Northrim BanCorp (NASDAQ:NRIM) Stock Rating Upgraded by Wall Street Zen

Northrim BanCorp (NASDAQ:NRIM) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

NRIM has been the subject of a number of other research reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Northrim BanCorp in a report on Tuesday, October 14th. Hovde Group boosted their target price on shares of Northrim BanCorp from $28.00 to $33.00 and gave the company an “outperform” rating in a report on Friday. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $33.00.

Northrim BanCorp Stock Up 5.3%

NRIM stock opened at $22.55 on Friday. The company has a market cap of $498.13 million, a price-to-earnings ratio of 8.04 and a beta of 0.94. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 0.25. Northrim BanCorp has a 12 month low of $15.92 and a 12 month high of $25.05. The firm has a 50-day moving average of $22.17 and a two-hundred day moving average of $21.85.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10. The company had revenue of $66.59 million during the quarter, compared to the consensus estimate of $50.60 million. Northrim BanCorp had a net margin of 25.32% and a return on equity of 18.72%. As a group, analysts forecast that Northrim BanCorp will post 8.05 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Northrim BanCorp

A number of hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC boosted its position in shares of Northrim BanCorp by 299.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 4,404 shares of the financial services provider’s stock worth $95,000 after purchasing an additional 3,301 shares during the period. Noesis Capital Mangement Corp boosted its position in shares of Northrim BanCorp by 300.0% during the 3rd quarter. Noesis Capital Mangement Corp now owns 10,364 shares of the financial services provider’s stock worth $224,000 after purchasing an additional 7,773 shares during the period. D.A. Davidson & CO. boosted its position in shares of Northrim BanCorp by 300.0% during the 3rd quarter. D.A. Davidson & CO. now owns 26,400 shares of the financial services provider’s stock worth $572,000 after purchasing an additional 19,800 shares during the period. Sowell Financial Services LLC purchased a new position in shares of Northrim BanCorp during the 3rd quarter worth approximately $221,000. Finally, CWM LLC boosted its position in shares of Northrim BanCorp by 286.6% during the 3rd quarter. CWM LLC now owns 1,616 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,198 shares during the period. 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.