Northrim BanCorp (NASDAQ:NRIM) Price Target Raised to $104.00

Northrim BanCorp (NASDAQ:NRIM) had its target price lifted by Hovde Group from $99.00 to $104.00 in a research note published on Monday morning, Marketbeat Ratings reports. Hovde Group currently has an outperform rating on the financial services provider’s stock.

Northrim BanCorp Price Performance

NRIM opened at $80.29 on Monday. The company has a fifty day moving average price of $74.44 and a two-hundred day moving average price of $77.71. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.85. The firm has a market capitalization of $443.28 million, a PE ratio of 12.13 and a beta of 0.73. Northrim BanCorp has a 52 week low of $47.73 and a 52 week high of $91.72.

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, beating 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 business had revenue of $45.50 million during the quarter, compared to the consensus estimate of $44.10 million. As a group, analysts anticipate 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 stock in a transaction dated Friday, February 7th. The stock was 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 owns 23,759 shares in the company, valued at approximately $2,118,827.62. This represents a 1.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 added to or reduced their stakes in the business. Geode Capital Management LLC grew its stake in 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 purchasing an additional 2,133 shares in the last quarter. Barclays PLC boosted its holdings in shares of Northrim BanCorp by 32.5% in the 3rd quarter. Barclays PLC now owns 20,689 shares of the financial services provider’s stock valued at $1,474,000 after buying an additional 5,079 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Northrim BanCorp by 150.4% in the third quarter. JPMorgan Chase & Co. now owns 5,679 shares of the financial services provider’s stock valued at $404,000 after buying an additional 3,411 shares in the last quarter. Ritholtz Wealth Management increased its holdings in Northrim BanCorp by 94.0% during the fourth quarter. Ritholtz Wealth Management now owns 6,151 shares of the financial services provider’s stock worth $479,000 after buying an additional 2,980 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in Northrim BanCorp by 25.8% during the fourth quarter. SG Americas Securities LLC now owns 2,501 shares of the financial services provider’s stock worth $195,000 after acquiring an additional 513 shares in the last quarter. 65.99% of the stock is currently owned by institutional investors and hedge funds.

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.