Northrim BanCorp (NASDAQ:NRIM - Get Free Report) had its price target lifted by equities researchers at Hovde Group from $99.00 to $104.00 in a report issued on Monday, Marketbeat Ratings reports. The brokerage currently has an "outperform" rating on the financial services provider's stock. Hovde Group's price target indicates a potential upside of 28.94% from the stock's current price.
Northrim BanCorp Stock Performance
Northrim BanCorp stock traded up $0.37 during midday trading on Monday, hitting $80.66. 22,767 shares of the company were exchanged, compared to its average volume of 29,732. The firm has a market capitalization of $445.32 million, a PE ratio of 12.18 and a beta of 0.73. Northrim BanCorp has a fifty-two week low of $49.28 and a fifty-two week high of $91.72. The business has a fifty day simple moving average of $74.45 and a two-hundred day simple moving average of $77.78. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.85.
Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The financial services provider reported $2.38 EPS for the quarter, topping the consensus estimate of $1.56 by $0.82. Northrim BanCorp had a return on equity of 14.86% and a net margin of 18.87%. The firm had revenue of $45.50 million for the quarter, compared to analyst estimates of $44.10 million. On average, sell-side analysts forecast that Northrim BanCorp will post 8.05 earnings per share for the current year.
Insiders Place Their Bets
In other Northrim BanCorp news, CEO Michael G. Huston sold 453 shares of the company's stock in a transaction on Friday, February 7th. The shares were sold at an average price of $89.18, for a total transaction 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 represents a 1.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 3.90% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Northrim BanCorp
A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Northrim BanCorp by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 301,117 shares of the financial services provider's stock worth $23,469,000 after acquiring an additional 2,802 shares during the period. Geode Capital Management LLC raised its position in shares of Northrim BanCorp by 1.7% in the third quarter. Geode Capital Management LLC now owns 126,898 shares of the financial services provider's stock valued at $9,040,000 after buying an additional 2,133 shares during the last quarter. American Century Companies Inc. raised its position in shares of 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 buying an additional 17,240 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Northrim BanCorp by 16.6% in the fourth quarter. Bank of New York Mellon Corp now owns 49,272 shares of the financial services provider's stock valued at $3,840,000 after buying an additional 7,009 shares during the last quarter. Finally, Zacks Investment Management raised its position in shares of Northrim BanCorp by 1.7% in the fourth quarter. Zacks Investment Management now owns 44,952 shares of the financial services provider's stock valued at $3,504,000 after buying an additional 744 shares during the last quarter. 65.99% of the stock is currently owned by institutional investors and hedge funds.
About Northrim BanCorp
(
Get Free Report)
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.
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