Northrim BanCorp (NRIM) Boosted to Hold at Zacks Investment Research

Northrim BanCorp (NRIM) Boosted  to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Northrim BanCorp (NASDAQ:NRIM) from a sell rating to a hold rating in a report published on Wednesday, Zacks.com reports.

According to Zacks, “Northrim BanCorp, Inc. is a full-service commercial bank that provides a full range of personal and business banking services. “

Separately, BidaskClub raised Northrim BanCorp from a hold rating to a buy rating in a research note on Wednesday, February 13th.

NASDAQ:NRIM traded up $0.79 during mid-day trading on Wednesday, reaching $35.88. The company’s stock had a trading volume of 45,313 shares, compared to its average volume of 9,066. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 0.09. Northrim BanCorp has a twelve month low of $29.66 and a twelve month high of $45.40. The firm has a market cap of $246.81 million, a price-to-earnings ratio of 12.55 and a beta of 0.71.

Northrim BanCorp (NASDAQ:NRIM) last issued its quarterly earnings results on Monday, April 29th. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.01). Northrim BanCorp had a return on equity of 9.98% and a net margin of 20.56%. The business had revenue of $23.30 million during the quarter, compared to analyst estimates of $23.10 million. As a group, research analysts forecast that Northrim BanCorp will post 2.83 earnings per share for the current fiscal year.

A number of large investors have recently modified their holdings of NRIM. AltraVue Capital LLC acquired a new stake in Northrim BanCorp in the 4th quarter worth about $5,102,000. Renaissance Technologies LLC lifted its stake in shares of Northrim BanCorp by 20.7% in the 3rd quarter. Renaissance Technologies LLC now owns 182,000 shares of the financial services provider’s stock valued at $7,562,000 after purchasing an additional 31,200 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Northrim BanCorp by 5.4% in the 4th quarter. BlackRock Inc. now owns 556,173 shares of the financial services provider’s stock valued at $18,281,000 after purchasing an additional 28,573 shares in the last quarter. Vanguard Group Inc lifted its stake in shares of Northrim BanCorp by 8.9% in the 3rd quarter. Vanguard Group Inc now owns 347,731 shares of the financial services provider’s stock valued at $14,449,000 after purchasing an additional 28,493 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Northrim BanCorp by 8.9% in the 3rd quarter. Vanguard Group Inc. now owns 347,731 shares of the financial services provider’s stock valued at $14,449,000 after purchasing an additional 28,493 shares in the last quarter. 71.05% of the stock is currently owned by hedge funds and other 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 in Alaska. It operates in two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, money market deposit accounts, certificates of deposit, and courier noncash deposits.

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