Hovde Group Begins Coverage on Northrim BanCorp (NASDAQ:NRIM)

Equities research analysts at Hovde Group assumed coverage on shares of Northrim BanCorp (NASDAQ:NRIM) in a note issued to investors on Friday, Marketbeat.com reports. The firm set an “outperform” rating and a $96.50 price target on the financial services provider’s stock. Hovde Group’s price objective suggests a potential upside of 26.18% from the stock’s previous close.

Northrim BanCorp Stock Down 0.8 %

NASDAQ NRIM opened at $76.48 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. Northrim BanCorp has a fifty-two week low of $43.92 and a fifty-two week high of $91.72. The business has a 50 day moving average price of $78.02 and a two-hundred day moving average price of $68.65. The stock has a market cap of $420.79 million, a PE ratio of 13.05 and a beta of 0.81.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. FMR LLC increased its holdings in Northrim BanCorp by 13.1% during the 3rd quarter. FMR LLC now owns 1,731 shares of the financial services provider’s stock worth $123,000 after purchasing an additional 201 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Northrim BanCorp during the third quarter worth approximately $142,000. Fulton Bank N.A. bought a new stake in shares of Northrim BanCorp in the third quarter worth $214,000. Ritholtz Wealth Management acquired a new stake in Northrim BanCorp in the third quarter valued at $226,000. Finally, Sei Investments Co. raised its holdings in Northrim BanCorp by 15.0% in the second quarter. Sei Investments Co. now owns 4,598 shares of the financial services provider’s stock valued at $265,000 after acquiring an additional 600 shares in the last quarter. Hedge funds and other institutional investors own 65.99% of the company’s stock.

Northrim BanCorp Company Profile

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.