Northrim BanCorp (NASDAQ:NRIM) Rating Increased to Sell at ValuEngine

Northrim BanCorp (NASDAQ:NRIM) was upgraded by analysts at ValuEngine from a “strong sell” rating to a “sell” rating in a research note issued on Tuesday, ValuEngine reports.

Separately, Zacks Investment Research upgraded shares of Northrim BanCorp from a “hold” rating to a “strong-buy” rating and set a $28.00 target price for the company in a report on Friday, July 31st.

NRIM opened at $28.74 on Tuesday. The company has a current ratio of 0.95, a quick ratio of 0.88 and a debt-to-equity ratio of 0.17. The company’s fifty day moving average price is $26.07 and its two-hundred day moving average price is $24.80. Northrim BanCorp has a 1-year low of $17.32 and a 1-year high of $42.28. The company has a market cap of $183.02 million, a price-to-earnings ratio of 8.26 and a beta of 0.69.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.99. Northrim BanCorp had a net margin of 19.79% and a return on equity of 11.30%. The firm had revenue of $34.99 million for the quarter, compared to the consensus estimate of $27.20 million. As a group, equities analysts forecast that Northrim BanCorp will post 3.91 earnings per share for the current fiscal year.

Hedge funds have recently made changes to their positions in the company. Citigroup Inc. raised its holdings in shares of Northrim BanCorp by 48.9% in the first quarter. Citigroup Inc. now owns 1,943 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 638 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in Northrim BanCorp by 89.2% during the second quarter. Public Employees Retirement System of Ohio now owns 2,825 shares of the financial services provider’s stock worth $71,000 after buying an additional 1,332 shares during the last quarter. Captrust Financial Advisors purchased a new stake in Northrim BanCorp during the second quarter worth about $138,000. Advisor Group Holdings Inc. purchased a new stake in Northrim BanCorp during the first quarter worth about $197,000. Finally, Brandes Investment Partners LP increased its holdings in Northrim BanCorp by 13.7% during the second quarter. Brandes Investment Partners LP now owns 8,625 shares of the financial services provider’s stock worth $217,000 after buying an additional 1,037 shares during the last quarter. Institutional investors own 71.49% 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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