Hovde Group Raises Northrim BanCorp (NASDAQ:NRIM) Price Target to $104.00

Northrim BanCorp (NASDAQ:NRIM) had its price target boosted by stock analysts at Hovde Group from $99.00 to $104.00 in a research report issued to clients and investors on Monday, MarketBeat reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Hovde Group’s price target suggests a potential upside of 27.75% from the stock’s current price.

Northrim BanCorp Stock Performance

Northrim BanCorp stock opened at $81.41 on Monday. 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 stock has a market cap of $449.46 million, a PE ratio of 12.30 and a beta of 0.73. Northrim BanCorp has a 12-month low of $46.60 and a 12-month high of $91.72. The business’s 50-day moving average price is $74.45 and its two-hundred day moving average price is $77.69.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.82. The business had revenue of $45.50 million during the quarter, compared to analysts’ expectations of $44.10 million. Northrim BanCorp had a net margin of 18.87% and a return on equity of 14.86%. As a group, analysts expect that Northrim BanCorp will post 8.05 earnings per share for the current fiscal year.

Insider Activity at Northrim BanCorp

In other Northrim BanCorp news, CEO Michael G. Huston sold 453 shares of the stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $89.18, for a total value of $40,398.54. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp grew its holdings in Northrim BanCorp by 16.6% during the 4th quarter. Bank of New York Mellon Corp now owns 49,272 shares of the financial services provider’s stock worth $3,840,000 after acquiring an additional 7,009 shares during the last quarter. Ritholtz Wealth Management lifted its holdings in shares of Northrim BanCorp by 94.0% during the fourth 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 during the period. Barclays PLC grew its stake in shares of Northrim BanCorp by 32.5% in the third quarter. Barclays PLC now owns 20,689 shares of the financial services provider’s stock worth $1,474,000 after purchasing an additional 5,079 shares during the last quarter. American Century Companies Inc. increased its holdings in Northrim BanCorp by 16.4% in the fourth quarter. American Century Companies Inc. now owns 122,173 shares of the financial services provider’s stock valued at $9,522,000 after purchasing an additional 17,240 shares during the period. Finally, Geode Capital Management LLC raised its position in Northrim BanCorp by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 126,898 shares of the financial services provider’s stock worth $9,040,000 after purchasing an additional 2,133 shares during the last quarter. Institutional investors and hedge funds own 65.99% of the company’s stock.

Northrim BanCorp Company 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.