Zacks Investment Research downgraded shares of Northrim BanCorp (NASDAQ:NRIM) from a strong-buy rating to a hold rating in a research note issued to investors on Wednesday, Zacks.com reports.
According to Zacks, “Northrim BanCorp, Inc. is a full-service commercial bank that provides a full range of personal and business banking services. “
A number of other equities analysts also recently issued reports on NRIM. TheStreet upgraded Northrim BanCorp from a c+ rating to a b- rating in a research report on Tuesday, September 22nd. ValuEngine lowered shares of Northrim BanCorp from a sell rating to a strong sell rating in a report on Tuesday, January 5th.
NRIM stock opened at $34.61 on Wednesday. The company has a market capitalization of $216.35 million, a P/E ratio of 8.22 and a beta of 0.78. The company has a fifty day moving average price of $33.45 and a 200-day moving average price of $28.33. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.88 and a current ratio of 0.95. Northrim BanCorp has a 52-week low of $17.32 and a 52-week high of $40.63.
Northrim BanCorp (NASDAQ:NRIM) last posted its quarterly earnings data on Saturday, October 31st. The financial services provider reported $1.84 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.93. The business had revenue of $39.92 million during the quarter, compared to the consensus estimate of $28.70 million. Northrim BanCorp had a return on equity of 13.25% and a net margin of 21.13%. As a group, sell-side analysts forecast that Northrim BanCorp will post 4.97 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, December 24th. Shareholders of record on Thursday, December 17th were given a dividend of $0.35 per share. The ex-dividend date was Wednesday, December 16th. This represents a $1.40 dividend on an annualized basis and a yield of 4.05%. Northrim BanCorp’s dividend payout ratio (DPR) is currently 46.05%.
In related news, Director John C. Swalling acquired 800 shares of the business’s stock in a transaction dated Thursday, November 12th. The shares were bought at an average price of $33.15 per share, with a total value of $26,520.00. Following the transaction, the director now directly owns 6,636 shares of the company’s stock, valued at $219,983.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director David G. Wight sold 2,000 shares of the firm’s stock in a transaction dated Monday, December 7th. The shares were sold at an average price of $32.68, for a total value of $65,360.00. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of NRIM. FMR LLC lifted its position in Northrim BanCorp by 71.9% in the 2nd quarter. FMR LLC now owns 15,124 shares of the financial services provider’s stock valued at $380,000 after acquiring an additional 6,326 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Northrim BanCorp by 51.6% in the third quarter. Assenagon Asset Management S.A. now owns 50,754 shares of the financial services provider’s stock valued at $1,294,000 after purchasing an additional 17,277 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Northrim BanCorp by 36.2% during the second quarter. Bank of America Corp DE now owns 13,881 shares of the financial services provider’s stock valued at $349,000 after buying an additional 3,688 shares during the last quarter. Nisa Investment Advisors LLC purchased a new position in shares of Northrim BanCorp during the third quarter valued at approximately $41,000. Finally, Ancora Advisors LLC bought a new stake in Northrim BanCorp during the second quarter worth $333,000. Hedge funds and other institutional investors own 64.17% 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 in Alaska. It operates in two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, money market deposit accounts, certificates of deposit, and courier noncash deposits.
Recommended Story: What is the Current Ratio?
Get a free copy of the Zacks research report on Northrim BanCorp (NRIM)
For more information about research offerings from Zacks Investment Research, visit Zacks.com