LSV Asset Management Sells 21,611 Shares of Northrim BanCorp Inc $NRIM

LSV Asset Management reduced its holdings in shares of Northrim BanCorp Inc (NASDAQ:NRIM) by 19.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 89,340 shares of the financial services provider’s stock after selling 21,611 shares during the period. LSV Asset Management owned about 1.62% of Northrim BanCorp worth $8,332,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of NRIM. Federated Hermes Inc. grew its position in shares of Northrim BanCorp by 388.6% during the 1st quarter. Federated Hermes Inc. now owns 342 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 272 shares during the period. US Bancorp DE bought a new position in shares of Northrim BanCorp in the first quarter worth about $37,000. Assetmark Inc. bought a new position in shares of Northrim BanCorp in the second quarter worth about $43,000. Cullen Frost Bankers Inc. lifted its position in shares of Northrim BanCorp by 159.9% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 486 shares of the financial services provider’s stock valued at $45,000 after buying an additional 299 shares in the last quarter. Finally, AlphaQuest LLC bought a new position in shares of Northrim BanCorp during the 1st quarter valued at approximately $141,000. Hedge funds and other institutional investors own 65.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on NRIM. Wall Street Zen raised shares of Northrim BanCorp from a “hold” rating to a “buy” rating in a report on Saturday, October 25th. Zacks Research upgraded shares of Northrim BanCorp from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 14th. Weiss Ratings restated a “buy (b-)” rating on shares of Northrim BanCorp in a research note on Tuesday, October 14th. Finally, Hovde Group boosted their price objective on Northrim BanCorp from $28.00 to $33.00 and gave the company an “outperform” rating in a research report on Friday, October 24th. One research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $33.00.

Northrim BanCorp Trading Up 4.8%

Shares of Northrim BanCorp stock opened at $24.23 on Friday. Northrim BanCorp Inc has a twelve month low of $16.17 and a twelve month high of $25.05. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The business has a 50-day moving average price of $22.12 and a 200-day moving average price of $22.38. The firm has a market cap of $535.26 million, a price-to-earnings ratio of 8.64 and a beta of 0.98.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings results on Wednesday, October 22nd. The financial services provider reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.10. The business had revenue of $66.59 million during the quarter, compared to analysts’ expectations of $50.60 million. Northrim BanCorp had a return on equity of 18.12% and a net margin of 25.32%. Equities research analysts anticipate that Northrim BanCorp Inc will post 8.05 EPS for the current fiscal year.

Northrim BanCorp 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.