Northrim BanCorp Inc (NASDAQ:NRIM) was upgraded by research analysts at ValuEngine from a “hold” rating to a “buy” rating in a research report issued on Tuesday.

Shares of Northrim BanCorp (NRIM) traded up 1.08% during midday trading on Tuesday, reaching $28.00. 7,807 shares of the company’s stock traded hands. Northrim BanCorp has a 12 month low of $24.35 and a 12 month high of $33.00. The stock has a 50-day moving average price of $30.12 and a 200 day moving average price of $29.99. The firm has a market cap of $193.48 million, a PE ratio of 13.93 and a beta of 0.59.

Northrim BanCorp (NASDAQ:NRIM) last released its earnings results on Monday, July 31st. The financial services provider reported $0.51 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.04. Northrim BanCorp had a net margin of 14.15% and a return on equity of 8.38%. The firm had revenue of $23.96 million during the quarter, compared to the consensus estimate of $24.70 million. Equities research analysts predict that Northrim BanCorp will post $2.00 earnings per share for the current year.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp increased its position in Northrim BanCorp by 21.4% in the fourth quarter. State Street Corp now owns 96,602 shares of the financial services provider’s stock worth $3,049,000 after buying an additional 16,996 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Northrim BanCorp by 2.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 479,106 shares of the financial services provider’s stock worth $15,140,000 after buying an additional 10,819 shares in the last quarter. FMR LLC bought a new position in Northrim BanCorp during the fourth quarter worth $872,000. Teachers Advisors LLC increased its position in Northrim BanCorp by 8.2% in the fourth quarter. Teachers Advisors LLC now owns 11,713 shares of the financial services provider’s stock worth $370,000 after buying an additional 887 shares in the last quarter. Finally, Dalton Greiner Hartman Maher & Co. increased its position in Northrim BanCorp by 0.4% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 47,924 shares of the financial services provider’s stock worth $1,440,000 after buying an additional 196 shares in the last quarter. 71.36% of the stock is owned by hedge funds and other institutional investors.

About Northrim BanCorp

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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