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

Hovde Group upgraded shares of Northrim BanCorp (NASDAQ:NRIM) to a strong-buy rating in a research note published on Tuesday,Zacks reports.

A number of other equities analysts have also recently weighed in on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Northrim BanCorp in a research report on Tuesday, June 16th. Keefe, Bruyette & Woods began coverage on Northrim BanCorp in a research report on Wednesday, July 1st. They set a “market perform” rating and a $30.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $30.00.

Northrim BanCorp Trading Down 1.6%

NASDAQ NRIM opened at $26.03 on Tuesday. The company’s fifty day simple moving average is $26.72 and its 200-day simple moving average is $25.17. Northrim BanCorp has a 52 week low of $19.60 and a 52 week high of $30.82. The company has a current ratio of 0.94, a quick ratio of 0.91 and a debt-to-equity ratio of 0.23. The stock has a market cap of $579.17 million, a P/E ratio of 8.56 and a beta of 0.87.

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

Northrim BanCorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Thursday, September 10th will be paid a dividend of $0.17 per share. This is a positive change from Northrim BanCorp’s previous quarterly dividend of $0.16. The ex-dividend date is Thursday, September 10th. This represents a $0.68 dividend on an annualized basis and a yield of 2.6%. Northrim BanCorp’s payout ratio is currently 21.05%.

Insider Activity at Northrim BanCorp

In related news, EVP Jason Criqui sold 13,488 shares of Northrim BanCorp 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 transaction, the executive vice president directly owned 12,653 shares in the company, valued at approximately $334,545.32. This trade represents a 51.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jed W. Ballard sold 3,492 shares of Northrim BanCorp 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 completion of the transaction, the executive vice president owned 26,835 shares of the company’s stock, valued at $695,294.85. This trade represents a 11.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 18,180 shares of company stock worth $477,724 over the last quarter. Company insiders own 2.40% of the company’s stock.

Institutional Trading of Northrim BanCorp

Several institutional investors and hedge funds have recently bought and sold shares of NRIM. Western Wealth Management LLC acquired a new position in shares of Northrim BanCorp in the 1st quarter worth approximately $27,000. Quarry LP increased its holdings in shares of Northrim BanCorp by 47.7% in the 4th quarter. Quarry LP now owns 1,275 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 412 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its position in shares of Northrim BanCorp by 298.0% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 1,174 shares in the last quarter. IFP Advisors Inc raised its position in shares of Northrim BanCorp by 97.0% during the 2nd quarter. IFP Advisors Inc now owns 1,375 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 677 shares in the last quarter. Finally, Ameritas Investment Partners Inc. raised its position in shares of Northrim BanCorp by 227.2% during the 3rd quarter. Ameritas Investment Partners Inc. now owns 1,816 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 1,261 shares in the last quarter. 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.