Man Group plc Acquires New Position in Northrim BanCorp Inc $NRIM

Man Group plc bought a new position in Northrim BanCorp Inc (NASDAQ:NRIM) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 40,017 shares of the financial services provider’s stock, valued at approximately $1,110,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NRIM. Alaska Wealth Advisors LLC purchased a new stake in shares of Northrim BanCorp in the second quarter worth $8,481,000. Canada Pension Plan Investment Board bought a new stake in shares of Northrim BanCorp during the 2nd quarter valued at $730,000. Empowered Funds LLC purchased a new position in shares of Northrim BanCorp during the 1st quarter valued at $1,397,000. Arrowstreet Capital Limited Partnership lifted its stake 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 valued at $6,676,000 after buying an additional 39,463 shares in the last quarter. Finally, BlackRock Inc. purchased a new position in shares of Northrim BanCorp during the 2nd quarter valued at $81,184,000. Institutional investors own 65.99% of the company’s stock.

Insider Buying and Selling

In other Northrim BanCorp news, Director Anthony Drabek sold 1,200 shares of the firm’s stock in a transaction that occurred on Monday, August 31st. The stock was 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 $360,342.40. This trade represents a 7.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Jed W. Ballard sold 3,492 shares of Northrim BanCorp stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $25.91, for a total value of $90,477.72. Following the completion of the sale, the executive vice president directly owned 26,835 shares in the company, valued at approximately $695,294.85. The trade was a 11.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 18,180 shares of company stock worth $477,724. Corporate insiders own 2.40% of the company’s stock.

Analyst Upgrades and Downgrades

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

Northrim BanCorp Trading Up 1.6%

Northrim BanCorp stock opened at $25.79 on Thursday. The stock has a market cap of $573.70 million, a P/E ratio of 8.48 and a beta of 0.87. 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 Inc has a 1 year low of $19.60 and a 1 year high of $30.82. The firm’s 50 day moving average price is $26.84 and its 200-day moving average price is $25.15.

Northrim BanCorp (NASDAQ:NRIM) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07. The firm had revenue of $53.79 million during the quarter, compared to analyst estimates of $51.80 million. Northrim BanCorp had a net margin of 26.03% and a return on equity of 17.33%. On average, equities analysts predict that Northrim BanCorp Inc will post 2.57 earnings per share for the current fiscal year.

Northrim BanCorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Thursday, September 10th will be given a $0.17 dividend. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Thursday, September 10th. Northrim BanCorp’s dividend payout ratio (DPR) is presently 22.37%.

About Northrim BanCorp

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.