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

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) had its price target upped by investment analysts at Hovde Group from $99.00 to $104.00 in a research report issued on Monday, Marketbeat.com reports. The brokerage presently has an "outperform" rating on the financial services provider's stock. Hovde Group's price target would indicate a potential upside of 26.15% from the stock's current price.

Northrim BanCorp Stock Up 2.2 %

NRIM stock traded up $1.78 during trading on Monday, reaching $82.44. 16,217 shares of the stock were exchanged, compared to its average volume of 29,741. The firm's 50 day moving average is $74.47 and its 200 day moving average is $77.86. The firm has a market cap of $455.15 million, a P/E ratio of 12.45 and a beta of 0.73. 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 has a twelve month low of $49.30 and a twelve month high of $91.72.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $2.38 EPS for the quarter, beating analysts' consensus estimates of $1.56 by $0.82. The business had revenue of $45.50 million during the quarter, compared to analyst estimates of $44.10 million. Northrim BanCorp had a net margin of 18.87% and a return on equity of 14.86%. As a group, research analysts forecast that Northrim BanCorp will post 8.05 EPS for the current 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 shares were sold at an average price of $89.18, for a total value of $40,398.54. Following the completion of the sale, the chief executive officer now owns 23,759 shares in the company, valued at approximately $2,118,827.62. This trade represents a 1.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 3.90% of the stock is owned by insiders.

Institutional Trading of Northrim BanCorp

Institutional investors and hedge funds have recently modified their holdings of the business. Segall Bryant & Hamill LLC bought a new position in Northrim BanCorp in the 4th quarter valued at $2,111,000. Raymond James Financial Inc. purchased a new stake in Northrim BanCorp during the fourth quarter worth about $1,794,000. American Century Companies Inc. raised its position 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 worth $9,522,000 after acquiring an additional 17,240 shares during the period. Alaska Wealth Advisors boosted its stake in Northrim BanCorp by 113.3% in the first quarter. Alaska Wealth Advisors now owns 27,429 shares of the financial services provider's stock valued at $2,008,000 after acquiring an additional 14,569 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Northrim BanCorp by 37,588.2% during the 1st quarter. GAMMA Investing LLC now owns 12,814 shares of the financial services provider's stock valued at $938,000 after acquiring an additional 12,780 shares during the period. 65.99% of the stock is owned by hedge funds and other institutional investors.

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.