Northrim BanCorp Inc. (NRIM) Upgraded to Hold at Zacks Investment Research
Northrim BanCorp Inc. (NASDAQ:NRIM) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Northrim BanCorp, Inc. is a full-service commercial bank that provides a full range of personal and business banking services. “
Shares of Northrim BanCorp (NASDAQ:NRIM) opened at 25.30 on Tuesday. The company has a 50-day moving average price of $25.62 and a 200-day moving average price of $26.03. Northrim BanCorp has a 12 month low of $21.60 and a 12 month high of $29.75. The firm has a market capitalization of $174.11 million, a price-to-earnings ratio of 10.24 and a beta of 0.43.
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Northrim BanCorp (NASDAQ:NRIM) last announced its quarterly earnings results on Monday, August 1st. The financial services provider reported $0.63 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.64 by $0.01. Northrim BanCorp had a net margin of 16.59% and a return on equity of 9.58%. Equities analysts forecast that Northrim BanCorp will post $2.27 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 23rd. Stockholders of record on Thursday, September 15th were given a $0.20 dividend. The ex-dividend date was Tuesday, September 13th. This is a boost from Northrim BanCorp’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a dividend yield of 3.16%. Northrim BanCorp’s payout ratio is 32.39%.
Several institutional investors have recently made changes to their positions in the stock. American International Group Inc. bought a new position in shares of Northrim BanCorp during the second quarter valued at $102,000. Nationwide Fund Advisors boosted its position in shares of Northrim BanCorp by 930.0% in the second quarter. Nationwide Fund Advisors now owns 4,573 shares of the financial services provider’s stock valued at $120,000 after buying an additional 4,129 shares during the period. Springbok Capital Management LLC boosted its position in shares of Northrim BanCorp by 54.4% in the first quarter. Springbok Capital Management LLC now owns 5,714 shares of the financial services provider’s stock valued at $137,000 after buying an additional 2,014 shares during the period. Ladenburg Thalmann Financial Services Inc. raised its stake in Northrim BanCorp by 5.1% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 6,483 shares of the financial services provider’s stock valued at $155,000 after buying an additional 317 shares in the last quarter. Finally, Acrospire Investment Management LLC raised its stake in Northrim BanCorp by 112.7% in the second quarter. Acrospire Investment Management LLC now owns 6,280 shares of the financial services provider’s stock valued at $165,000 after buying an additional 3,327 shares in the last quarter. Institutional investors own 67.80% of the company’s stock.
Northrim BanCorp Company Profile
Northrim BanCorp, Inc is a bank holding company. The Company operates in two segments: Community Banking and Home Mortgage Lending. The Community Banking segment’s principal business focus is the offering of loan and deposit products to business and consumer customers in its primary market areas. The Community Banking segment operates approximately 10 branches throughout Alaska.
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