Northrim BanCorp (NASDAQ:NRIM) Earns Outperform Rating from Analysts at Hovde Group

Hovde Group began coverage on shares of Northrim BanCorp (NASDAQ:NRIM) in a research note released on Friday, MarketBeat Ratings reports. The firm issued an outperform rating and a $96.50 price objective on the financial services provider’s stock.

Northrim BanCorp Price Performance

NRIM opened at $76.48 on Friday. The company has a fifty day moving average price of $78.02 and a two-hundred day moving average price of $68.75. The firm has a market capitalization of $420.79 million, a PE ratio of 13.05 and a beta of 0.80. Northrim BanCorp has a 52 week low of $43.92 and a 52 week high of $91.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.85.

Northrim BanCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Thursday, December 19th will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 3.24%. The ex-dividend date of this dividend is Thursday, December 19th. Northrim BanCorp’s dividend payout ratio (DPR) is 42.32%.

Insiders Place Their Bets

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 shares were sold at an average price of $79.00, for a total value of $201,450.00. Following the completion of the transaction, the director now owns 1,172 shares in the company, valued at $92,588. This represents a 68.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Northrim BanCorp

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC raised its stake in shares of Northrim BanCorp by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 126,898 shares of the financial services provider’s stock valued at $9,040,000 after purchasing an additional 2,133 shares during the period. State Street Corp raised its position in Northrim BanCorp by 8.0% in the 3rd quarter. State Street Corp now owns 107,568 shares of the financial services provider’s stock valued at $7,661,000 after buying an additional 8,012 shares during the last quarter. American Century Companies Inc. raised its position in Northrim BanCorp by 7.3% in the 2nd 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 last quarter. De Lisle Partners LLP lifted its stake in Northrim BanCorp by 11.6% in the 3rd quarter. De Lisle Partners LLP now owns 77,095 shares of the financial services provider’s stock valued at $5,476,000 after acquiring an additional 8,000 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Northrim BanCorp by 2.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 47,275 shares of the financial services provider’s stock worth $2,725,000 after acquiring an additional 1,149 shares in the last quarter. 65.99% of the stock is currently owned by institutional investors and hedge funds.

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.