Empowered Funds LLC Cuts Position in Northrim BanCorp, Inc. (NASDAQ:NRIM)

Empowered Funds LLC reduced its stake in shares of Northrim BanCorp, Inc. (NASDAQ:NRIM) by 15.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,565 shares of the financial services provider’s stock after selling 3,132 shares during the quarter. Empowered Funds LLC owned approximately 0.32% of Northrim BanCorp worth $1,369,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in NRIM. FMR LLC lifted its position in shares of Northrim BanCorp by 13.1% during the third quarter. FMR LLC now owns 1,731 shares of the financial services provider’s stock valued at $123,000 after buying an additional 201 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Northrim BanCorp during the 3rd quarter worth approximately $142,000. JPMorgan Chase & Co. lifted its position in 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 acquiring an additional 3,411 shares during the last quarter. Ritholtz Wealth Management boosted 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 valued at $479,000 after acquiring an additional 2,980 shares in the last quarter. Finally, Martingale Asset Management L P grew its holdings in Northrim BanCorp by 13.8% in the third quarter. Martingale Asset Management L P now owns 6,967 shares of the financial services provider’s stock worth $496,000 after purchasing an additional 846 shares during the last quarter. Institutional investors own 65.99% of the company’s stock.

Analysts Set New Price Targets

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

Northrim BanCorp Stock Performance

NRIM opened at $84.00 on Monday. The company has a market cap of $462 million, a P/E ratio of 12.69 and a beta of 0.83. 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’s 50-day moving average price is $81.17 and its 200-day moving average price is $74.64. Northrim BanCorp, Inc. has a 52-week low of $43.92 and a 52-week high of $91.72.

Northrim BanCorp (NASDAQ:NRIM) last posted its quarterly earnings results on Friday, January 24th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.72. Northrim BanCorp had a net margin of 18.87% and a return on equity of 14.86%. As a group, equities analysts anticipate that Northrim BanCorp, Inc. will post 7.96 EPS for the current fiscal year.

Northrim BanCorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Thursday, March 6th will be issued a $0.64 dividend. The ex-dividend date of this dividend is Thursday, March 6th. This is a positive change from Northrim BanCorp’s previous quarterly dividend of $0.62. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.05%. Northrim BanCorp’s dividend payout ratio is currently 37.46%.

Insider Transactions at Northrim BanCorp

In related news, CEO Michael G. Huston sold 453 shares of the firm’s stock in a transaction on Friday, February 7th. The shares were 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 of the company’s stock, valued at $2,118,827.62. This trade represents a 1.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 4.10% of the company’s stock.

Northrim BanCorp 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.