Northrim BanCorp (NASDAQ:NRIM) Lowered to Hold Rating by Wall Street Zen

Wall Street Zen downgraded shares of Northrim BanCorp (NASDAQ:NRIM - Free Report) from a buy rating to a hold rating in a research report sent to investors on Friday.

Separately, Hovde Group boosted their price objective on shares of Northrim BanCorp from $99.00 to $104.00 and gave the stock an "outperform" rating in a report on Monday, April 28th.

Northrim BanCorp Price Performance

NRIM stock traded up $0.64 during mid-day trading on Friday, hitting $90.83. 55,356 shares of the stock were exchanged, compared to its average volume of 33,095. The business has a fifty day moving average price of $79.49 and a 200 day moving average price of $80.31. Northrim BanCorp has a 12 month low of $52.10 and a 12 month high of $92.45. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.81. The stock has a market capitalization of $501.47 million, a price-to-earnings ratio of 13.72 and a beta of 0.93.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last released its earnings results on Wednesday, April 23rd. The financial services provider reported $2.38 earnings per share for the quarter, topping analysts' consensus estimates of $1.56 by $0.82. The company had revenue of $45.50 million during the quarter, compared to the consensus estimate of $44.10 million. Northrim BanCorp had a return on equity of 14.86% and a net margin of 18.87%. On average, sell-side analysts anticipate that Northrim BanCorp will post 8.05 EPS for the current year.

Northrim BanCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Thursday, June 5th will be issued a $0.64 dividend. The ex-dividend date is Thursday, June 5th. This represents a $2.56 annualized dividend and a dividend yield of 2.82%. Northrim BanCorp's dividend payout ratio is currently 34.04%.

Institutional Investors Weigh In On Northrim BanCorp

A number of hedge funds and other institutional investors have recently modified their holdings of NRIM. Jacobs Levy Equity Management Inc. increased its stake in Northrim BanCorp by 0.5% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 22,618 shares of the financial services provider's stock worth $1,656,000 after purchasing an additional 116 shares during the period. First Manhattan CO. LLC. grew its holdings in shares of Northrim BanCorp by 0.6% in the fourth quarter. First Manhattan CO. LLC. now owns 22,625 shares of the financial services provider's stock worth $1,763,000 after purchasing an additional 125 shares during the last quarter. Hohimer Wealth Management LLC boosted its position in Northrim BanCorp by 4.6% during the 1st quarter. Hohimer Wealth Management LLC now owns 2,881 shares of the financial services provider's stock valued at $211,000 after buying an additional 127 shares during the period. Tower Research Capital LLC TRC boosted its position in Northrim BanCorp by 57.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 366 shares of the financial services provider's stock valued at $29,000 after buying an additional 133 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Northrim BanCorp by 4.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,026 shares of the financial services provider's stock worth $236,000 after acquiring an additional 137 shares during the last quarter. Institutional investors own 65.99% of the company's stock.

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. 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.