Hovde Group Begins Coverage on Northrim BanCorp (NASDAQ:NRIM)

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

Northrim BanCorp Stock Performance

Shares of NASDAQ:NRIM opened at $76.48 on Friday. 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 has a one year low of $43.92 and a one year high of $91.72. The business’s 50-day simple moving average is $78.02 and its 200 day simple moving average is $68.54. The company has a market cap of $420.79 million, a P/E ratio of 13.05 and a beta of 0.81.

Northrim BanCorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Thursday, December 19th will be given 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 payout ratio is currently 42.32%.

Insider Activity at Northrim BanCorp

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 stock was sold at an average price of $79.00, for a total transaction of $201,450.00. Following the completion of the transaction, the director now directly owns 1,172 shares of the company’s stock, valued at approximately $92,588. This represents a 68.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.10% of the stock is owned by corporate insiders.

Institutional Trading of Northrim BanCorp

Several hedge funds have recently bought and sold shares of the company. FMR LLC increased its holdings in shares of Northrim BanCorp by 13.1% during 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 third quarter valued at $142,000. Fulton Bank N.A. purchased a new position in Northrim BanCorp in the 3rd quarter worth about $214,000. Ritholtz Wealth Management purchased a new stake in Northrim BanCorp during the third quarter valued at about $226,000. Finally, Sei Investments Co. increased its position in shares of Northrim BanCorp by 15.0% in the second quarter. Sei Investments Co. now owns 4,598 shares of the financial services provider’s stock worth $265,000 after acquiring an additional 600 shares in the last quarter. 65.99% of the stock is currently owned by institutional investors.

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.