Northrim BanCorp (NASDAQ:NRIM) Stock Gets Price Target Reduction from Keefe, Bruyette & Woods

Northrim BanCorp (NASDAQ:NRIM) had its price objective trimmed by Keefe, Bruyette & Woods from $30.00 to $29.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has a market perform rating on the financial services provider’s stock.

A number of other research firms also recently weighed in on NRIM. Hovde Group started coverage on shares of Northrim BanCorp in a report on Tuesday, September 8th. They issued an “outperform” rating and a $30.00 target price on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Northrim BanCorp in a research report on Friday, September 11th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Northrim BanCorp presently has a consensus rating of “Moderate Buy” and an average price target of $29.50.

Northrim BanCorp Stock Down 0.3%

NASDAQ NRIM opened at $23.65 on Monday. The stock has a 50 day moving average price of $25.26 and a 200-day moving average price of $25.49. Northrim BanCorp has a one year low of $20.70 and a one year high of $30.82. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.91 and a current ratio of 0.94. The company has a market capitalization of $526.21 million, a P/E ratio of 9.57 and a beta of 0.90.

Northrim BanCorp (NASDAQ:NRIM) last announced its quarterly earnings results on Thursday, October 15th. The financial services provider reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.10). The business had revenue of $57.41 million during the quarter, compared to the consensus estimate of $55.80 million. Northrim BanCorp had a return on equity of 16.25% and a net margin of 22.02%. As a group, equities analysts predict that Northrim BanCorp will post 2.68 EPS for the current fiscal year.

Northrim BanCorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Thursday, September 10th were given a $0.17 dividend. This is a boost from Northrim BanCorp’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Thursday, September 10th. Northrim BanCorp’s dividend payout ratio is 27.53%.

Insider Activity

In other Northrim BanCorp news, Director Anthony Drabek sold 1,200 shares of Northrim BanCorp stock in a transaction on Monday, August 31st. The shares were sold at an average price of $25.52, for a total transaction of $30,624.00. Following the completion of the transaction, the director directly owned 14,120 shares of the company’s stock, valued at $360,342.40. The trade was a 7.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jed Ballard sold 3,492 shares of the business’s stock in a transaction on Friday, August 28th. The shares were sold at an average price of $25.91, for a total transaction of $90,477.72. Following the transaction, the executive vice president owned 26,835 shares in the company, valued at $695,294.85. This trade represents a 11.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 18,180 shares of company stock valued at $477,724 over the last ninety days. 2.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Northrim BanCorp

A number of large investors have recently made changes to their positions in NRIM. BlackRock Inc. bought a new position in Northrim BanCorp during the 2nd quarter valued at about $81,184,000. The Manufacturers Life Insurance Company purchased a new position in shares of Northrim BanCorp during the second quarter valued at approximately $21,890,000. De Lisle Partners LLP bought a new position in shares of Northrim BanCorp during the second quarter valued at approximately $13,220,000. Punch & Associates Investment Management Inc. bought a new position in shares of Northrim BanCorp during the second quarter valued at approximately $9,514,000. Finally, Alaska Wealth Advisors LLC bought a new position in shares of Northrim BanCorp during the second quarter valued at approximately $8,481,000. 65.99% of the stock is owned by hedge funds and other institutional investors.

Northrim BanCorp Company Profile

Northrim BanCorp, Inc is a bank holding company headquartered in Anchorage, Alaska. Through its subsidiary, Northrim Bank, the company provides banking and financial services to businesses, individuals, and organizations, with a focus on serving Alaska communities.

Northrim Bank offers commercial and consumer lending, commercial real estate financing, residential mortgage lending, deposit accounts, cash-management and treasury services, online and mobile banking, and other traditional banking products.