Northrim BanCorp (NASDAQ:NRIM) Downgraded to Hold at BidaskClub

BidaskClub cut shares of Northrim BanCorp (NASDAQ:NRIM) from a buy rating to a hold rating in a research note released on Tuesday morning, BidAskClub reports.

Other analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of Northrim BanCorp from a strong sell rating to a hold rating in a research report on Wednesday, October 9th. ValuEngine lowered shares of Northrim BanCorp from a buy rating to a hold rating in a research report on Wednesday, October 2nd.

NASDAQ NRIM opened at $37.85 on Tuesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.89 and a quick ratio of 0.84. The firm has a market capitalization of $251.84 million, a price-to-earnings ratio of 13.23 and a beta of 0.82. The company’s fifty day moving average is $38.67 and its two-hundred day moving average is $36.12. Northrim BanCorp has a 52-week low of $29.66 and a 52-week high of $42.28.

Northrim BanCorp (NASDAQ:NRIM) last posted its quarterly earnings results on Monday, July 29th. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.08). The company had revenue of $25.53 million during the quarter, compared to analyst estimates of $24.50 million. Northrim BanCorp had a return on equity of 9.07% and a net margin of 18.42%. As a group, sell-side analysts expect that Northrim BanCorp will post 2.61 earnings per share for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in NRIM. AlphaOne Investment Services LLC grew its holdings in Northrim BanCorp by 253.5% during the second quarter. AlphaOne Investment Services LLC now owns 3,807 shares of the financial services provider’s stock valued at $136,000 after purchasing an additional 2,730 shares during the period. Meeder Asset Management Inc. boosted its holdings in shares of Northrim BanCorp by 33.8% in the third quarter. Meeder Asset Management Inc. now owns 7,837 shares of the financial services provider’s stock valued at $310,000 after buying an additional 1,979 shares during the period. Brandes Investment Partners LP boosted its holdings in Northrim BanCorp by 23.6% during the second quarter. Brandes Investment Partners LP now owns 8,932 shares of the financial services provider’s stock worth $319,000 after purchasing an additional 1,704 shares during the last quarter. Parametric Portfolio Associates LLC boosted its holdings in Northrim BanCorp by 23.7% during the second quarter. Parametric Portfolio Associates LLC now owns 9,770 shares of the financial services provider’s stock worth $348,000 after purchasing an additional 1,873 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Northrim BanCorp by 12.3% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,800 shares of the financial services provider’s stock worth $456,000 after purchasing an additional 1,400 shares during the last quarter. Hedge funds and other institutional investors own 71.14% 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 in Alaska. It operates in two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, money market deposit accounts, certificates of deposit, and courier noncash deposits.

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