Northrim BanCorp (NASDAQ:NRIM) Coverage Initiated by Analysts at Hovde Group

Equities researchers at Hovde Group assumed coverage on shares of Northrim BanCorp (NASDAQ:NRIM) in a research report issued to clients and 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 suggests a potential upside of 25.11% from the stock’s previous close.

Northrim BanCorp Stock Down 2.0 %

NRIM opened at $77.13 on Friday. Northrim BanCorp has a one year low of $43.92 and a one year high of $91.72. The company has a fifty day moving average price of $77.89 and a 200-day moving average price of $68.40. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.81. The firm has a market capitalization of $424.37 million, a P/E ratio of 13.16 and a beta of 0.81.

Insider Transactions at Northrim BanCorp

In related news, Director Linda C. Thomas sold 2,550 shares of the business’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 transaction, the director now owns 1,172 shares in the company, valued at $92,588. The trade was a 68.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.10% of the company’s stock.

Institutional Trading of Northrim BanCorp

Large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp raised 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 worth $2,725,000 after buying an additional 1,149 shares in the last quarter. Rhumbline Advisers boosted its position in shares of Northrim BanCorp by 2.6% during the second 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 in the last quarter. Los Angeles Capital Management LLC boosted its position in shares of Northrim BanCorp by 19.1% during the second 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 in the last quarter. ClariVest Asset Management LLC bought a new position in Northrim BanCorp in the second quarter worth $1,141,000. Finally, American Century Companies Inc. lifted its position in Northrim BanCorp by 7.3% during 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 buying an additional 5,794 shares during the period. Institutional investors 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.