Northrim BanCorp (NASDAQ:NRIM) Now Covered by Hovde Group

Stock analysts at Hovde Group initiated coverage on shares of Northrim BanCorp (NASDAQ:NRIM) in a research report issued to clients and investors on Friday, MarketBeat reports. The brokerage 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 26.18% from the stock’s current price.

Northrim BanCorp Stock Performance

NRIM stock opened at $76.48 on Friday. The stock’s 50 day simple moving average is $78.02 and its 200 day simple moving average is $68.65. Northrim BanCorp has a 12-month low of $43.92 and a 12-month high of $91.72. The firm has a market cap of $420.79 million, a P/E ratio of 13.05 and a beta of 0.81. The company has a current ratio of 0.85, a quick ratio of 0.81 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 company’s stock in a transaction that occurred on 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 transaction, the director now directly owns 1,172 shares of the company’s stock, valued at approximately $92,588. This represents a 68.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NRIM. Bank of New York Mellon Corp lifted its stake in Northrim BanCorp by 2.5% in the second quarter. Bank of New York Mellon Corp now owns 47,275 shares of the financial services provider’s stock valued at $2,725,000 after buying an additional 1,149 shares during the last quarter. Rhumbline Advisers lifted its position in Northrim BanCorp by 2.6% in the 2nd quarter. Rhumbline Advisers now owns 6,703 shares of the financial services provider’s stock valued at $386,000 after purchasing an additional 169 shares during the last quarter. Los Angeles Capital Management LLC boosted its stake in Northrim BanCorp by 19.1% during the 2nd quarter. Los Angeles Capital Management LLC now owns 9,741 shares of the financial services provider’s stock valued at $561,000 after purchasing an additional 1,561 shares during the period. ClariVest Asset Management LLC bought a new position in Northrim BanCorp in the 2nd quarter worth about $1,141,000. Finally, American Century Companies Inc. increased its stake in shares of Northrim BanCorp by 7.3% in the second quarter. American Century Companies Inc. now owns 84,730 shares of the financial services provider’s stock valued at $4,884,000 after purchasing an additional 5,794 shares during the period. Institutional investors and hedge funds own 65.99% of the company’s stock.

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.