Sunpointe LLC Buys New Position in Northrim BanCorp, Inc. (NASDAQ:NRIM)

Sunpointe LLC purchased a new position in shares of Northrim BanCorp, Inc. (NASDAQ:NRIM) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 4,347 shares of the financial services provider’s stock, valued at approximately $339,000.

Several other large investors have also added to or reduced their stakes in the business. DecisionPoint Financial LLC bought a new stake in shares of Northrim BanCorp in the 4th quarter valued at $39,000. FMR LLC increased its stake in Northrim BanCorp by 13.1% in the third quarter. FMR LLC now owns 1,731 shares of the financial services provider’s stock valued at $123,000 after purchasing an additional 201 shares in the last quarter. SG Americas Securities LLC bought a new stake in Northrim BanCorp in the third quarter valued at $142,000. JPMorgan Chase & Co. raised its holdings in shares of Northrim BanCorp by 150.4% during the third quarter. JPMorgan Chase & Co. now owns 5,679 shares of the financial services provider’s stock valued at $404,000 after purchasing an additional 3,411 shares during the period. Finally, Ritholtz Wealth Management boosted its position in shares of Northrim BanCorp by 94.0% during the 4th 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 and hedge funds own 65.99% of the company’s stock.

Insider Activity at Northrim BanCorp

In other Northrim BanCorp news, CEO Michael G. Huston sold 453 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now directly owns 23,759 shares in the company, valued at approximately $2,118,827.62. This trade represents a 1.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.10% of the stock is owned by insiders.

Northrim BanCorp Price Performance

Shares of NASDAQ:NRIM opened at $84.98 on Thursday. Northrim BanCorp, Inc. has a twelve month low of $43.92 and a twelve month high of $91.72. The stock’s 50 day moving average is $81.07 and its 200-day moving average is $74.98. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $467.39 million, a price-to-earnings ratio of 12.84 and a beta of 0.83.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings data on Friday, January 24th. The financial services provider reported $1.95 earnings per share for the quarter, topping 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%. Sell-side analysts forecast that Northrim BanCorp, Inc. will post 8.05 EPS for the current fiscal year.

Northrim BanCorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Thursday, March 6th will be issued a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date is Thursday, March 6th. This is a positive change from Northrim BanCorp’s previous quarterly dividend of $0.62. Northrim BanCorp’s dividend payout ratio is currently 37.46%.

Analyst Ratings Changes

Separately, Hovde Group began coverage on Northrim BanCorp in a research report on Friday, December 20th. They issued an “outperform” rating and a $96.50 target price for the company.

About Northrim BanCorp

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.