Northrim BanCorp Inc (NASDAQ:NRIM) was downgraded by investment analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

Shares of Northrim BanCorp (NASDAQ:NRIM) traded down 5.80% during trading on Tuesday, reaching $32.50. 21,812 shares of the company traded hands. The firm’s 50-day moving average is $34.28 and its 200-day moving average is $31.09. The stock has a market capitalization of $224.58 million, a PE ratio of 16.17 and a beta of 0.63. Northrim BanCorp has a 12-month low of $24.60 and a 12-month high of $36.70.

Northrim BanCorp (NASDAQ:NRIM) last announced its earnings results on Monday, July 31st. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.04. Northrim BanCorp had a net margin of 14.15% and a return on equity of 8.33%. The business had revenue of $23.96 million during the quarter, compared to analyst estimates of $24.70 million. On average, equities analysts predict that Northrim BanCorp will post $2.51 earnings per share for the current fiscal year.

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A number of institutional investors have recently made changes to their positions in the business. American International Group Inc. lifted its holdings in shares of Northrim BanCorp by 6.9% in the 1st quarter. American International Group Inc. now owns 4,137 shares of the financial services provider’s stock worth $124,000 after acquiring an additional 267 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Northrim BanCorp by 6.1% in the 1st quarter. Bank of America Corp DE now owns 6,141 shares of the financial services provider’s stock worth $185,000 after acquiring an additional 353 shares during the last quarter. Nationwide Fund Advisors lifted its holdings in shares of Northrim BanCorp by 37.7% in the 2nd quarter. Nationwide Fund Advisors now owns 6,214 shares of the financial services provider’s stock worth $189,000 after acquiring an additional 1,700 shares during the last quarter. Rhumbline Advisers bought a new stake in shares of Northrim BanCorp in the 2nd quarter worth approximately $222,000. Finally, New York State Common Retirement Fund lifted its holdings in shares of Northrim BanCorp by 119.1% in the 2nd quarter. New York State Common Retirement Fund now owns 8,092 shares of the financial services provider’s stock worth $246,000 after acquiring an additional 4,399 shares during the last quarter. Institutional investors and hedge funds own 71.04% 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.

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

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