Northrim BanCorp (NASDAQ:NRIM) Raised 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 issued on Thursday, 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. “

A number of other equities analysts also recently issued reports on the stock. ValuEngine downgraded shares of Northrim BanCorp from a buy rating to a hold rating in a report on Wednesday, October 2nd. BidaskClub downgraded shares of Northrim BanCorp from a buy rating to a hold rating in a report on Tuesday, October 15th.

Shares of Northrim BanCorp stock traded down $0.07 during trading on Thursday, hitting $38.96. The company’s stock had a trading volume of 8,900 shares, compared to its average volume of 14,626. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.84 and a current ratio of 0.89. The company has a market capitalization of $265.52 million, a PE ratio of 13.62 and a beta of 0.80. The company has a fifty day simple moving average of $38.76 and a two-hundred day simple moving average of $36.55. Northrim BanCorp has a 52 week low of $29.66 and a 52 week high of $42.28.

Northrim BanCorp (NASDAQ:NRIM) last posted its quarterly earnings data on Monday, October 28th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.35. The company had revenue of $26.82 million for the quarter, compared to the consensus estimate of $26.10 million. Northrim BanCorp had a net margin of 20.05% and a return on equity of 10.12%. As a group, analysts predict that Northrim BanCorp will post 2.93 EPS for the current year.

In other news, Director David G. Wight purchased 650 shares of the stock in a transaction on Thursday, October 31st. The shares were acquired at an average price of $39.17 per share, with a total value of $25,460.50. Following the completion of the acquisition, the director now directly owns 12,650 shares of the company’s stock, valued at $495,500.50. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have acquired 987 shares of company stock worth $37,798 in the last ninety days. Insiders own 2.20% of the company’s stock.

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Large investors have recently modified their holdings of the business. AdvisorNet Financial Inc purchased a new position in Northrim BanCorp during the third quarter valued at approximately $81,000. AlphaOne Investment Services LLC raised its position in shares of Northrim BanCorp by 253.5% during the second quarter. AlphaOne Investment Services LLC now owns 3,807 shares of the financial services provider’s stock valued at $136,000 after buying an additional 2,730 shares during the last quarter. Commonwealth Equity Services LLC raised its position in shares of Northrim BanCorp by 17.1% during the third quarter. Commonwealth Equity Services LLC now owns 7,391 shares of the financial services provider’s stock valued at $293,000 after buying an additional 1,078 shares during the last quarter. Meeder Asset Management Inc. raised its position in shares of Northrim BanCorp by 33.8% during the third quarter. Meeder Asset Management Inc. now owns 7,837 shares of the financial services provider’s stock valued at $310,000 after buying an additional 1,979 shares during the last quarter. Finally, Brandes Investment Partners LP raised its position in shares of Northrim BanCorp by 23.6% during the second quarter. Brandes Investment Partners LP now owns 8,932 shares of the financial services provider’s stock valued at $319,000 after buying an additional 1,704 shares during the last quarter. 70.88% of the stock is currently owned by institutional investors and hedge funds.

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.

Further Reading: What is Considered a Good Return on Equity (ROE)?

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