Northrim BanCorp (NASDAQ:NRIM) Upgraded to Strong-Buy at BidaskClub

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BidaskClub upgraded shares of Northrim BanCorp (NASDAQ:NRIM) from a buy rating to a strong-buy rating in a research report sent to investors on Tuesday, BidAskClub reports.

Several other research firms have also recently weighed in on NRIM. ValuEngine upgraded shares of Northrim BanCorp from a hold rating to a buy rating in a research note on Tuesday, September 10th. Zacks Investment Research cut shares of Northrim BanCorp from a hold rating to a sell rating in a research note on Friday, August 9th.

NASDAQ NRIM opened at $41.10 on Tuesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.84 and a current ratio of 0.89. The firm has a 50-day simple moving average of $37.11 and a 200 day simple moving average of $35.75. Northrim BanCorp has a twelve month low of $29.66 and a twelve month high of $43.16. The stock has a market cap of $279.07 million, a PE ratio of 15.60 and a beta of 0.78.

Northrim BanCorp (NASDAQ:NRIM) last released its earnings results on Monday, July 29th. The financial services provider reported $0.62 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.70 by ($0.08). Northrim BanCorp had a net margin of 18.42% and a return on equity of 9.07%. The company had revenue of $25.53 million during the quarter, compared to the consensus estimate of $24.50 million. Research analysts forecast that Northrim BanCorp will post 2.61 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, September 5th were paid a dividend of $0.33 per share. This is a boost from Northrim BanCorp’s previous quarterly dividend of $0.30. The ex-dividend date was Wednesday, September 4th. This represents a $1.32 dividend on an annualized basis and a yield of 3.21%. Northrim BanCorp’s dividend payout ratio (DPR) is currently 46.15%.

A number of institutional investors and hedge funds have recently made changes to their positions in NRIM. Bank of America Corp DE lifted its stake in Northrim BanCorp by 20.0% during the fourth quarter. Bank of America Corp DE now owns 10,077 shares of the financial services provider’s stock worth $332,000 after purchasing an additional 1,681 shares during the period. BNP Paribas Arbitrage SA lifted its stake in Northrim BanCorp by 507.3% during the first quarter. BNP Paribas Arbitrage SA now owns 1,421 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 1,187 shares during the period. SG Americas Securities LLC bought a new position in Northrim BanCorp during the first quarter worth about $129,000. Martingale Asset Management L P lifted its stake in Northrim BanCorp by 2.3% during the first quarter. Martingale Asset Management L P now owns 43,903 shares of the financial services provider’s stock worth $1,512,000 after purchasing an additional 986 shares during the period. Finally, Acadian Asset Management LLC lifted its stake in Northrim BanCorp by 9.1% during the first quarter. Acadian Asset Management LLC now owns 67,775 shares of the financial services provider’s stock worth $2,334,000 after purchasing an additional 5,660 shares during the period. Hedge funds and other institutional investors own 71.11% 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 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.

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