Northrim BanCorp (NASDAQ:NRIM) Cut to “Hold” at Zacks Research

Zacks Research cut shares of Northrim BanCorp (NASDAQ:NRIM) from a strong-buy rating to a hold rating in a report issued on Monday morning,Zacks.com reports.

A number of other research analysts also recently commented on NRIM. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northrim BanCorp in a report on Wednesday, December 24th. Hovde Group raised their price objective on Northrim BanCorp from $28.00 to $33.00 and gave the stock an “outperform” rating in a research note on Friday, October 24th. Finally, Wall Street Zen raised shares of Northrim BanCorp from a “hold” rating to a “buy” rating in a report on Saturday, October 25th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Northrim BanCorp has an average rating of “Moderate Buy” and an average price target of $33.00.

Northrim BanCorp Price Performance

Shares of NRIM stock opened at $27.84 on Monday. The firm has a market cap of $614.99 million, a P/E ratio of 9.93 and a beta of 0.97. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.87. Northrim BanCorp has a 1-year low of $16.17 and a 1-year high of $28.48. The firm has a fifty day moving average of $25.73 and a two-hundred day moving average of $23.55.

Northrim BanCorp (NASDAQ:NRIM) last issued its earnings results on Wednesday, October 22nd. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10. The business had revenue of $66.59 million for the quarter, compared to analyst estimates of $50.60 million. Northrim BanCorp had a net margin of 25.32% and a return on equity of 18.12%. As a group, research analysts anticipate that Northrim BanCorp will post 8.05 earnings per share for the current fiscal year.

Northrim BanCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 26th. Investors of record on Thursday, December 18th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Thursday, December 18th. Northrim BanCorp’s dividend payout ratio (DPR) is 22.78%.

Insider Transactions at Northrim BanCorp

In other Northrim BanCorp news, Director Shauna Hegna purchased 1,186 shares of the business’s stock in a transaction dated Tuesday, December 9th. The shares were bought at an average price of $25.25 per share, with a total value of $29,946.50. Following the completion of the acquisition, the director owned 1,638 shares in the company, valued at approximately $41,359.50. This represents a 262.39% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David J. Mccambridge acquired 1,150 shares of Northrim BanCorp stock in a transaction dated Tuesday, December 9th. The shares were acquired at an average price of $24.87 per share, with a total value of $28,600.50. Following the completion of the transaction, the director owned 41,598 shares of the company’s stock, valued at approximately $1,034,542.26. This trade represents a 2.84% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 3.90% of the company’s stock.

Institutional Trading of Northrim BanCorp

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Northrim BanCorp by 326.4% in the third quarter. Vanguard Group Inc. now owns 1,639,351 shares of the financial services provider’s stock worth $35,508,000 after purchasing an additional 1,254,870 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Northrim BanCorp by 248.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,346,512 shares of the financial services provider’s stock valued at $29,166,000 after buying an additional 960,299 shares during the period. American Century Companies Inc. increased its stake in Northrim BanCorp by 344.3% during the 3rd quarter. American Century Companies Inc. now owns 665,888 shares of the financial services provider’s stock valued at $14,423,000 after buying an additional 516,030 shares during the period. Ameriprise Financial Inc. raised its position in shares of Northrim BanCorp by 239.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 302,192 shares of the financial services provider’s stock worth $6,545,000 after buying an additional 213,238 shares in the last quarter. Finally, LSV Asset Management lifted its stake in shares of Northrim BanCorp by 185.8% in the 3rd quarter. LSV Asset Management now owns 255,360 shares of the financial services provider’s stock worth $5,531,000 after acquiring an additional 166,020 shares during the period. Institutional investors own 65.99% of the company’s stock.

About Northrim BanCorp

Northrim BanCorp is the bank holding company for Northrim Bank, a community bank headquartered in Anchorage, Alaska. The company offers a comprehensive suite of personal and commercial banking products and services, including checking and savings accounts, consumer and commercial loans, mortgage financing, and treasury and cash management solutions.

With branches located across Alaska’s major population centers—such as Anchorage, Fairbanks and Juneau—Northrim serves both urban and rural communities.