Raymond James Financial Inc. Takes $1.79 Million Position in Northrim BanCorp, Inc. (NASDAQ:NRIM)

Raymond James Financial Inc. purchased a new position in shares of Northrim BanCorp, Inc. (NASDAQ:NRIM) in the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 23,017 shares of the financial services provider’s stock, valued at approximately $1,794,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of New York Mellon Corp boosted its stake in Northrim BanCorp by 16.6% during the 4th quarter. Bank of New York Mellon Corp now owns 49,272 shares of the financial services provider’s stock valued at $3,840,000 after acquiring an additional 7,009 shares during the last quarter. Sunpointe LLC acquired a new stake in shares of Northrim BanCorp in the 4th quarter valued at about $339,000. DecisionPoint Financial LLC acquired a new stake in shares of Northrim BanCorp in the 4th quarter valued at about $39,000. SG Americas Securities LLC lifted its position in shares of Northrim BanCorp by 25.8% during the fourth quarter. SG Americas Securities LLC now owns 2,501 shares of the financial services provider’s stock worth $195,000 after purchasing an additional 513 shares during the last quarter. Finally, Ritholtz Wealth Management grew its stake in Northrim BanCorp by 94.0% in the fourth quarter. Ritholtz Wealth Management now owns 6,151 shares of the financial services provider’s stock worth $479,000 after purchasing an additional 2,980 shares in the last quarter. Institutional investors own 65.99% of the company’s stock.

Northrim BanCorp Stock Performance

Shares of NRIM opened at $73.22 on Tuesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.81. Northrim BanCorp, Inc. has a 12-month low of $43.92 and a 12-month high of $91.72. The business’s fifty day moving average price is $80.11 and its 200 day moving average price is $77.27. The stock has a market capitalization of $404.25 million, a PE ratio of 11.06 and a beta of 0.82.

Northrim BanCorp (NASDAQ:NRIM) last posted its quarterly earnings results on Friday, January 24th. The financial services provider reported $1.95 EPS for the quarter, beating the consensus estimate of $1.23 by $0.72. Northrim BanCorp had a net margin of 18.87% and a return on equity of 14.86%. Equities research analysts forecast that Northrim BanCorp, Inc. will post 8.05 EPS for the current year.

Northrim BanCorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, March 6th were issued a dividend of $0.64 per share. The ex-dividend date of this dividend was Thursday, March 6th. This is a positive change from Northrim BanCorp’s previous quarterly dividend of $0.62. This represents a $2.56 annualized dividend and a dividend yield of 3.50%. Northrim BanCorp’s dividend payout ratio is 38.67%.

Wall Street Analyst Weigh In

Separately, Hovde Group began coverage on Northrim BanCorp in a research note on Friday, December 20th. They set an “outperform” rating and a $96.50 price objective on the stock.

Insider Activity

In related news, CEO Michael G. Huston sold 453 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $89.18, for a total transaction of $40,398.54. Following the completion of the transaction, the chief executive officer now owns 23,759 shares in the company, valued at $2,118,827.62. The trade was a 1.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 4.10% of the company’s stock.

Northrim BanCorp Company Profile

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.