Northrim BanCorp (NASDAQ:NRIM) Price Target Raised to $33.00

Key Points

• The target price for Northrim BanCorp has been raised by Hovde Group from $28.00 to $33.00, indicating a potential upside of 54.06% from its previous closing price.
• Northrim BanCorp reported earnings of $0.72 per share in its latest quarter, surpassing analyst expectations of $0.62 by 10 cents.
• Currently, Northrim BanCorp has a consensus rating of "Buy" among two research analysts, with a consensus target price set at $33.00.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) had its target price upped by Hovde Group from $28.00 to $33.00 in a research report issued to clients and investors on Friday. The brokerage currently has an "outperform" rating on the financial services provider's stock. Hovde Group's target price points to a potential upside of 54.06% from the stock's previous close.

A number of other research analysts also recently weighed in on NRIM. Weiss Ratings reissued a "buy (b-)" rating on shares of Northrim BanCorp in a research note on Tuesday, October 14th. Wall Street Zen downgraded Northrim BanCorp from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Northrim BanCorp currently has a consensus rating of "Buy" and a consensus target price of $33.00.

Northrim BanCorp Price Performance

Shares of NRIM opened at $21.42 on Friday. The firm has a market cap of $473.19 million, a PE ratio of 7.64 and a beta of 0.94. The firm's 50 day moving average price is $22.15 and its 200 day moving average price is $21.75. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.91. Northrim BanCorp has a twelve month low of $15.92 and a twelve month high of $25.05.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last issued its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.10. The firm had revenue of $66.59 million for the quarter, compared to analyst estimates of $50.60 million. Northrim BanCorp had a net margin of 25.32% and a return on equity of 18.72%. As a group, research analysts expect that Northrim BanCorp will post 8.05 EPS for the current fiscal year.

Institutional Trading of Northrim BanCorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Northrim BanCorp by 10.8% in the 1st quarter. Vanguard Group Inc. now owns 333,609 shares of the financial services provider's stock valued at $24,427,000 after buying an additional 32,492 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Northrim BanCorp by 0.7% during the first quarter. The Manufacturers Life Insurance Company now owns 213,237 shares of the financial services provider's stock valued at $15,613,000 after purchasing an additional 1,448 shares during the period. American Century Companies Inc. increased its position in shares of Northrim BanCorp by 9.6% during the second quarter. American Century Companies Inc. now owns 149,858 shares of the financial services provider's stock valued at $13,976,000 after purchasing an additional 13,160 shares during the period. Geode Capital Management LLC increased its position in shares of Northrim BanCorp by 3.6% during the second quarter. Geode Capital Management LLC now owns 133,801 shares of the financial services provider's stock valued at $12,481,000 after purchasing an additional 4,689 shares during the period. Finally, De Lisle Partners LLP increased its position in shares of Northrim BanCorp by 3.0% during the second quarter. De Lisle Partners LLP now owns 97,853 shares of the financial services provider's stock valued at $9,136,000 after purchasing an additional 2,870 shares during the period. 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.

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