Northrim BanCorp (NASDAQ:NRIM) Earns Outperform Rating from Analysts at Hovde Group

Equities research analysts at Hovde Group began coverage on shares of Northrim BanCorp (NASDAQ:NRIM) in a research note issued to investors on Friday,Briefing.com Automated Import reports. The firm set an “outperform” rating and a $96.50 price target on the financial services provider’s stock. Hovde Group’s price target indicates a potential upside of 25.11% from the stock’s current price.

Northrim BanCorp Stock Performance

Shares of Northrim BanCorp stock opened at $77.13 on Friday. The stock has a market cap of $424.37 million, a price-to-earnings ratio of 13.16 and a beta of 0.81. Northrim BanCorp has a twelve month low of $43.92 and a twelve month high of $91.72. The company’s fifty day moving average is $77.89 and its 200 day moving average is $68.40. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.09.

Insider Buying and Selling

In other news, Director Linda C. Thomas sold 2,550 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $79.00, for a total transaction of $201,450.00. Following the transaction, the director now owns 1,172 shares of the company’s stock, valued at $92,588. This represents a 68.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in NRIM. Barclays PLC lifted its stake in Northrim BanCorp by 32.5% during the 3rd quarter. Barclays PLC now owns 20,689 shares of the financial services provider’s stock valued at $1,474,000 after acquiring an additional 5,079 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Northrim BanCorp by 1.7% during the third quarter. Geode Capital Management LLC now owns 126,898 shares of the financial services provider’s stock worth $9,040,000 after acquiring an additional 2,133 shares during the period. Zacks Investment Management grew its stake in Northrim BanCorp by 8.7% in the 3rd quarter. Zacks Investment Management now owns 44,208 shares of the financial services provider’s stock valued at $3,148,000 after purchasing an additional 3,550 shares during the period. State Street Corp raised its stake in shares of Northrim BanCorp by 8.0% during the 3rd quarter. State Street Corp now owns 107,568 shares of the financial services provider’s stock worth $7,661,000 after purchasing an additional 8,012 shares during the period. Finally, Martingale Asset Management L P grew its position in Northrim BanCorp by 13.8% during the third quarter. Martingale Asset Management L P now owns 6,967 shares of the financial services provider’s stock valued at $496,000 after buying an additional 846 shares during the period. 65.99% of the stock is owned by 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. 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.