Northrim BanCorp's (NRIM) "Buy (B-)" Rating Reiterated at Weiss Ratings

Key Points

• Northrim BanCorp's stock has been reaffirmed with a "Buy (B-)" rating by Weiss Ratings, maintaining a positive outlook amidst mixed analyst opinions.
• The stock rose by 3.3% to $21.32, with an average target price set at $26.00 based on wider market analysis.
• Institutional investors own 65.99% of Northrim BanCorp stock, with some hedge funds increasing their stakes significantly in recent months.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report)'s stock had its "buy (b-)" rating restated by investment analysts at Weiss Ratings in a research report issued to clients and investors on Tuesday,Weiss Ratings reports.

Separately, Wall Street Zen downgraded shares of Northrim BanCorp from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Northrim BanCorp has an average rating of "Buy" and a consensus target price of $26.00.

Northrim BanCorp Stock Up 3.3%

NRIM stock traded up $0.69 during trading on Tuesday, hitting $21.32. 25,506 shares of the stock traded hands, compared to its average volume of 191,673. Northrim BanCorp has a 1 year low of $15.92 and a 1 year high of $25.05. The firm's 50 day moving average is $22.19 and its two-hundred day moving average is $21.63. The stock has a market cap of $470.85 million, a price-to-earnings ratio of 10.69 and a beta of 0.94. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.91 and a quick ratio of 0.87.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.52 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.04). Northrim BanCorp had a net margin of 20.11% and a return on equity of 16.35%. The firm had revenue of $50.23 million for the quarter, compared to analysts' expectations of $48.80 million. On average, sell-side analysts anticipate that Northrim BanCorp will post 8.05 EPS for the current year.

Hedge Funds Weigh In On Northrim BanCorp

Several hedge funds and other institutional investors have recently bought and sold shares of NRIM. Federated Hermes Inc. lifted its stake in 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 acquiring an additional 272 shares during the period. US Bancorp DE bought a new position in Northrim BanCorp during the 1st quarter valued at about $37,000. Assetmark Inc. bought a new position in Northrim BanCorp during the 2nd quarter valued at about $43,000. Cullen Frost Bankers Inc. lifted its stake in shares of Northrim BanCorp by 159.9% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 486 shares of the financial services provider's stock worth $45,000 after purchasing an additional 299 shares during the period. Finally, Tower Research Capital LLC TRC lifted its stake in shares of Northrim BanCorp by 34.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 538 shares of the financial services provider's stock worth $50,000 after purchasing an additional 138 shares during the period. Institutional investors own 65.99% of the company's stock.

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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