Keefe, Bruyette & Woods Issues Pessimistic Forecast for Northrim BanCorp (NASDAQ:NRIM) Stock Price

Key Points

• Keefe, Bruyette & Woods lowered Northrim BanCorp’s price target to $29 from $30 while maintaining a “market perform” rating, implying 23.14% potential upside. The broader analyst consensus remains “Moderate Buy,” with a $29.50 target.
• Northrim BanCorp reported quarterly EPS of $0.60, missing the $0.70 consensus estimate, though revenue of $57.41 million exceeded the $55.80 million forecast.
• The stock opened at $23.55, with a market capitalization of approximately $523.9 million and a P/E ratio of 9.53. Institutional investors and hedge funds own nearly 66% of the company, while recent insider activity included both director buying and selling.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) had its price objective lowered by research analysts at Keefe, Bruyette & Woods from $30.00 to $29.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price objective would suggest a potential upside of 23.14% from the stock's current price.

Other equities analysts have also issued reports about the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Northrim BanCorp in a research report on Friday, September 11th. Hovde Group initiated coverage on Northrim BanCorp in a research note on Tuesday, September 8th. They set an "outperform" rating and a $30.00 target price for the company. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $29.50.

Northrim BanCorp Stock Performance

NASDAQ:NRIM opened at $23.55 on Monday. The firm has a 50-day moving average of $25.45 and a two-hundred day moving average of $25.48. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.94 and a quick ratio of 0.91. The stock has a market cap of $523.87 million, a P/E ratio of 9.53 and a beta of 0.90. Northrim BanCorp has a 1-year low of $19.91 and a 1-year high of $30.82.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last released its quarterly earnings results on Thursday, October 15th. The financial services provider reported $0.60 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.10). Northrim BanCorp had a return on equity of 16.25% and a net margin of 22.02%. The business had revenue of $57.41 million during the quarter, compared to analyst estimates of $55.80 million. On average, research analysts expect that Northrim BanCorp will post 2.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Northrim BanCorp

In related news, Director Anthony Drabek sold 1,200 shares of the business's stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $25.52, for a total transaction of $30,624.00. Following the completion of the sale, the director owned 14,120 shares of the company's stock, valued at $360,342.40. This represents a 7.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Linda C. Thomas acquired 1,200 shares of the company's stock in a transaction that occurred on Tuesday, September 8th. The shares were acquired at an average price of $26.20 per share, for a total transaction of $31,440.00. Following the purchase, the director owned 6,688 shares of the company's stock, valued at $175,225.60. This trade represents a 21.87% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have sold 18,180 shares of company stock valued at $477,724. Corporate insiders own 2.40% of the company's stock.

Hedge Funds Weigh In On Northrim BanCorp

A number of hedge funds and other institutional investors have recently bought and sold shares of NRIM. Versant Capital Management Inc raised its position in shares of Northrim BanCorp by 254.3% during the 3rd quarter. Versant Capital Management Inc now owns 1,233 shares of the financial services provider's stock worth $30,000 after purchasing an additional 885 shares during the period. IFP Advisors Inc lifted its holdings in shares of Northrim BanCorp by 97.0% in the 2nd quarter. IFP Advisors Inc now owns 1,375 shares of the financial services provider's stock worth $38,000 after purchasing an additional 677 shares during the last quarter. Ancora Advisors LLC lifted its holdings in shares of Northrim BanCorp by 74.5% in the 2nd quarter. Ancora Advisors LLC now owns 126,214 shares of the financial services provider's stock worth $3,501,000 after purchasing an additional 53,894 shares during the last quarter. Benjamin Edwards Inc. acquired a new position in Northrim BanCorp during the 2nd quarter valued at approximately $350,000. Finally, Empowered Funds LLC acquired a new position in Northrim BanCorp during the 2nd quarter valued at approximately $2,517,000. 65.99% of the stock is currently owned by institutional investors and hedge funds.

About Northrim BanCorp

Northrim BanCorp, Inc is a bank holding company headquartered in Anchorage, Alaska. Through its subsidiary, Northrim Bank, the company provides banking and financial services to businesses, individuals, and organizations, with a focus on serving Alaska communities.

Northrim Bank offers commercial and consumer lending, commercial real estate financing, residential mortgage lending, deposit accounts, cash-management and treasury services, online and mobile banking, and other traditional banking products.

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