities.

Northrim Bank offers commercial and consumer lending, commercial real estate financing, residential mortgage lending, deposit accounts, cash-management and treasury services, online and mobile banking, and other traditional banking products.