Northrim BanCorp, Inc. (NASDAQ:NRIM) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. lowered its position in shares of Northrim BanCorp, Inc. (NASDAQ:NRIM) by 6.0% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 38,815 shares of the financial services provider’s stock after selling 2,497 shares during the quarter. Franklin Resources Inc. owned about 0.71% of Northrim BanCorp worth $2,732,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. FMR LLC grew its stake in Northrim BanCorp by 13.1% during the third quarter. FMR LLC now owns 1,731 shares of the financial services provider’s stock worth $123,000 after buying an additional 201 shares during the period. SG Americas Securities LLC purchased a new stake in Northrim BanCorp during the 3rd quarter worth $142,000. Fulton Bank N.A. acquired a new stake in Northrim BanCorp in the 3rd quarter valued at $214,000. Ritholtz Wealth Management acquired a new stake in Northrim BanCorp in the 3rd quarter valued at $226,000. Finally, Sei Investments Co. raised its position in Northrim BanCorp by 15.0% in the second quarter. Sei Investments Co. now owns 4,598 shares of the financial services provider’s stock valued at $265,000 after purchasing an additional 600 shares during the period. Institutional investors and hedge funds own 65.99% of the company’s stock.

Insider Activity

In related news, Director Linda C. Thomas sold 2,550 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $79.00, for a total value of $201,450.00. Following the completion of the transaction, the director now owns 1,172 shares of the company’s stock, valued at approximately $92,588. This represents a 68.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 4.10% of the company’s stock.

Analysts Set New Price Targets

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

Northrim BanCorp Price Performance

Shares of NRIM stock opened at $78.90 on Thursday. The firm has a fifty day simple moving average of $78.32 and a 200-day simple moving average of $69.09. The company has a market capitalization of $434.11 million, a PE ratio of 13.46 and a beta of 0.80. Northrim BanCorp, Inc. has a twelve month low of $43.92 and a twelve month high of $91.72. The company has a current ratio of 0.85, a quick ratio of 0.81 and a debt-to-equity ratio of 0.09.

Northrim BanCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Thursday, December 19th will be given a $0.62 dividend. The ex-dividend date is Thursday, December 19th. This represents a $2.48 dividend on an annualized basis and a yield of 3.14%. Northrim BanCorp’s payout ratio is currently 42.32%.

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.