Northrim BanCorp (NASDAQ:NRIM) Raised to Strong-Buy at Hovde Group

Key Points

• Hovde Group upgraded Northrim BanCorp to “strong buy,” while the broader analyst consensus remains “Moderate Buy” with a $30.00 price target.
• Northrim BanCorp’s latest quarterly results exceeded expectations, with earnings of $0.68 per share versus the $0.61 estimate and revenue of $53.79 million versus $51.80 million expected.
• The stock opened at $26.03, down 1.6%, while institutional ownership rose to 65.99%; insider activity was mixed, with one director buying shares and another selling.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) was upgraded by stock analysts at Hovde Group to a "strong-buy" rating in a research note issued to investors on Tuesday, Zacks reports.

A number of other brokerages have also recently commented on NRIM. Keefe, Bruyette & Woods assumed coverage on shares of Northrim BanCorp in a research note on Wednesday, July 1st. They set a "market perform" rating and a $30.00 price objective on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of Northrim BanCorp in a report on Tuesday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Northrim BanCorp has an average rating of "Moderate Buy" and a consensus target price of $30.00.

Northrim BanCorp Trading Down 1.6%

NASDAQ NRIM opened at $26.03 on Tuesday. Northrim BanCorp has a 1 year low of $19.60 and a 1 year high of $30.82. 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 company has a market capitalization of $579.17 million, a PE ratio of 8.56 and a beta of 0.87. The company has a fifty day moving average of $26.72 and a 200 day moving average of $25.17.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.07. Northrim BanCorp had a return on equity of 17.33% and a net margin of 26.03%.The business had revenue of $53.79 million during the quarter, compared to analyst estimates of $51.80 million. Research analysts forecast that Northrim BanCorp will post 2.68 earnings per share for the current year.

Insider Transactions at Northrim BanCorp

In other news, Director Linda C. Thomas purchased 1,200 shares of the company's stock in a transaction that occurred on Tuesday, September 8th. The stock was purchased at an average cost of $26.20 per share, for a total transaction of $31,440.00. Following the completion of the transaction, 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. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Anthony Drabek sold 1,200 shares of the stock in a transaction on Monday, August 31st. The shares were sold at an average price of $25.52, for a total value of $30,624.00. Following the completion of the transaction, the director directly owned 14,120 shares of the company's stock, valued at approximately $360,342.40. This represents a 7.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 18,180 shares of company stock valued at $477,724. 2.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Northrim BanCorp

Hedge funds have recently modified their holdings of the business. BlackRock Inc. acquired a new position in Northrim BanCorp during the second quarter worth about $81,184,000. Vanguard Group Inc. increased its holdings in shares of Northrim BanCorp by 326.4% in the third quarter. Vanguard Group Inc. now owns 1,639,351 shares of the financial services provider's stock valued at $35,508,000 after purchasing an additional 1,254,870 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Northrim BanCorp by 248.6% in the third quarter. Dimensional Fund Advisors LP now owns 1,346,512 shares of the financial services provider's stock valued at $29,166,000 after purchasing an additional 960,299 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in Northrim BanCorp during the second quarter worth approximately $21,890,000. Finally, Geode Capital Management LLC boosted its stake in Northrim BanCorp by 18.5% during the fourth quarter. Geode Capital Management LLC now owns 727,180 shares of the financial services provider's stock worth $19,353,000 after buying an additional 113,293 shares during the last quarter. 65.99% of the stock is currently owned by institutional investors and hedge funds.

About Northrim BanCorp

Northrim BanCorp is the bank holding company for Northrim Bank, a community bank headquartered in Anchorage, Alaska. The company offers a comprehensive suite of personal and commercial banking products and services, including checking and savings accounts, consumer and commercial loans, mortgage financing, and treasury and cash management solutions.

With branches located across Alaska's major population centers—such as Anchorage, Fairbanks and Juneau—Northrim serves both urban and rural communities.

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