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

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Monday.

Separately, Hovde Group boosted their price objective on 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

Shares of NRIM traded up $0.51 during midday trading on Monday, hitting $96.64. 74,838 shares of the company traded hands, compared to its average volume of 38,082. The stock has a 50-day moving average of $89.87 and a 200-day moving average of $81.82. Northrim BanCorp has a one year low of $57.00 and a one year high of $100.21. The firm has a market cap of $533.45 million, a P/E ratio of 12.85 and a beta of 0.96. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.88 and a quick ratio of 0.82.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $2.38 EPS for the quarter, topping the consensus estimate of $1.56 by $0.82. Northrim BanCorp had a return on equity of 15.97% and a net margin of 20.23%. The company had revenue of $45.50 million during the quarter, compared to analyst estimates of $44.10 million. As a group, sell-side analysts predict that Northrim BanCorp will post 8.05 EPS for the current fiscal year.

Hedge Funds Weigh In On Northrim BanCorp

Several institutional investors and hedge funds have recently modified their holdings of the stock. Federated Hermes Inc. grew its stake in shares of Northrim BanCorp by 388.6% during the 1st quarter. Federated Hermes Inc. now owns 342 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 272 shares during the period. Tower Research Capital LLC TRC increased its position in shares of 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 purchasing an additional 133 shares during the last quarter. US Bancorp DE bought a new position in shares of Northrim BanCorp during the 1st quarter worth $37,000. Olde Wealth Management LLC bought a new stake in Northrim BanCorp during the first quarter valued at about $55,000. Finally, Quantbot Technologies LP bought a new stake in Northrim BanCorp during the fourth quarter valued at about $112,000. 65.99% of the stock is currently owned by 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 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.