StockNews.com Downgrades Northrim BanCorp (NASDAQ:NRIM) to Hold

StockNews.com cut shares of Northrim BanCorp (NASDAQ:NRIM) from a buy rating to a hold rating in a research report report published on Tuesday.

Northrim BanCorp Stock Up 1.6 %

NRIM stock opened at $53.84 on Tuesday. The stock has a market cap of $296.12 million, a PE ratio of 10.50 and a beta of 0.71. The firm’s 50-day simple moving average is $49.52 and its 200 day simple moving average is $50.75. Northrim BanCorp has a fifty-two week low of $36.91 and a fifty-two week high of $59.90. The company has a quick ratio of 0.79, a current ratio of 0.81 and a debt-to-equity ratio of 0.10.

Northrim BanCorp (NASDAQ:NRIM) last announced its quarterly earnings results on Wednesday, April 24th. The financial services provider reported $1.48 EPS for the quarter, beating the consensus estimate of $1.05 by $0.43. The company had revenue of $34.29 million for the quarter, compared to analyst estimates of $32.40 million. Northrim BanCorp had a net margin of 17.19% and a return on equity of 12.50%. As a group, sell-side analysts predict that Northrim BanCorp will post 5.61 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Teton Advisors Inc. bought a new position in Northrim BanCorp in the 4th quarter valued at about $240,000. Russell Investments Group Ltd. increased its stake in shares of Northrim BanCorp by 17.2% during the fourth quarter. Russell Investments Group Ltd. now owns 38,568 shares of the financial services provider’s stock valued at $2,206,000 after acquiring an additional 5,650 shares during the period. Assenagon Asset Management S.A. bought a new stake in Northrim BanCorp during the third quarter worth approximately $822,000. Los Angeles Capital Management LLC lifted its position in Northrim BanCorp by 34.7% in the fourth quarter. Los Angeles Capital Management LLC now owns 8,300 shares of the financial services provider’s stock worth $475,000 after purchasing an additional 2,140 shares during the period. Finally, SeaCrest Wealth Management LLC bought a new position in Northrim BanCorp during the 4th quarter valued at $247,000. Institutional investors own 65.99% 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 professional individuals. It operates through two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, individual retirement and money market deposit accounts, certificates of deposit, and business sweep accounts.