Zacks: Northrim BanCorp, Inc. (NASDAQ:NRIM) Given $40.00 Consensus Target Price by Analysts

Northrim BanCorp, Inc. (NASDAQ:NRIM) has been given a consensus broker rating score of 3.00 (Hold) from the one brokers that provide coverage for the stock, Zacks Investment Research reports. One analyst has rated the stock with a hold rating.

Brokers have set a twelve-month consensus price objective of $40.00 for the company and are expecting that the company will post $0.58 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Northrim BanCorp an industry rank of 187 out of 255 based on the ratings given to its competitors.

Several equities analysts have weighed in on the company. ValuEngine lowered Northrim BanCorp from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Zacks Investment Research upgraded Northrim BanCorp from a “sell” rating to a “hold” rating in a research note on Thursday, November 7th. Finally, BidaskClub lowered Northrim BanCorp from a “hold” rating to a “sell” rating in a report on Friday, November 15th.

Shares of NRIM traded up $0.28 during mid-day trading on Tuesday, hitting $36.95. 17,809 shares of the company’s stock were exchanged, compared to its average volume of 11,763. The stock has a market cap of $239.81 million, a price-to-earnings ratio of 12.06 and a beta of 0.79. The firm has a fifty day moving average of $38.23 and a two-hundred day moving average of $36.89. The company has a quick ratio of 0.84, a current ratio of 0.90 and a debt-to-equity ratio of 0.16. Northrim BanCorp has a twelve month low of $29.66 and a twelve month high of $42.28.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings data on Monday, October 28th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.35. The business had revenue of $26.82 million during the quarter, compared to analyst estimates of $26.10 million. Northrim BanCorp had a net margin of 20.05% and a return on equity of 10.16%. On average, equities analysts predict that Northrim BanCorp will post 2.93 earnings per share for the current year.

In related news, Director David G. Wight purchased 650 shares of the stock in a transaction on Thursday, October 31st. The shares were bought at an average price of $39.17 per share, for a total transaction of $25,460.50. Following the completion of the acquisition, the director now directly owns 12,650 shares in the company, valued at approximately $495,500.50. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last quarter, insiders have acquired 706 shares of company stock worth $27,837. Corporate insiders own 2.20% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in NRIM. AdvisorNet Financial Inc acquired a new stake in shares of Northrim BanCorp in the third quarter valued at about $81,000. AlphaOne Investment Services LLC boosted its stake in Northrim BanCorp by 253.5% during the 2nd quarter. AlphaOne Investment Services LLC now owns 3,807 shares of the financial services provider’s stock valued at $136,000 after purchasing an additional 2,730 shares during the period. Commonwealth Equity Services LLC grew its holdings in Northrim BanCorp by 17.1% in the 3rd quarter. Commonwealth Equity Services LLC now owns 7,391 shares of the financial services provider’s stock valued at $293,000 after buying an additional 1,078 shares during the last quarter. Meeder Asset Management Inc. grew its holdings in Northrim BanCorp by 33.8% in the 3rd quarter. Meeder Asset Management Inc. now owns 7,837 shares of the financial services provider’s stock valued at $310,000 after buying an additional 1,979 shares during the last quarter. Finally, Brandes Investment Partners LP grew its holdings in Northrim BanCorp by 23.6% in the 2nd quarter. Brandes Investment Partners LP now owns 8,932 shares of the financial services provider’s stock valued at $319,000 after buying an additional 1,704 shares during the last quarter. 71.69% of the stock is owned by hedge funds and other institutional investors.

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 in Alaska. It operates in two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, money market deposit accounts, certificates of deposit, and courier noncash deposits.

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