Wall Street Zen Downgrades Northrim BanCorp (NASDAQ:NRIM) to Hold

Key Points

• Northrim BanCorp has been downgraded from a "buy" to a "hold" rating by Wall Street Zen, indicating a shift in analyst sentiment regarding the stock's potential.
• Despite the downgrade, Hovde Group has raised their price target for Northrim BanCorp from $99.00 to $104.00 and maintains an "outperform" rating, suggesting some analysts still see growth potential.
• The company reported a missed earnings estimate with $2.09 EPS for the last quarter, falling short of the expected $2.26, although its revenue of $50.23 million exceeded analyst forecasts.

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

Separately, Hovde Group raised their target price on shares of Northrim BanCorp from $99.00 to $104.00 and gave the company an "outperform" rating in a research note on Monday, April 28th.

Northrim BanCorp Stock Performance

NASDAQ:NRIM traded down $0.02 during mid-day trading on Friday, hitting $85.88. The stock had a trading volume of 4,530 shares, compared to its average volume of 49,684. Northrim BanCorp has a twelve month low of $58.49 and a twelve month high of $100.21. The stock has a market cap of $474.03 million, a price-to-earnings ratio of 10.83 and a beta of 0.96. The company's 50 day simple moving average is $91.80 and its 200 day simple moving average is $83.31. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.82 and a current ratio of 0.88.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The financial services provider reported $2.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.26 by ($0.17). Northrim BanCorp had a net margin of 20.11% and a return on equity of 16.68%. The firm had revenue of $50.23 million during the quarter, compared to analyst estimates of $48.80 million. On average, equities research analysts forecast that Northrim BanCorp will post 8.05 earnings per share for the current year.

Institutional Investors Weigh In On Northrim BanCorp

Several hedge funds have recently bought and sold shares of NRIM. Boston Partners acquired a new stake in Northrim BanCorp during the first quarter worth approximately $2,474,000. Vanguard Group Inc. increased its holdings in shares of Northrim BanCorp by 10.8% during the first quarter. Vanguard Group Inc. now owns 333,609 shares of the financial services provider's stock worth $24,427,000 after purchasing an additional 32,492 shares during the period. Raymond James Financial Inc. bought a new position in shares of Northrim BanCorp during the fourth quarter worth approximately $1,794,000. Panagora Asset Management Inc. increased its holdings in shares of Northrim BanCorp by 299.5% during the first quarter. Panagora Asset Management Inc. now owns 26,927 shares of the financial services provider's stock worth $1,972,000 after purchasing an additional 20,186 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC increased its holdings in shares of Northrim BanCorp by 34.0% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 71,858 shares of the financial services provider's stock worth $5,261,000 after purchasing an additional 18,230 shares during the period. 65.99% 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. 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.