Northrim BanCorp (NASDAQ:NRIM) Rating Increased to Buy at Wall Street Zen

Key Points

• Northrim BanCorp's stock rating has been upgraded from "hold" to "buy" by Wall Street Zen, indicating positive investor sentiment.
• The company reported earnings of $0.72 per share for Q3, surpassing analysts' expectations of $0.62, with revenue also exceeding forecasts.
• Institutional investors hold 65.99% of Northrim BanCorp's shares, with significant recent increases in holdings from several major investment firms.

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

NRIM has been the topic of a number of other research reports. Weiss Ratings reissued a "buy (b-)" rating on shares of Northrim BanCorp in a report on Tuesday, October 14th. Hovde Group increased their price objective on Northrim BanCorp from $28.00 to $33.00 and gave the company an "outperform" rating in a research report on Friday. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $33.00.

Northrim BanCorp Price Performance

Shares of NASDAQ NRIM opened at $22.55 on Friday. The firm has a market capitalization of $498.13 million, a P/E ratio of 8.04 and a beta of 0.94. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 0.25. The stock's 50-day simple moving average is $22.17 and its two-hundred day simple moving average is $21.79. Northrim BanCorp has a twelve month low of $15.92 and a twelve month high of $25.05.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last announced its earnings results on Wednesday, October 22nd. The financial services provider reported $0.72 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.10. The business had revenue of $66.59 million for the quarter, compared to analyst estimates of $50.60 million. Northrim BanCorp had a return on equity of 18.72% and a net margin of 25.32%. As a group, equities analysts anticipate that Northrim BanCorp will post 8.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NRIM. Vanguard Group Inc. grew its position in Northrim BanCorp by 10.8% during the 1st quarter. Vanguard Group Inc. now owns 333,609 shares of the financial services provider's stock worth $24,427,000 after acquiring an additional 32,492 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Northrim BanCorp by 0.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 213,237 shares of the financial services provider's stock worth $15,613,000 after acquiring an additional 1,448 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Northrim BanCorp by 9.6% in the second quarter. American Century Companies Inc. now owns 149,858 shares of the financial services provider's stock worth $13,976,000 after purchasing an additional 13,160 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Northrim BanCorp by 3.6% in the second quarter. Geode Capital Management LLC now owns 133,801 shares of the financial services provider's stock worth $12,481,000 after purchasing an additional 4,689 shares during the last quarter. Finally, De Lisle Partners LLP grew its holdings in shares of Northrim BanCorp by 3.0% in the second quarter. De Lisle Partners LLP now owns 97,853 shares of the financial services provider's stock worth $9,136,000 after purchasing an additional 2,870 shares during the last quarter. 65.99% of the stock is 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.

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