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

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

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

Northrim BanCorp Price Performance

Shares of NRIM stock traded down $0.16 on Friday, reaching $95.89. The company's stock had a trading volume of 59,560 shares, compared to its average volume of 38,899. The company has a market capitalization of $529.31 million, a price-to-earnings ratio of 12.75 and a beta of 0.96. The stock's fifty day simple moving average is $91.33 and its 200-day simple moving average is $82.54. The company has a current ratio of 0.88, a quick ratio of 0.82 and a debt-to-equity ratio of 0.08. Northrim BanCorp has a 1 year low of $58.49 and a 1 year high of $100.21.

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. Northrim BanCorp had a return on equity of 15.97% and a net margin of 20.23%. The business had revenue of $45.50 million for the quarter, compared to analyst estimates of $44.10 million. Analysts forecast that Northrim BanCorp will post 8.05 earnings per share for the current fiscal year.

Northrim BanCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Thursday, June 5th were issued a dividend of $0.64 per share. The ex-dividend date was Thursday, June 5th. This represents a $2.56 dividend on an annualized basis and a yield of 2.67%. Northrim BanCorp's dividend payout ratio (DPR) is presently 34.04%.

Hedge Funds Weigh In On Northrim BanCorp

Several hedge funds and other institutional investors have recently made changes to their positions in NRIM. Vanguard Group Inc. raised its stake 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 valued at $24,427,000 after acquiring an additional 32,492 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Northrim BanCorp by 0.7% in 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 period. American Century Companies Inc. increased its stake in Northrim BanCorp by 11.9% in the 1st quarter. American Century Companies Inc. now owns 136,698 shares of the financial services provider's stock valued at $10,009,000 after purchasing an additional 14,525 shares in the last quarter. De Lisle Partners LLP boosted its position in Northrim BanCorp by 23.2% during the first quarter. De Lisle Partners LLP now owns 94,983 shares of the financial services provider's stock worth $6,969,000 after purchasing an additional 17,888 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC boosted its position in shares of Northrim BanCorp by 34.0% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 71,858 shares of the financial services provider's stock worth $5,261,000 after buying an additional 18,230 shares in the last quarter. Hedge funds and other 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.