Northrim BanCorp (NASDAQ:NRIM) Raised to “Sell” at ValuEngine

Northrim BanCorp (NASDAQ:NRIM) was upgraded by investment analysts at ValuEngine from a “strong sell” rating to a “sell” rating in a research report issued on Tuesday, ValuEngine reports.

Separately, Zacks Investment Research raised shares of Northrim BanCorp from a “hold” rating to a “strong-buy” rating and set a $28.00 target price on the stock in a research note on Friday, July 31st.

NRIM stock opened at $28.74 on Tuesday. The company has a market capitalization of $183.02 million, a PE ratio of 8.26 and a beta of 0.69. Northrim BanCorp has a one year low of $17.32 and a one year high of $42.28. The company’s 50 day moving average price is $26.07 and its two-hundred day moving average price is $24.80. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.88 and a current ratio of 0.95.

Northrim BanCorp (NASDAQ:NRIM) last posted its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.52 EPS for the quarter, topping the consensus estimate of $0.53 by $0.99. The firm had revenue of $34.99 million for the quarter, compared to the consensus estimate of $27.20 million. Northrim BanCorp had a net margin of 19.79% and a return on equity of 11.30%. On average, research analysts predict that Northrim BanCorp will post 3.91 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of NRIM. FMR LLC increased its stake in shares of Northrim BanCorp by 13.5% in the first quarter. FMR LLC now owns 42,440 shares of the financial services provider’s stock worth $1,460,000 after buying an additional 5,039 shares during the period. BlackRock Inc. boosted its holdings in Northrim BanCorp by 3.6% in the first quarter. BlackRock Inc. now owns 558,986 shares of the financial services provider’s stock valued at $15,094,000 after acquiring an additional 19,319 shares in the last quarter. State Board of Administration of Florida Retirement System bought a new stake in Northrim BanCorp in the first quarter valued at $219,000. Rhumbline Advisers boosted its holdings in Northrim BanCorp by 29.7% in the first quarter. Rhumbline Advisers now owns 13,530 shares of the financial services provider’s stock valued at $365,000 after acquiring an additional 3,100 shares in the last quarter. Finally, Martingale Asset Management L P boosted its holdings in Northrim BanCorp by 190.2% in the first quarter. Martingale Asset Management L P now owns 38,602 shares of the financial services provider’s stock valued at $1,043,000 after acquiring an additional 25,302 shares in the last quarter. 71.49% of the stock is currently owned by 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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