Northrim BanCorp (NRIM) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Northrim BanCorp (NASDAQ:NRIM) from a hold rating to a buy rating in a research report report published on Saturday morning. They currently have $42.00 price objective on the financial services provider’s stock.
According to Zacks, “Northrim BanCorp, Inc. is a full-service commercial bank that provides a full range of personal and business banking services. “
Other research analysts have also issued research reports about the company. BidaskClub lowered Northrim BanCorp from a buy rating to a hold rating in a report on Thursday, September 20th. ValuEngine lowered Northrim BanCorp from a buy rating to a hold rating in a report on Tuesday, November 6th.
Northrim BanCorp (NASDAQ:NRIM) last released its earnings results on Monday, October 29th. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.13. Northrim BanCorp had a return on equity of 9.28% and a net margin of 16.25%. The business had revenue of $24.49 million for the quarter, compared to analyst estimates of $24.10 million. Equities analysts predict that Northrim BanCorp will post 2.95 earnings per share for the current year.
In other Northrim BanCorp news, Director Karl L. Hanneman acquired 700 shares of the company’s stock in a transaction that occurred on Thursday, November 1st. The shares were purchased at an average price of $37.80 per share, with a total value of $26,460.00. Following the completion of the acquisition, the director now directly owns 4,900 shares of the company’s stock, valued at approximately $185,220. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.80% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC grew its holdings in Northrim BanCorp by 267.8% during the second quarter. Tower Research Capital LLC TRC now owns 3,174 shares of the financial services provider’s stock worth $126,000 after acquiring an additional 2,311 shares during the period. John W. Rosenthal Capital Management Inc. acquired a new position in Northrim BanCorp during the third quarter worth $155,000. Meeder Asset Management Inc. grew its holdings in Northrim BanCorp by 231.4% during the second quarter. Meeder Asset Management Inc. now owns 5,246 shares of the financial services provider’s stock worth $207,000 after acquiring an additional 3,663 shares during the period. MetLife Investment Advisors LLC grew its holdings in Northrim BanCorp by 55.5% during the third quarter. MetLife Investment Advisors LLC now owns 5,486 shares of the financial services provider’s stock worth $228,000 after acquiring an additional 1,957 shares during the period. Finally, First Trust Advisors LP grew its holdings in Northrim BanCorp by 21.2% during the second quarter. First Trust Advisors LP now owns 9,714 shares of the financial services provider’s stock worth $384,000 after acquiring an additional 1,699 shares during the period. 70.95% of the stock is currently owned by hedge funds and other institutional investors.
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 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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