Northrim BanCorp (NASDAQ:NRIM) Lowered to “Hold” Rating by Wall Street Zen

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

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

Northrim BanCorp Stock Up 2.6%

Shares of NRIM opened at $98.97 on Monday. The firm has a market cap of $546.31 million, a P/E ratio of 13.16 and a beta of 0.96. Northrim BanCorp has a 12-month low of $55.35 and a 12-month high of $99.33. The company’s 50-day moving average price is $88.55 and its 200 day moving average price is $81.33. The company has a current ratio of 0.88, a quick ratio of 0.82 and a debt-to-equity ratio of 0.08.

Northrim BanCorp (NASDAQ:NRIM) last issued its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.82. The firm had revenue of $45.50 million for the quarter, compared to analyst estimates of $44.10 million. Northrim BanCorp had a net margin of 20.23% and a return on equity of 15.97%. On average, sell-side analysts forecast that Northrim BanCorp will post 8.05 earnings per share for the current year.

Institutional Investors Weigh In On Northrim BanCorp

Several large investors have recently modified their holdings of NRIM. Jane Street Group LLC purchased a new position in shares of Northrim BanCorp during the first quarter worth approximately $413,000. Goldman Sachs Group Inc. grew its position in shares of Northrim BanCorp by 30.2% during the first quarter. Goldman Sachs Group Inc. now owns 28,470 shares of the financial services provider’s stock worth $2,085,000 after acquiring an additional 6,599 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Northrim BanCorp by 5.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider’s stock worth $233,000 after acquiring an additional 156 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of Northrim BanCorp by 0.5% during the first quarter. Jacobs Levy Equity Management Inc. now owns 22,618 shares of the financial services provider’s stock worth $1,656,000 after acquiring an additional 116 shares during the last quarter. Finally, AQR Capital Management LLC grew its position in shares of Northrim BanCorp by 171.3% during the first quarter. AQR Capital Management LLC now owns 13,352 shares of the financial services provider’s stock worth $978,000 after acquiring an additional 8,431 shares during the last quarter. 65.99% of the stock is owned by institutional investors and hedge funds.

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.