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

Wall Street Zen lowered shares of Northrim BanCorp (NASDAQ:NRIM) from a buy rating to a hold rating in a research note released on Saturday.

NRIM has been the subject of a number of other research reports. Hovde Group increased their price objective on Northrim BanCorp from $28.00 to $33.00 and gave the company an “outperform” rating in a research report on Friday, October 24th. Zacks Research lowered Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Northrim BanCorp in a research report on Wednesday, December 24th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $33.00.

Northrim BanCorp Stock Performance

NASDAQ:NRIM opened at $24.48 on Friday. Northrim BanCorp has a twelve month low of $16.17 and a twelve month high of $30.82. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 0.07. The company has a 50-day moving average of $26.49 and a 200-day moving average of $23.74. The firm has a market cap of $540.76 million, a price-to-earnings ratio of 8.54 and a beta of 0.95.

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

Northrim BanCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Thursday, March 5th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Thursday, March 5th. Northrim BanCorp’s payout ratio is presently 22.30%.

Insider Buying and Selling

In other Northrim BanCorp news, Director David J. Mccambridge acquired 1,150 shares of the firm’s stock in a transaction on Tuesday, December 9th. The stock was purchased at an average cost of $24.87 per share, for a total transaction of $28,600.50. Following the transaction, the director owned 41,598 shares of the company’s stock, valued at $1,034,542.26. The trade was a 2.84% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Shauna Hegna bought 1,186 shares of the company’s stock in a transaction dated Tuesday, December 9th. The stock was acquired at an average price of $25.25 per share, for a total transaction of $29,946.50. Following the acquisition, the director directly owned 1,638 shares in the company, valued at $41,359.50. This trade represents a 262.39% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders acquired 5,126 shares of company stock valued at $122,726. Corporate insiders own 3.90% of the company’s stock.

Institutional Investors Weigh In On Northrim BanCorp

A number of institutional investors have recently modified their holdings of the stock. Financial Management Professionals Inc. acquired a new position in shares of Northrim BanCorp in the fourth quarter worth $27,000. Federated Hermes Inc. grew its stake in Northrim BanCorp by 300.0% in the third quarter. Federated Hermes Inc. now owns 1,452 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 1,089 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its stake in Northrim BanCorp by 298.0% in the third quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 1,174 shares in the last quarter. CWM LLC increased its position in Northrim BanCorp by 286.6% in the 3rd quarter. CWM LLC now owns 1,616 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,198 shares during the last quarter. Finally, Assetmark Inc. raised its stake in shares of Northrim BanCorp by 289.5% during the 3rd quarter. Assetmark Inc. now owns 1,780 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 1,323 shares in the last quarter. Institutional investors and hedge funds 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.