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

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

Several other equities analysts have also recently issued reports on NRIM. Weiss Ratings reiterated a “buy (b)” rating on shares of Northrim BanCorp in a research report on Wednesday, December 24th. Hovde Group lifted their price target on Northrim BanCorp from $28.00 to $33.00 and gave the company an “outperform” rating in a research note on Friday, October 24th. Finally, Zacks Research cut Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Northrim BanCorp has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

Northrim BanCorp Stock Up 3.0%

Shares of Northrim BanCorp stock opened at $23.56 on Friday. Northrim BanCorp has a one year low of $16.17 and a one year high of $30.82. The company has a market cap of $520.44 million, a P/E ratio of 8.22 and a beta of 0.97. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.87 and a current ratio of 0.91. The firm has a fifty day moving average of $26.49 and a two-hundred day moving average of $23.73.

Northrim BanCorp (NASDAQ:NRIM) last issued its earnings results on Friday, January 23rd. The financial services provider reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.10). The firm had revenue of $51.66 million during the quarter, compared to analysts’ expectations of $52.70 million. Northrim BanCorp had a net margin of 25.17% and a return on equity of 18.13%. On average, analysts forecast that Northrim BanCorp will post 8.05 earnings per share for the current year.

Insider Buying and Selling

In other news, Director David J. Mccambridge bought 1,150 shares of the firm’s stock in a transaction on Tuesday, December 9th. The shares were bought at an average cost of $24.87 per share, for a total transaction of $28,600.50. Following the completion of the transaction, the director owned 41,598 shares in the company, valued at $1,034,542.26. This trade represents a 2.84% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael G. Huston bought 1,500 shares of the stock in a transaction on Thursday, January 29th. The stock was purchased at an average cost of $22.80 per share, for a total transaction of $34,200.00. Following the acquisition, the chief executive officer directly owned 83,252 shares of the company’s stock, valued at $1,898,145.60. The trade was a 1.83% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders bought 5,126 shares of company stock valued at $122,726. 3.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Northrim BanCorp

Several hedge funds have recently added to or reduced their stakes in NRIM. Concurrent Investment Advisors LLC raised its position in Northrim BanCorp by 100.5% during the fourth quarter. Concurrent Investment Advisors LLC now owns 20,054 shares of the financial services provider’s stock worth $534,000 after acquiring an additional 10,054 shares during the last quarter. Financial Management Professionals Inc. purchased a new position in shares of Northrim BanCorp during the 4th quarter worth approximately $27,000. SG Americas Securities LLC acquired a new position in shares of Northrim BanCorp during the 4th quarter worth approximately $382,000. Gryphon Financial Partners LLC acquired a new position in shares of Northrim BanCorp during the 4th quarter worth approximately $354,000. Finally, JPMorgan Chase & Co. lifted its stake in Northrim BanCorp by 314.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 191,908 shares of the financial services provider’s stock valued at $4,157,000 after buying an additional 145,578 shares in the last quarter. 65.99% of the stock is currently owned by hedge funds and other institutional investors.

Northrim BanCorp Company Profile

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.