Northrim BanCorp (NRIM) Downgraded by Zacks Investment Research to “Sell”

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Northrim BanCorp (NASDAQ:NRIM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

According to Zacks, “Northrim BanCorp, Inc. is a full-service commercial bank that provides a full range of personal and business banking services. “

NRIM has been the subject of a number of other research reports. BidaskClub upgraded Northrim BanCorp from a “hold” rating to a “buy” rating in a research note on Wednesday, February 13th. ValuEngine lowered Northrim BanCorp from a “buy” rating to a “hold” rating in a research note on Tuesday, November 6th.

Shares of NASDAQ NRIM opened at $37.89 on Friday. Northrim BanCorp has a fifty-two week low of $29.66 and a fifty-two week high of $45.40. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 0.09. The company has a market cap of $260.68 million, a price-to-earnings ratio of 13.25 and a beta of 0.68.

Northrim BanCorp (NASDAQ:NRIM) last issued its quarterly earnings data on Monday, January 28th. The financial services provider reported $0.69 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.08). Northrim BanCorp had a net margin of 20.76% and a return on equity of 10.04%. The business had revenue of $23.86 million for the quarter, compared to analyst estimates of $23.80 million. Equities analysts expect that Northrim BanCorp will post 3.33 earnings per share for the current fiscal year.

In other Northrim BanCorp news, Director Linda C. Thomas acquired 700 shares of the stock in a transaction on Tuesday, December 4th. The stock was purchased at an average price of $35.80 per share, for a total transaction of $25,060.00. Following the purchase, the director now directly owns 3,090 shares in the company, valued at $110,622. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have acquired 1,970 shares of company stock valued at $69,759. 2.80% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Walthausen & Co. LLC grew its position in shares of Northrim BanCorp by 5.7% in the 4th quarter. Walthausen & Co. LLC now owns 40,991 shares of the financial services provider’s stock worth $1,347,000 after acquiring an additional 2,200 shares in the last quarter. Metropolitan Life Insurance Co. NY grew its position in shares of Northrim BanCorp by 372.8% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 2,482 shares of the financial services provider’s stock worth $82,000 after acquiring an additional 1,957 shares in the last quarter. Squarepoint Ops LLC grew its position in shares of Northrim BanCorp by 1.9% in the 4th quarter. Squarepoint Ops LLC now owns 15,003 shares of the financial services provider’s stock worth $493,000 after acquiring an additional 279 shares in the last quarter. Bank of America Corp DE grew its position in shares of Northrim BanCorp by 20.0% in the 4th quarter. Bank of America Corp DE now owns 10,077 shares of the financial services provider’s stock worth $332,000 after acquiring an additional 1,681 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Northrim BanCorp by 8.6% in the 4th quarter. Geode Capital Management LLC now owns 72,607 shares of the financial services provider’s stock worth $2,385,000 after acquiring an additional 5,770 shares in the last quarter. Institutional investors own 71.15% 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 professionals in Alaska. The company operates in two segments, Community Banking and Home Mortgage Lending. It offers various deposit products, including noninterest-bearing checking accounts and interest-bearing time deposits, checking accounts, and savings accounts, as well as money market deposit accounts, certificates of deposit, and courier noncash deposits.

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