BidaskClub Upgrades Northrim BanCorp (NRIM) to “Buy”
Northrim BanCorp (NASDAQ:NRIM) was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Friday.
Separately, Zacks Investment Research raised shares of Northrim BanCorp from a “hold” rating to a “strong-buy” rating and set a $49.00 price objective for the company in a report on Thursday, August 9th.
Shares of NRIM stock opened at $39.42 on Friday. The firm has a market cap of $285.57 million, a price-to-earnings ratio of 19.32 and a beta of 0.70. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 0.09. Northrim BanCorp has a 1-year low of $31.85 and a 1-year high of $45.40.
In other Northrim BanCorp news, Director John C. Swalling purchased 625 shares of Northrim BanCorp stock in a transaction dated Friday, August 3rd. The shares were bought at an average cost of $41.38 per share, for a total transaction of $25,862.50. Following the transaction, the director now owns 4,726 shares in the company, valued at approximately $195,561.88. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David G. Wight sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $44.15, for a total transaction of $88,300.00. Following the completion of the transaction, the director now owns 11,500 shares in the company, valued at $507,725. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 1,705 shares of company stock valued at $71,190. 2.80% of the stock is owned by company insiders.
Several institutional investors have recently bought and sold shares of NRIM. Tower Research Capital LLC TRC lifted its position in shares of Northrim BanCorp by 267.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,174 shares of the financial services provider’s stock worth $126,000 after buying an additional 2,311 shares during the last quarter. Meeder Asset Management Inc. lifted its position in shares of Northrim BanCorp by 231.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 5,246 shares of the financial services provider’s stock worth $207,000 after buying an additional 3,663 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Northrim BanCorp by 21.2% in the 2nd quarter. First Trust Advisors LP now owns 9,714 shares of the financial services provider’s stock worth $384,000 after buying an additional 1,699 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of Northrim BanCorp by 12.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 14,953 shares of the financial services provider’s stock worth $590,000 after buying an additional 1,599 shares during the last quarter. Finally, Wedge Capital Management L L P NC bought a new position in shares of Northrim BanCorp in the 2nd quarter worth about $772,000. Institutional investors own 70.57% 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 professionals in Alaska. The company operates in two segments, Community Banking and Home Mortgage Lending. It offers various deposit products, including noninterest-bearing checking accounts and interest-bearing time deposits, checking accounts, and savings accounts, as well as money market deposit accounts, certificates of deposit, and courier noncash deposits.
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