Northrim BanCorp (NASDAQ:NRIM) Upgraded at Zacks Investment Research

Northrim BanCorp (NASDAQ:NRIM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors 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 brokerages have also issued reports on NRIM. BidaskClub lowered shares of Northrim BanCorp from a “buy” rating to a “hold” rating in a research note on Tuesday, October 15th. ValuEngine lowered shares of Northrim BanCorp from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd.

Shares of NASDAQ:NRIM opened at $39.60 on Thursday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.89 and a quick ratio of 0.84. The firm has a market capitalization of $264.92 million, a PE ratio of 13.85 and a beta of 0.80. The firm’s 50-day moving average is $38.86 and its two-hundred day moving average is $36.50. Northrim BanCorp has a 1 year low of $29.66 and a 1 year high of $42.28.

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

In other Northrim BanCorp news, Director David G. Wight purchased 650 shares of the business’s stock in a transaction on Thursday, October 31st. The shares were bought at an average cost of $39.17 per share, for a total transaction of $25,460.50. Following the completion of the purchase, the director now directly owns 12,650 shares of the company’s stock, valued at $495,500.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have acquired 987 shares of company stock worth $37,798 over the last quarter. Insiders own 2.20% of the company’s stock.

A number of large investors have recently modified their holdings of NRIM. FMR LLC increased its stake in Northrim BanCorp by 13.5% during the first quarter. FMR LLC now owns 42,440 shares of the financial services provider’s stock worth $1,460,000 after purchasing an additional 5,039 shares during the period. Strs Ohio increased its stake in shares of Northrim BanCorp by 4.9% during the second quarter. Strs Ohio now owns 17,100 shares of the financial services provider’s stock worth $609,000 after buying an additional 800 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Northrim BanCorp by 13.2% during the second quarter. JPMorgan Chase & Co. now owns 26,288 shares of the financial services provider’s stock worth $914,000 after buying an additional 3,062 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Northrim BanCorp by 12.3% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,800 shares of the financial services provider’s stock worth $456,000 after buying an additional 1,400 shares during the period. Finally, Acadian Asset Management LLC increased its stake in shares of Northrim BanCorp by 8.6% during the second quarter. Acadian Asset Management LLC now owns 73,597 shares of the financial services provider’s stock worth $2,625,000 after buying an additional 5,822 shares during the period. Institutional investors own 70.88% 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 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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