Wall Street Zen Downgrades Northrim BanCorp (NASDAQ:NRIM) to Hold

Northrim BanCorp (NASDAQ:NRIM) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday.

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

Northrim BanCorp Stock Down 0.9%

NRIM opened at $86.62 on Friday. The firm’s 50-day simple moving average is $84.42 and its 200-day simple moving average is $80.70. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.82 and a current ratio of 0.88. Northrim BanCorp has a twelve month low of $54.58 and a twelve month high of $92.45. The firm has a market cap of $478.23 million, a price-to-earnings ratio of 11.52 and a beta of 0.98.

Northrim BanCorp (NASDAQ:NRIM) last posted its earnings results on Wednesday, April 23rd. The financial services provider reported $2.38 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.82. Northrim BanCorp had a net margin of 20.23% and a return on equity of 15.97%. The business had revenue of $45.50 million for the quarter, compared to analyst estimates of $44.10 million. Equities research analysts anticipate that Northrim BanCorp will post 8.05 EPS for the current fiscal year.

Institutional Investors Weigh In On Northrim BanCorp

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Northrim BanCorp by 10.8% during the 1st quarter. Vanguard Group Inc. now owns 333,609 shares of the financial services provider’s stock worth $24,427,000 after acquiring an additional 32,492 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Northrim BanCorp by 0.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 213,237 shares of the financial services provider’s stock valued at $15,613,000 after purchasing an additional 1,448 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Northrim BanCorp by 11.9% in the 1st quarter. American Century Companies Inc. now owns 136,698 shares of the financial services provider’s stock valued at $10,009,000 after purchasing an additional 14,525 shares during the last quarter. De Lisle Partners LLP boosted its stake in shares of Northrim BanCorp by 23.2% in the 1st quarter. De Lisle Partners LLP now owns 94,983 shares of the financial services provider’s stock valued at $6,969,000 after purchasing an additional 17,888 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Northrim BanCorp by 34.0% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 71,858 shares of the financial services provider’s stock valued at $5,261,000 after purchasing an additional 18,230 shares during the last quarter. 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.