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

Northrim BanCorp (NASDAQ:NRIM) had its target price increased by research analysts at Hovde Group from $99.00 to $104.00 in a research note issued to investors on Monday,Briefing.com Automated Import reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Hovde Group’s price target would indicate a potential upside of 33.73% from the company’s previous close.

Northrim BanCorp Stock Up 2.3 %

NRIM opened at $77.77 on Monday. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. The stock has a market cap of $429.37 million, a price-to-earnings ratio of 11.75 and a beta of 0.73. Northrim BanCorp has a twelve month low of $46.60 and a twelve month high of $91.72. The company’s 50-day moving average price is $74.61 and its two-hundred day moving average price is $77.60.

Northrim BanCorp (NASDAQ:NRIM) last announced its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.82. The firm had revenue of $45.50 million for the quarter, compared to the consensus estimate of $44.10 million. Northrim BanCorp had a return on equity of 14.86% and a net margin of 18.87%. As a group, equities analysts expect that Northrim BanCorp will post 8.05 earnings per share for the current year.

Insider Transactions at Northrim BanCorp

In related news, CEO Michael G. Huston sold 453 shares of the business’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $89.18, for a total value of $40,398.54. Following the sale, the chief executive officer now directly owns 23,759 shares in the company, valued at $2,118,827.62. The trade was a 1.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Northrim BanCorp

A number of institutional investors have recently made changes to their positions in NRIM. Tower Research Capital LLC TRC grew its position in Northrim BanCorp by 57.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 366 shares of the financial services provider’s stock worth $29,000 after buying an additional 133 shares during the last quarter. DecisionPoint Financial LLC acquired a new position in shares of Northrim BanCorp in the fourth quarter valued at $39,000. Quantbot Technologies LP acquired a new position in shares of Northrim BanCorp in the 4th quarter worth approximately $112,000. SG Americas Securities LLC lifted its holdings in Northrim BanCorp by 25.8% during the 4th quarter. SG Americas Securities LLC now owns 2,501 shares of the financial services provider’s stock valued at $195,000 after purchasing an additional 513 shares during the last quarter. Finally, Semanteon Capital Management LP acquired a new stake in shares of Northrim BanCorp in the fourth quarter valued at $201,000. 65.99% of the stock is 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.