Northrim BanCorp (NASDAQ:NRIM) Stock Price Target Lowered at Keefe, Bruyette & Woods

Northrim BanCorp (NASDAQ:NRIM) had its target price lowered by Keefe, Bruyette & Woods from $30.00 to $29.00 in a research note issued to investors on Monday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

Several other equities analysts also recently commented on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Northrim BanCorp in a report on Friday, September 11th. Hovde Group initiated coverage on shares of Northrim BanCorp in a research note on Tuesday, September 8th. They set an “outperform” rating and a $30.00 target price for the company. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Northrim BanCorp currently has a consensus rating of “Moderate Buy” and an average target price of $29.50.

Northrim BanCorp Stock Down 1.1%

Shares of NRIM opened at $23.30 on Monday. The business’s 50 day moving average is $25.38 and its 200 day moving average is $25.49. The company has a current ratio of 0.94, a quick ratio of 0.91 and a debt-to-equity ratio of 0.23. Northrim BanCorp has a 12-month low of $20.14 and a 12-month high of $30.82. The company has a market capitalization of $518.42 million, a PE ratio of 9.43 and a beta of 0.90.

Northrim BanCorp (NASDAQ:NRIM) last posted 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). Northrim BanCorp had a return on equity of 16.25% and a net margin of 22.02%. The business had revenue of $57.41 million during the quarter, compared to the consensus estimate of $55.80 million. Research analysts expect that Northrim BanCorp will post 2.68 earnings per share for the current fiscal year.

Northrim BanCorp Increases Dividend

The company also recently announced 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 an increase from Northrim BanCorp’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Thursday, September 10th. Northrim BanCorp’s dividend payout ratio (DPR) is presently 27.53%.

Insider Transactions at Northrim BanCorp

In related news, Director Anthony Drabek sold 1,200 shares of the stock in a transaction that occurred on Monday, August 31st. The stock was 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 approximately $360,342.40. This represents a 7.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jason Criqui sold 13,488 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $26.44, for a total value of $356,622.72. Following the transaction, the executive vice president owned 12,653 shares of the company’s stock, valued at $334,545.32. This represents a 51.60% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 18,180 shares of company stock valued at $477,724 over the last three months. Corporate insiders own 2.40% of the company’s stock.

Institutional Trading of Northrim BanCorp

Several hedge funds have recently modified their holdings of the company. Western Wealth Management LLC purchased a new position in shares of Northrim BanCorp in the 1st quarter worth $27,000. Versant Capital Management Inc increased its holdings in shares of Northrim BanCorp by 254.3% in the 3rd quarter. Versant Capital Management Inc now owns 1,233 shares of the financial services provider’s stock worth $30,000 after buying an additional 885 shares during the last quarter. IFP Advisors Inc raised its position in shares of Northrim BanCorp by 97.0% during the 2nd quarter. IFP Advisors Inc now owns 1,375 shares of the financial services provider’s stock valued at $38,000 after buying an additional 677 shares in the last quarter. Legal & General Group Plc purchased a new stake in shares of Northrim BanCorp during the 2nd quarter valued at about $60,000. Finally, Quantbot Technologies LP purchased a new stake in shares of Northrim BanCorp during the 2nd quarter valued at about $138,000. 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.