Northrim BanCorp (NASDAQ:NRIM) Coverage Initiated at Keefe, Bruyette & Woods

Stock analysts at Keefe, Bruyette & Woods initiated coverage on shares of Northrim BanCorp (NASDAQ:NRIM) in a report released on Wednesday,Benzinga reports. The firm set a “market perform” rating and a $30.00 price target on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 8.15% from the stock’s previous close.

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of Northrim BanCorp in a research report on Tuesday, June 16th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Northrim BanCorp has an average rating of “Moderate Buy” and an average price target of $31.50.

Northrim BanCorp Price Performance

Shares of NRIM opened at $27.74 on Wednesday. Northrim BanCorp has a 1-year low of $19.60 and a 1-year high of $30.82. The stock has a market cap of $617.22 million, a PE ratio of 9.62 and a beta of 0.88. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.93 and a quick ratio of 0.91. The firm has a fifty day moving average price of $24.93 and a 200 day moving average price of $25.14.

Northrim BanCorp (NASDAQ:NRIM) last issued its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.08. Northrim BanCorp had a return on equity of 16.99% and a net margin of 24.91%.The company had revenue of $49.46 million for the quarter, compared to analyst estimates of $50.60 million. As a group, sell-side analysts anticipate that Northrim BanCorp will post 2.6 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Financial Management Professionals Inc. purchased a new stake in shares of Northrim BanCorp in the fourth quarter valued at about $27,000. Western Wealth Management LLC acquired a new stake in shares of Northrim BanCorp during the first quarter worth about $27,000. Quarry LP grew its holdings in shares of Northrim BanCorp by 47.7% during the fourth quarter. Quarry LP now owns 1,275 shares of the financial services provider’s stock worth $34,000 after buying an additional 412 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in shares of Northrim BanCorp by 298.0% during the third quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider’s stock worth $34,000 after buying an additional 1,174 shares during the last quarter. Finally, Ameritas Investment Partners Inc. increased its position in Northrim BanCorp by 227.2% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 1,816 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 1,261 shares during the period. 65.99% of the stock is currently owned by institutional investors and hedge funds.

About Northrim BanCorp

Northrim BanCorp is the bank holding company for Northrim Bank, a community bank headquartered in Anchorage, Alaska. The company offers a comprehensive suite of personal and commercial banking products and services, including checking and savings accounts, consumer and commercial loans, mortgage financing, and treasury and cash management solutions.

With branches located across Alaska’s major population centers—such as Anchorage, Fairbanks and Juneau—Northrim serves both urban and rural communities.