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

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

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

Northrim BanCorp Stock Performance

Shares of NASDAQ NRIM traded up $1.92 during midday trading on Friday, hitting $92.09. 52,470 shares of the company's stock were exchanged, compared to its average volume of 35,515. The company has a quick ratio of 0.82, a current ratio of 0.88 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $508.34 million, a PE ratio of 12.25 and a beta of 0.98. Northrim BanCorp has a 12 month low of $54.69 and a 12 month high of $92.45. The company's 50 day moving average price is $84.82 and its 200 day moving average price is $80.65.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $2.38 EPS for the quarter, topping analysts' consensus estimates of $1.56 by $0.82. The firm had revenue of $45.50 million during the quarter, compared to analysts' expectations 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 predict 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. Stockholders of record on Thursday, June 5th were issued a dividend of $0.64 per share. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $2.56 annualized dividend and a dividend yield of 2.78%. Northrim BanCorp's dividend payout ratio is presently 34.04%.

Hedge Funds Weigh In On Northrim BanCorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp lifted its position in 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 purchasing an additional 7,009 shares during the period. Raymond James Financial Inc. bought a new position in Northrim BanCorp in the fourth quarter valued at approximately $1,794,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Northrim BanCorp by 47.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 17,023 shares of the financial services provider's stock worth $1,327,000 after purchasing an additional 5,455 shares during the last quarter. Semanteon Capital Management LP acquired a new stake in shares of Northrim BanCorp in the 4th quarter valued at $201,000. Finally, Quantbot Technologies LP acquired a new position in shares of Northrim BanCorp during the 4th quarter worth $112,000. 65.99% of the stock is 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.