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

Keefe, Bruyette & Woods upgraded shares of Northrim BanCorp (NASDAQ:NRIM) to a hold rating in a research note issued to investors on Tuesday morning,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 investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $31.50.

Northrim BanCorp Stock Down 2.2%

Shares of NRIM opened at $27.12 on Tuesday. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.24. Northrim BanCorp has a 12 month low of $19.60 and a 12 month high of $30.82. The firm’s 50 day moving average is $25.05 and its 200-day moving average is $25.14. The stock has a market capitalization of $603.42 million, a PE ratio of 9.41 and a beta of 0.86.

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

Northrim BanCorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, June 11th were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Thursday, June 11th. Northrim BanCorp’s dividend payout ratio is 22.22%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its stake in Northrim BanCorp by 21.5% during the first quarter. Royal Bank of Canada now owns 39,505 shares of the financial services provider’s stock worth $2,892,000 after purchasing an additional 6,990 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Northrim BanCorp during the 1st quarter worth $210,000. AQR Capital Management LLC grew its holdings in shares of Northrim BanCorp by 171.3% during the 1st quarter. AQR Capital Management LLC now owns 13,352 shares of the financial services provider’s stock valued at $978,000 after purchasing an additional 8,431 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Northrim BanCorp by 5.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider’s stock valued at $233,000 after purchasing an additional 156 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Northrim BanCorp by 30.2% in the first quarter. Goldman Sachs Group Inc. now owns 28,470 shares of the financial services provider’s stock valued at $2,085,000 after buying an additional 6,599 shares in the last quarter. 65.99% of the stock is owned by institutional investors.

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.