Northrim BanCorp (NASDAQ:NRIM) Rating Increased to Strong-Buy at Hovde Group

Northrim BanCorp (NASDAQ:NRIM) was upgraded by Hovde Group to a “strong-buy” rating in a report issued on Tuesday, Zacks reports.

Several other equities analysts have also commented on NRIM. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northrim BanCorp in a research note on Tuesday, June 16th. Keefe, Bruyette & Woods started coverage on shares of Northrim BanCorp in a research report on Wednesday, July 1st. They set a “market perform” rating and a $30.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Northrim BanCorp currently has a consensus rating of “Moderate Buy” and an average price target of $30.00.

Northrim BanCorp Stock Performance

NASDAQ:NRIM opened at $26.03 on Tuesday. The company’s 50-day moving average is $26.72 and its two-hundred day moving average is $25.17. Northrim BanCorp has a 1-year low of $19.60 and a 1-year high of $30.82. 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 firm has a market capitalization of $579.17 million, a price-to-earnings ratio of 8.56 and a beta of 0.87.

Northrim BanCorp (NASDAQ:NRIM) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07. The business had revenue of $53.79 million during the quarter, compared to the consensus estimate of $51.80 million. Northrim BanCorp had a net margin of 26.03% and a return on equity of 17.33%. Analysts forecast that Northrim BanCorp will post 2.68 EPS for the current year.

Insider Buying and Selling

In other news, EVP Jason Criqui sold 13,488 shares of the business’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $26.44, for a total transaction of $356,622.72. Following the completion of the transaction, the executive vice president directly owned 12,653 shares of the company’s stock, valued at approximately $334,545.32. The trade was a 51.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Jed W. Ballard sold 3,492 shares of the business’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $25.91, for a total value of $90,477.72. Following the transaction, the executive vice president directly owned 26,835 shares of the company’s stock, valued at approximately $695,294.85. This represents a 11.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 18,180 shares of company stock worth $477,724 in the last quarter. Company insiders own 2.40% of the company’s stock.

Institutional Trading of Northrim BanCorp

Several hedge funds have recently added to or reduced their stakes in NRIM. BlackRock Inc. purchased a new position in Northrim BanCorp in the second quarter worth approximately $81,184,000. Vanguard Group Inc. increased its position in shares of Northrim BanCorp by 326.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,639,351 shares of the financial services provider’s stock valued at $35,508,000 after purchasing an additional 1,254,870 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Northrim BanCorp by 248.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,346,512 shares of the financial services provider’s stock valued at $29,166,000 after purchasing an additional 960,299 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Northrim BanCorp in the 2nd quarter valued at $21,890,000. Finally, De Lisle Partners LLP purchased a new stake in shares of Northrim BanCorp during the 2nd quarter worth $13,220,000. Institutional investors and hedge funds own 65.99% of the company’s stock.

About Northrim BanCorp

Northrim BanCorp is the bank holding company for Northrim Bank, a community bank headquartered in Anchorage, Alaska. The company offers a comprehensive suite of personal and commercial banking products and services, including checking and savings accounts, consumer and commercial loans, mortgage financing, and treasury and cash management solutions.

With branches located across Alaska’s major population centers—such as Anchorage, Fairbanks and Juneau—Northrim serves both urban and rural communities.