Northrim BanCorp (NASDAQ:NRIM) Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of Northrim BanCorp (NASDAQ:NRIM) from a buy rating to a hold rating in a report released on Saturday morning.

Separately, Hovde Group raised their price target on shares of Northrim BanCorp from $99.00 to $104.00 and gave the company an “outperform” rating in a research report on Monday, April 28th.

Northrim BanCorp Stock Down 0.7%

NRIM stock opened at $85.89 on Friday. The firm has a market capitalization of $474.11 million, a PE ratio of 10.75 and a beta of 0.96. The company has a quick ratio of 0.82, a current ratio of 0.88 and a debt-to-equity ratio of 0.08. Northrim BanCorp has a twelve month low of $58.49 and a twelve month high of $100.21. The stock’s 50 day moving average is $91.80 and its 200-day moving average is $83.31.

Northrim BanCorp (NASDAQ:NRIM) last issued its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $2.09 earnings per share for the quarter, missing the consensus estimate of $2.26 by ($0.17). The company had revenue of $50.23 million for the quarter, compared to the consensus estimate of $48.80 million. Northrim BanCorp had a net margin of 20.11% and a return on equity of 16.68%. Sell-side analysts expect that Northrim BanCorp will post 8.05 EPS for the current fiscal year.

Northrim BanCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Thursday, June 5th were issued a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 2.98%. The ex-dividend date of this dividend was Thursday, June 5th. Northrim BanCorp’s dividend payout ratio is presently 32.04%.

Institutional Trading of Northrim BanCorp

A number of institutional investors and hedge funds have recently modified their holdings of NRIM. Citadel Advisors LLC bought a new position in Northrim BanCorp in the 4th quarter valued at $665,000. Millennium Management LLC purchased a new position in shares of Northrim BanCorp in the 4th quarter worth about $548,000. Man Group plc bought a new position in Northrim BanCorp during the fourth quarter valued at about $217,000. GAMMA Investing LLC increased its holdings in Northrim BanCorp by 37,588.2% during the first quarter. GAMMA Investing LLC now owns 12,814 shares of the financial services provider’s stock worth $938,000 after buying an additional 12,780 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in Northrim BanCorp by 45.1% during the fourth quarter. Bank of America Corp DE now owns 11,291 shares of the financial services provider’s stock worth $880,000 after buying an additional 3,511 shares during the last quarter. 65.99% of the stock is owned by hedge funds and other 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. It operates through two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, individual retirement and money market deposit accounts, certificates of deposit, and business sweep accounts.