Northrim BanCorp (NASDAQ:NRIM) Upgraded by Wall Street Zen to “Buy” Rating

Northrim BanCorp (NASDAQ:NRIM) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Sunday.

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

Northrim BanCorp Price Performance

Shares of NRIM opened at $94.01 on Friday. Northrim BanCorp has a fifty-two week low of $54.99 and a fifty-two week high of $94.05. The company has a market capitalization of $518.94 million, a price-to-earnings ratio of 12.50 and a beta of 0.98. The firm has a 50-day simple moving average of $86.42 and a 200-day simple moving average of $80.85. 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 (NASDAQ:NRIM) last announced 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 during the quarter, compared to the consensus estimate of $44.10 million. On average, equities research analysts anticipate that Northrim BanCorp will post 8.05 earnings per share for the current year.

Institutional Investors Weigh In On Northrim BanCorp

A number of hedge funds have recently added to or reduced their stakes in NRIM. Bank of New York Mellon Corp lifted its position in Northrim BanCorp by 16.6% in the fourth quarter. Bank of New York Mellon Corp now owns 49,272 shares of the financial services provider’s stock valued at $3,840,000 after purchasing an additional 7,009 shares during the period. Raymond James Financial Inc. acquired a new stake in Northrim BanCorp in the fourth quarter valued at about $1,794,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in Northrim BanCorp by 47.2% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 17,023 shares of the financial services provider’s stock valued at $1,327,000 after purchasing an additional 5,455 shares during the period. Semanteon Capital Management LP acquired a new stake in Northrim BanCorp in the fourth quarter valued at about $201,000. Finally, Quantbot Technologies LP acquired a new stake in Northrim BanCorp in the fourth quarter valued at about $112,000. Institutional investors and hedge funds own 65.99% of the company’s stock.

Northrim BanCorp Company Profile

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.