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

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

Northrim BanCorp Stock Performance

Shares of NRIM opened at $76.48 on Friday. The company has a market capitalization of $420.79 million, a PE ratio of 13.05 and a beta of 0.81. Northrim BanCorp has a 52-week low of $43.92 and a 52-week high of $91.72. The company has a 50-day simple moving average of $78.02 and a 200-day simple moving average of $68.54. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.09.

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 paid a dividend of $0.62 per share. 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 presently 42.32%.

Insider Activity

In other news, Director Linda C. Thomas sold 2,550 shares of the business’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 of the company’s stock, valued at $92,588. The trade was a 68.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company 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 business. FMR LLC grew its holdings in Northrim BanCorp by 13.1% in the third quarter. FMR LLC now owns 1,731 shares of the financial services provider’s stock valued at $123,000 after purchasing an additional 201 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Northrim BanCorp during the 3rd quarter valued at $142,000. Fulton Bank N.A. acquired a new stake in shares of Northrim BanCorp during the 3rd quarter worth $214,000. Ritholtz Wealth Management purchased a new position in shares of Northrim BanCorp in the 3rd quarter worth $226,000. Finally, Sei Investments Co. grew its position in Northrim BanCorp by 15.0% during the second quarter. Sei Investments Co. now owns 4,598 shares of the financial services provider’s stock valued at $265,000 after acquiring an additional 600 shares during the period. Hedge funds and other 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.