Connor Clark & Lunn Investment Management Ltd. Grows Holdings in Northrim BanCorp, Inc. (NASDAQ:NRIM)

Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Northrim BanCorp, Inc. (NASDAQ:NRIM) by 47.2% during the 4th quarter, Holdings Channel.com reports. The firm owned 17,023 shares of the financial services provider’s stock after purchasing an additional 5,455 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Northrim BanCorp were worth $1,327,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Geode Capital Management LLC boosted its position in Northrim BanCorp by 1.7% during the third quarter. Geode Capital Management LLC now owns 126,898 shares of the financial services provider’s stock worth $9,040,000 after acquiring an additional 2,133 shares during the last quarter. State Street Corp lifted its stake in shares of Northrim BanCorp by 8.0% during the 3rd quarter. State Street Corp now owns 107,568 shares of the financial services provider’s stock worth $7,661,000 after purchasing an additional 8,012 shares during the period. De Lisle Partners LLP boosted its holdings in shares of Northrim BanCorp by 11.6% during the third quarter. De Lisle Partners LLP now owns 77,095 shares of the financial services provider’s stock worth $5,476,000 after purchasing an additional 8,000 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Northrim BanCorp by 16.6% in the fourth 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 purchasing an additional 7,009 shares during the period. Finally, Zacks Investment Management increased its stake in Northrim BanCorp by 8.7% in the third quarter. Zacks Investment Management now owns 44,208 shares of the financial services provider’s stock valued at $3,148,000 after purchasing an additional 3,550 shares during the last quarter. 65.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Northrim BanCorp

In other Northrim BanCorp news, CEO Michael G. Huston sold 453 shares of Northrim BanCorp stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 23,759 shares of the company’s stock, valued at $2,118,827.62. The trade was a 1.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.10% of the company’s stock.

Analysts Set New Price Targets

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

Northrim BanCorp Price Performance

Northrim BanCorp stock opened at $74.10 on Thursday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.85. The company has a market cap of $409.11 million, a price-to-earnings ratio of 11.19 and a beta of 0.82. Northrim BanCorp, Inc. has a 1 year low of $43.92 and a 1 year high of $91.72. The firm has a 50 day moving average price of $80.36 and a 200 day moving average price of $76.78.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings data on Friday, January 24th. The financial services provider reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.72. Northrim BanCorp had a return on equity of 14.86% and a net margin of 18.87%. Sell-side analysts predict that Northrim BanCorp, Inc. will post 8.05 earnings per share for the current year.

Northrim BanCorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, March 6th were paid a $0.64 dividend. 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 3.45%. The ex-dividend date of this dividend was Thursday, March 6th. Northrim BanCorp’s payout ratio is currently 38.67%.

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.