Hovde Group Issues Positive Forecast for Northrim BanCorp (NASDAQ:NRIM) Stock Price

Northrim BanCorp (NASDAQ:NRIM) had its target price hoisted by Hovde Group from $99.00 to $104.00 in a report released on Monday, MarketBeat Ratings reports. The firm currently has an outperform rating on the financial services provider’s stock.

Northrim BanCorp Trading Up 1.9 %

NASDAQ:NRIM opened at $79.25 on Monday. The stock’s 50 day moving average price is $74.50 and its 200 day moving average price is $77.67. Northrim BanCorp has a 52 week low of $46.60 and a 52 week high of $91.72. The company has a market capitalization of $437.54 million, a P/E ratio of 11.97 and a beta of 0.73. 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) last released its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $2.38 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $44.10 million. On average, research analysts forecast that Northrim BanCorp will post 8.05 EPS for the current fiscal year.

Insider Buying and Selling at Northrim BanCorp

In other Northrim BanCorp news, CEO Michael G. Huston sold 453 shares of the stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $89.18, for a total transaction of $40,398.54. Following the transaction, the chief executive officer now owns 23,759 shares in the company, valued at $2,118,827.62. This trade represents a 1.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 3.90% of the company’s stock.

Institutional Investors Weigh In On Northrim BanCorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Northrim BanCorp by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 301,117 shares of the financial services provider’s stock valued at $23,469,000 after purchasing an additional 2,802 shares during the period. Geode Capital Management LLC grew its position in Northrim BanCorp by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 126,898 shares of the financial services provider’s stock worth $9,040,000 after purchasing an additional 2,133 shares during the last quarter. American Century Companies Inc. grew its position in Northrim BanCorp by 16.4% in the 4th quarter. American Century Companies Inc. now owns 122,173 shares of the financial services provider’s stock worth $9,522,000 after purchasing an additional 17,240 shares during the last quarter. Bank of New York Mellon Corp grew its position in Northrim BanCorp by 16.6% in the 4th quarter. Bank of New York Mellon Corp now owns 49,272 shares of the financial services provider’s stock worth $3,840,000 after purchasing an additional 7,009 shares during the last quarter. Finally, Zacks Investment Management grew its position in Northrim BanCorp by 1.7% in the 4th quarter. Zacks Investment Management now owns 44,952 shares of the financial services provider’s stock worth $3,504,000 after purchasing an additional 744 shares during the last quarter. Institutional investors and hedge funds own 65.99% of the company’s stock.

About Northrim BanCorp

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.