Northrim BanCorp (NASDAQ:NRIM) Upgraded at Wall Street Zen

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

Several other research firms have also recently commented on NRIM. Hovde Group raised their price target on shares of Northrim BanCorp from $28.00 to $33.00 and gave the stock an “outperform” rating in a report on Friday. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Northrim BanCorp in a research report on Tuesday, October 14th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $33.00.

Northrim BanCorp Stock Performance

Shares of NRIM opened at $22.42 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.91 and a quick ratio of 0.87. The stock has a market cap of $495.26 million, a price-to-earnings ratio of 7.99 and a beta of 0.94. The company has a 50-day moving average of $22.18 and a two-hundred day moving average of $21.88. Northrim BanCorp has a one year low of $15.92 and a one year high of $25.05.

Northrim BanCorp (NASDAQ:NRIM) last posted its quarterly earnings results on Wednesday, October 22nd. The financial services provider reported $0.72 EPS for the quarter, topping the consensus estimate of $0.62 by $0.10. The business had revenue of $66.59 million during the quarter, compared to analysts’ expectations of $50.60 million. Northrim BanCorp had a net margin of 25.32% and a return on equity of 18.72%. On average, equities research analysts expect that Northrim BanCorp will post 8.05 earnings per share for the current year.

Northrim BanCorp Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Thursday, September 4th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Thursday, September 4th. Northrim BanCorp’s dividend payout ratio (DPR) is presently 22.78%.

Hedge Funds Weigh In On Northrim BanCorp

A number of institutional investors have recently modified their holdings of NRIM. Federated Hermes Inc. raised its position in shares of Northrim BanCorp by 388.6% in the first quarter. Federated Hermes Inc. now owns 342 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 272 shares during the period. CWM LLC raised its position in shares of Northrim BanCorp by 286.6% in the third quarter. CWM LLC now owns 1,616 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,198 shares during the period. US Bancorp DE bought a new position in shares of Northrim BanCorp in the first quarter valued at approximately $37,000. Assetmark Inc. bought a new position in shares of Northrim BanCorp in the second quarter valued at approximately $43,000. Finally, Cullen Frost Bankers Inc. increased its position in Northrim BanCorp by 159.9% during the second quarter. Cullen Frost Bankers Inc. now owns 486 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 299 shares during the period. Institutional investors own 65.99% of the company’s stock.

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.