Northrim BanCorp (NASDAQ:NRIM) Cut to Hold at BidaskClub

Northrim BanCorp (NASDAQ:NRIM) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Friday, October 19th.

Separately, Zacks Investment Research upgraded shares of Northrim BanCorp from a “hold” rating to a “strong-buy” rating and set a $49.00 price target for the company in a report on Thursday, August 9th.

NASDAQ NRIM traded down $0.98 during trading hours on Friday, reaching $37.75. The company’s stock had a trading volume of 23,195 shares, compared to its average volume of 14,272. The firm has a market cap of $265.57 million, a PE ratio of 18.50 and a beta of 0.76. Northrim BanCorp has a 52 week low of $32.23 and a 52 week high of $45.40. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.86 and a quick ratio of 0.82.

Northrim BanCorp (NASDAQ:NRIM) last issued its quarterly earnings data on Monday, October 29th. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.13. Northrim BanCorp had a net margin of 16.25% and a return on equity of 9.37%. The business had revenue of $24.49 million during the quarter, compared to analyst estimates of $24.10 million. As a group, research analysts anticipate that Northrim BanCorp will post 2.85 earnings per share for the current fiscal year.

In other news, Director David G. Wight sold 2,000 shares of the stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $44.15, for a total transaction of $88,300.00. Following the completion of the sale, the director now owns 11,500 shares of the company’s stock, valued at $507,725. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Karl L. Hanneman acquired 700 shares of the company’s stock in a transaction dated Thursday, November 1st. The shares were bought at an average cost of $37.80 per share, with a total value of $26,460.00. Following the purchase, the director now owns 4,900 shares of the company’s stock, valued at approximately $185,220. The disclosure for this purchase can be found here. Corporate insiders own 2.90% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its holdings in Northrim BanCorp by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 577,680 shares of the financial services provider’s stock worth $19,959,000 after purchasing an additional 1,905 shares in the last quarter. BlackRock Inc. raised its holdings in Northrim BanCorp by 0.6% in the third quarter. BlackRock Inc. now owns 527,600 shares of the financial services provider’s stock worth $21,923,000 after purchasing an additional 3,331 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Northrim BanCorp by 16.4% in the first quarter. The Manufacturers Life Insurance Company now owns 260,913 shares of the financial services provider’s stock worth $9,014,000 after purchasing an additional 36,793 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Northrim BanCorp by 68.8% in the second quarter. Renaissance Technologies LLC now owns 150,800 shares of the financial services provider’s stock worth $5,964,000 after purchasing an additional 61,482 shares in the last quarter. Finally, Acuitas Investments LLC raised its holdings in Northrim BanCorp by 52.1% in the third quarter. Acuitas Investments LLC now owns 118,139 shares of the financial services provider’s stock worth $4,909,000 after purchasing an additional 40,470 shares in the last quarter. Institutional investors own 70.75% of the company’s stock.

Northrim BanCorp Company Profile

Northrim BanCorp, Inc operates as the bank holding company for Northrim Bank that provides commercial banking products and services to businesses and professionals in Alaska. The company operates in two segments, Community Banking and Home Mortgage Lending. It offers various deposit products, including noninterest-bearing checking accounts and interest-bearing time deposits, checking accounts, and savings accounts, as well as money market deposit accounts, certificates of deposit, and courier noncash deposits.

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