Northrim BanCorp (NASDAQ:NRIM) Upgraded to "Buy" at Wall Street Zen

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

Separately, Hovde Group lifted their price objective 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 Price Performance

NASDAQ NRIM traded up $1.39 during midday trading on Friday, hitting $97.05. The company had a trading volume of 33,723 shares, compared to its average volume of 36,745. The company has a market capitalization of $535.72 million, a PE ratio of 12.92 and a beta of 0.96. The firm has a 50-day moving average price of $87.24 and a 200-day moving average price of $80.98. Northrim BanCorp has a twelve month low of $54.99 and a twelve month high of $97.49. 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 (NASDAQ:NRIM - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.56 by $0.82. The firm had revenue of $45.50 million for the quarter, compared to the consensus estimate of $44.10 million. Northrim BanCorp had a net margin of 20.23% and a return on equity of 15.97%. As a group, analysts anticipate that Northrim BanCorp will post 8.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NRIM. Bank of New York Mellon Corp increased its position in shares of Northrim BanCorp by 16.6% during the fourth quarter. Bank of New York Mellon Corp now owns 49,272 shares of the financial services provider's stock worth $3,840,000 after buying an additional 7,009 shares during the period. Raymond James Financial Inc. purchased a new stake in Northrim BanCorp in the 4th quarter valued at $1,794,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in Northrim BanCorp by 47.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 17,023 shares of the financial services provider's stock valued at $1,327,000 after buying an additional 5,455 shares during the last quarter. Semanteon Capital Management LP bought a new stake in Northrim BanCorp during the fourth quarter worth $201,000. Finally, Quantbot Technologies LP bought a new position in shares of Northrim BanCorp during the 4th quarter valued at approximately $112,000. 65.99% of the stock is currently owned by institutional investors and hedge funds.

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.