Northrim BanCorp (NASDAQ:NRIM) Upgraded to Strong-Buy at BidaskClub

BidaskClub upgraded shares of Northrim BanCorp (NASDAQ:NRIM) from a buy rating to a strong-buy rating in a research note released on Tuesday, BidAskClub reports.

A number of other equities analysts also recently weighed in on the stock. ValuEngine raised shares of Northrim BanCorp from a hold rating to a buy rating in a research note on Tuesday, September 10th. Zacks Investment Research downgraded shares of Northrim BanCorp from a hold rating to a sell rating in a research note on Friday, August 9th.

NASDAQ NRIM opened at $41.10 on Tuesday. Northrim BanCorp has a 1-year low of $29.66 and a 1-year high of $43.16. The company has a current ratio of 0.89, a quick ratio of 0.84 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $279.07 million, a PE ratio of 15.60 and a beta of 0.78. The firm’s fifty day simple moving average is $37.11 and its 200-day simple moving average is $35.75.

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

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, September 5th were paid a $0.33 dividend. The ex-dividend date was Wednesday, September 4th. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.21%. Northrim BanCorp’s dividend payout ratio is 46.15%.

Hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Arbitrage SA increased its stake 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 increased its position in Northrim BanCorp by 3.9% during the first quarter. Royce & Associates LP now owns 375,905 shares of the financial services provider’s stock worth $12,939,000 after buying an additional 13,958 shares during the last quarter. Acadian Asset Management LLC increased its position in Northrim BanCorp by 8.6% during the second quarter. Acadian Asset Management LLC now owns 73,597 shares of the financial services provider’s stock worth $2,625,000 after buying an additional 5,822 shares during the last quarter. Martingale Asset Management L P increased its position in Northrim BanCorp by 2.3% during the first quarter. Martingale Asset Management L P now owns 43,903 shares of the financial services provider’s stock worth $1,512,000 after buying an additional 986 shares during the last quarter. Finally, Brandes Investment Partners LP increased its position in Northrim BanCorp by 23.6% during the second quarter. Brandes Investment Partners LP now owns 8,932 shares of the financial services provider’s stock worth $319,000 after buying an additional 1,704 shares during the last quarter. 71.11% of the stock is currently owned by institutional investors and hedge funds.

Northrim BanCorp Company Profile

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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