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

Wall Street Zen downgraded shares of Northrim BanCorp (NASDAQ:NRIM - Free Report) from a buy rating to a hold rating in a report released on Saturday.

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

Northrim BanCorp Price Performance

NRIM traded down $0.78 during trading on Friday, reaching $86.62. 115,376 shares of the stock were exchanged, compared to its average volume of 35,358. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.88 and a quick ratio of 0.82. The company has a market capitalization of $478.14 million, a price-to-earnings ratio of 11.52 and a beta of 0.98. Northrim BanCorp has a 1 year low of $54.69 and a 1 year high of $92.45. The business's 50 day moving average price is $84.42 and its two-hundred day moving average price is $80.66.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.82. The business had revenue of $45.50 million during the quarter, compared to the consensus estimate of $44.10 million. Northrim BanCorp had a return on equity of 15.97% and a net margin of 20.23%. As a group, equities research analysts anticipate that Northrim BanCorp will post 8.05 earnings per share for the current year.

Northrim BanCorp Dividend Announcement

The business 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. This represents a $2.56 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date was Thursday, June 5th. Northrim BanCorp's dividend payout ratio (DPR) is presently 34.04%.

Hedge Funds Weigh In On Northrim BanCorp

Several hedge funds have recently bought and sold shares of the stock. Citadel Advisors LLC acquired a new stake in shares of Northrim BanCorp during the fourth quarter valued at $665,000. Millennium Management LLC acquired a new position in Northrim BanCorp in the 4th quarter valued at about $548,000. Man Group plc purchased a new position in Northrim BanCorp in the 4th quarter valued at about $217,000. Bank of New York Mellon Corp boosted its stake in shares of Northrim BanCorp by 16.6% during the 4th quarter. Bank of New York Mellon Corp now owns 49,272 shares of the financial services provider's stock worth $3,840,000 after purchasing an additional 7,009 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Northrim BanCorp by 37,588.2% during the first quarter. GAMMA Investing LLC now owns 12,814 shares of the financial services provider's stock worth $938,000 after buying an additional 12,780 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.