Northrim BanCorp (NASDAQ:NRIM) Upgraded to “Hold” at Keefe, Bruyette & Woods

Northrim BanCorp (NASDAQ:NRIM) was upgraded by research analysts at Keefe, Bruyette & Woods to a “hold” rating in a report issued on Tuesday,Zacks.com reports.

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Northrim BanCorp in a research report on Tuesday, June 16th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $31.50.

Northrim BanCorp Stock Performance

NRIM opened at $27.12 on Tuesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.91 and a current ratio of 0.93. The stock has a market capitalization of $603.42 million, a price-to-earnings ratio of 9.41 and a beta of 0.86. The company has a fifty day moving average of $25.05 and a 200 day moving average of $25.14. Northrim BanCorp has a fifty-two week low of $19.60 and a fifty-two week high of $30.82.

Northrim BanCorp (NASDAQ:NRIM) last announced its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.61 EPS for the quarter, topping the consensus estimate of $0.53 by $0.08. The business had revenue of $49.46 million for the quarter, compared to analysts’ expectations of $50.60 million. Northrim BanCorp had a net margin of 24.91% and a return on equity of 16.99%. As a group, sell-side analysts forecast that Northrim BanCorp will post 2.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NRIM. Financial Management Professionals Inc. purchased a new position in shares of Northrim BanCorp in the 4th quarter worth approximately $27,000. Western Wealth Management LLC purchased a new stake in Northrim BanCorp during the 1st quarter valued at $27,000. Quarry LP raised its holdings in Northrim BanCorp by 47.7% during the 4th quarter. Quarry LP now owns 1,275 shares of the financial services provider’s stock valued at $34,000 after buying an additional 412 shares during the period. CANADA LIFE ASSURANCE Co lifted its position in Northrim BanCorp by 298.0% in the third quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider’s stock worth $34,000 after buying an additional 1,174 shares during the last quarter. Finally, Ameritas Investment Partners Inc. lifted its position in Northrim BanCorp by 227.2% in the third quarter. Ameritas Investment Partners Inc. now owns 1,816 shares of the financial services provider’s stock worth $39,000 after buying an additional 1,261 shares during the last quarter. Institutional investors own 65.99% of the company’s stock.

Northrim BanCorp Company Profile

Northrim BanCorp is the bank holding company for Northrim Bank, a community bank headquartered in Anchorage, Alaska. The company offers a comprehensive suite of personal and commercial banking products and services, including checking and savings accounts, consumer and commercial loans, mortgage financing, and treasury and cash management solutions.

With branches located across Alaska’s major population centers—such as Anchorage, Fairbanks and Juneau—Northrim serves both urban and rural communities.