ValuEngine upgraded shares of Northrim BanCorp (NASDAQ:NRIM) from a hold rating to a buy rating in a research note published on Tuesday morning, ValuEngine reports.

A number of other research analysts have also recently commented on the stock. BidaskClub raised shares of Northrim BanCorp from a hold rating to a buy rating in a report on Friday, August 2nd. Zacks Investment Research cut shares of Northrim BanCorp from a hold rating to a sell rating in a report on Friday, August 9th.

Shares of NRIM stock traded up $0.92 on Tuesday, reaching $41.42. The company had a trading volume of 1,048 shares, compared to its average volume of 13,138. The stock has a market capitalization of $255.65 million, a PE ratio of 14.23 and a beta of 0.78. The company has a quick ratio of 0.84, a current ratio of 0.89 and a debt-to-equity ratio of 0.16. Northrim BanCorp has a one year low of $29.66 and a one year high of $44.60. The business’s 50-day moving average is $36.49 and its 200 day moving average is $35.65.

Northrim BanCorp (NASDAQ:NRIM) last posted its earnings results on Monday, July 29th. The financial services provider reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.08). The company had revenue of $25.53 million during the quarter, compared to the consensus estimate of $24.50 million. Northrim BanCorp had a return on equity of 9.07% and a net margin of 18.42%. On average, sell-side analysts forecast that Northrim BanCorp will post 2.61 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Thursday, September 5th will be issued a $0.33 dividend. The ex-dividend date is Wednesday, September 4th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.19%. This is a boost from Northrim BanCorp’s previous quarterly dividend of $0.30. Northrim BanCorp’s dividend payout ratio is 46.15%.

Hedge funds have recently bought and sold shares of the company. BNP Paribas Arbitrage SA lifted its holdings in shares of Northrim BanCorp by 507.3% in the first quarter. BNP Paribas Arbitrage SA now owns 1,421 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 1,187 shares during the last quarter. Royce & Associates LP raised its holdings in Northrim BanCorp by 3.9% in the 1st quarter. Royce & Associates LP now owns 375,905 shares of the financial services provider’s stock valued at $12,939,000 after buying an additional 13,958 shares during the last quarter. Acadian Asset Management LLC raised its holdings in Northrim BanCorp by 8.6% in the 2nd quarter. Acadian Asset Management LLC now owns 73,597 shares of the financial services provider’s stock valued at $2,625,000 after buying an additional 5,822 shares during the last quarter. Martingale Asset Management L P raised its holdings in Northrim BanCorp by 2.3% in the 1st quarter. Martingale Asset Management L P now owns 43,903 shares of the financial services provider’s stock valued at $1,512,000 after buying an additional 986 shares during the last quarter. Finally, Pacific Ridge Capital Partners LLC raised its holdings in Northrim BanCorp by 0.4% in the 2nd quarter. Pacific Ridge Capital Partners LLC now owns 90,613 shares of the financial services provider’s stock valued at $3,231,000 after buying an additional 342 shares during the last quarter. 71.11% of the stock is owned by hedge funds and other institutional investors.

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 in Alaska. It operates in two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, money market deposit accounts, certificates of deposit, and courier noncash deposits.

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