Northrim BanCorp (NASDAQ:NRIM) Rating Lowered to Hold at Wall Street Zen

Northrim BanCorp (NASDAQ:NRIM) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday.

A number of other brokerages have also issued reports on NRIM. Weiss Ratings restated a “buy (b)” rating on shares of Northrim BanCorp in a research report on Wednesday, December 24th. Hovde Group increased their price target on Northrim BanCorp from $28.00 to $33.00 and gave the stock an “outperform” rating in a research note on Friday, October 24th. Finally, Zacks Research cut Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $33.00.

Northrim BanCorp Trading Up 3.0%

Northrim BanCorp stock opened at $23.56 on Friday. The stock has a 50-day moving average price of $26.49 and a 200 day moving average price of $23.73. Northrim BanCorp has a 52 week low of $16.17 and a 52 week high of $30.82. The stock has a market cap of $520.44 million, a PE ratio of 8.22 and a beta of 0.97. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 0.07.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings results on Friday, January 23rd. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.10). The firm had revenue of $51.66 million for the quarter, compared to analyst estimates of $52.70 million. Northrim BanCorp had a return on equity of 18.13% and a net margin of 25.17%. Equities research analysts predict that Northrim BanCorp will post 8.05 earnings per share for the current fiscal year.

Insider Activity

In other news, Director David J. Mccambridge purchased 1,150 shares of the stock in a transaction on Tuesday, December 9th. The stock was purchased at an average price of $24.87 per share, with a total value of $28,600.50. Following the completion of the transaction, the director owned 41,598 shares in the company, valued at approximately $1,034,542.26. The trade was a 2.84% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael G. Huston purchased 1,500 shares of the company’s stock in a transaction on Thursday, January 29th. The shares were purchased at an average price of $22.80 per share, with a total value of $34,200.00. Following the completion of the purchase, the chief executive officer directly owned 83,252 shares of the company’s stock, valued at $1,898,145.60. The trade was a 1.83% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased 5,126 shares of company stock valued at $122,726 in the last ninety days. Company insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Northrim BanCorp

Hedge funds and other institutional investors have recently modified their holdings of the company. Alaska Wealth Advisors increased its holdings in Northrim BanCorp by 300.0% during the 3rd quarter. Alaska Wealth Advisors now owns 97,791 shares of the financial services provider’s stock worth $2,118,000 after purchasing an additional 73,343 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Northrim BanCorp by 307.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 31,076 shares of the financial services provider’s stock valued at $673,000 after buying an additional 23,457 shares during the last quarter. Brandywine Global Investment Management LLC acquired a new stake in shares of Northrim BanCorp during the second quarter worth approximately $238,000. Rosenthal Henry Capital Advisors Inc. increased its stake in shares of Northrim BanCorp by 300.0% in the third quarter. Rosenthal Henry Capital Advisors Inc. now owns 120,000 shares of the financial services provider’s stock worth $2,599,000 after buying an additional 90,000 shares during the last quarter. Finally, D.A. Davidson & CO. raised its holdings in Northrim BanCorp by 300.0% in the third quarter. D.A. Davidson & CO. now owns 26,400 shares of the financial services provider’s stock valued at $572,000 after acquiring an additional 19,800 shares in the last quarter. 65.99% of the stock is owned by institutional investors and hedge funds.

Northrim BanCorp Company Profile

Northrim BanCorp is the bank holding company for Northrim Bank, a community bank headquartered in Anchorage, Alaska. The company offers a comprehensive suite of personal and commercial banking products and services, including checking and savings accounts, consumer and commercial loans, mortgage financing, and treasury and cash management solutions.

With branches located across Alaska’s major population centers—such as Anchorage, Fairbanks and Juneau—Northrim serves both urban and rural communities.