Northrim BanCorp (NASDAQ:NRIM) Stock Rating Lowered by StockNews.com

Northrim BanCorp (NASDAQ:NRIMGet Rating) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Monday.

Northrim BanCorp Trading Up 0.9 %

Northrim BanCorp stock opened at $54.56 on Monday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.75 and a current ratio of 0.77. The business’s 50-day simple moving average is $45.49 and its 200-day simple moving average is $42.34. The firm has a market capitalization of $310.17 million, a PE ratio of 10.70 and a beta of 0.66. Northrim BanCorp has a 52 week low of $38.42 and a 52 week high of $54.85.

Insider Activity at Northrim BanCorp

In other news, Director David W. Karp purchased 500 shares of the stock in a transaction that occurred on Wednesday, November 16th. The shares were purchased at an average cost of $53.57 per share, for a total transaction of $26,785.00. Following the completion of the purchase, the director now directly owns 10,186 shares of the company’s stock, valued at approximately $545,664.02. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On Northrim BanCorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in NRIM. BlackRock Inc. increased its stake in Northrim BanCorp by 10.8% during the third quarter. BlackRock Inc. now owns 581,127 shares of the financial services provider’s stock valued at $24,152,000 after acquiring an additional 56,432 shares during the period. Millennium Management LLC boosted its holdings in Northrim BanCorp by 214.1% during the second quarter. Millennium Management LLC now owns 81,509 shares of the financial services provider’s stock valued at $3,282,000 after purchasing an additional 55,560 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Northrim BanCorp by 15.6% during the first quarter. The Manufacturers Life Insurance Company now owns 288,804 shares of the financial services provider’s stock valued at $12,583,000 after purchasing an additional 39,047 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Northrim BanCorp during the 2nd quarter worth $1,141,000. Finally, Citadel Advisors LLC lifted its holdings in Northrim BanCorp by 183.6% during the 2nd quarter. Citadel Advisors LLC now owns 38,862 shares of the financial services provider’s stock worth $1,565,000 after buying an additional 25,157 shares in the last quarter. 64.38% of the stock is currently owned by institutional investors.

About Northrim BanCorp

(Get Rating)

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 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, individual retirement and money market deposit accounts, certificates of deposit, and business sweep accounts.

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