Northrim BanCorp (NASDAQ:NRIM) Stock Price Target Cut by Keefe, Bruyette & Woods

Northrim BanCorp (NASDAQ:NRIM) had its target price decreased by stock analysts at Keefe, Bruyette & Woods from $30.00 to $29.00 in a report released on Monday, Benzinga reports. The firm currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 22.26% from the company’s previous close.

Several other equities research analysts have also recently commented on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Northrim BanCorp in a research note on Friday, September 11th. Hovde Group began coverage on Northrim BanCorp in a research report on Tuesday, September 8th. They set an “outperform” rating and a $30.00 target price for the company. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $29.50.

Northrim BanCorp Price Performance

Northrim BanCorp stock opened at $23.72 on Monday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.94 and a quick ratio of 0.91. The company has a market capitalization of $527.77 million, a PE ratio of 9.60 and a beta of 0.90. Northrim BanCorp has a one year low of $20.70 and a one year high of $30.82. The business has a 50 day simple moving average of $25.32 and a 200 day simple moving average of $25.49.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings results on Thursday, October 15th. The financial services provider reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.10). The firm had revenue of $57.41 million during the quarter, compared to analyst estimates of $55.80 million. Northrim BanCorp had a net margin of 22.02% and a return on equity of 16.25%. On average, sell-side analysts forecast that Northrim BanCorp will post 2.68 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Jason Criqui sold 13,488 shares of the company’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $26.44, for a total value of $356,622.72. Following the completion of the sale, the executive vice president directly owned 12,653 shares of the company’s stock, valued at $334,545.32. This represents a 51.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Jed W. Ballard sold 3,492 shares of the company’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $25.91, for a total value of $90,477.72. Following the completion of the sale, the executive vice president directly owned 26,835 shares of the company’s stock, valued at approximately $695,294.85. This trade represents a 11.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 18,180 shares of company stock worth $477,724 in the last ninety days. 2.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NRIM. Versant Capital Management Inc lifted its holdings in shares of Northrim BanCorp by 254.3% during the 3rd quarter. Versant Capital Management Inc now owns 1,233 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 885 shares in the last quarter. IFP Advisors Inc grew its position in shares of Northrim BanCorp by 97.0% in the 2nd quarter. IFP Advisors Inc now owns 1,375 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 677 shares during the period. Ancora Advisors LLC grew its position in shares of Northrim BanCorp by 74.5% in the 2nd quarter. Ancora Advisors LLC now owns 126,214 shares of the financial services provider’s stock valued at $3,501,000 after purchasing an additional 53,894 shares during the period. Benjamin Edwards Inc. bought a new stake in Northrim BanCorp during the 2nd quarter worth approximately $350,000. Finally, Empowered Funds LLC bought a new stake in Northrim BanCorp during the 2nd quarter worth approximately $2,517,000. Institutional investors own 65.99% of the company’s stock.

Northrim BanCorp Company Profile

Northrim BanCorp, Inc is a bank holding company headquartered in Anchorage, Alaska. Through its subsidiary, Northrim Bank, the company provides banking and financial services to businesses, individuals, and organizations, with a focus on serving Alaska communities.

Northrim Bank offers commercial and consumer lending, commercial real estate financing, residential mortgage lending, deposit accounts, cash-management and treasury services, online and mobile banking, and other traditional banking products.