Zacks: Northrim BanCorp, Inc. (NASDAQ:NRIM) Receives Consensus Recommendation of “Hold” from Brokerages

Northrim BanCorp, Inc. (NASDAQ:NRIM) has received a consensus broker rating score of 3.00 (Hold) from the one analysts that cover the company, Zacks Investment Research reports. One research analyst has rated the stock with a hold rating.

Brokers have set a 12-month consensus target price of $36.00 for the company and are forecasting that the company will post $0.76 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Northrim BanCorp an industry rank of 249 out of 255 based on the ratings given to related companies.

A number of analysts have recently issued reports on NRIM shares. BidaskClub downgraded Northrim BanCorp from a “buy” rating to a “hold” rating in a research report on Tuesday. Zacks Investment Research upgraded Northrim BanCorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 9th. Finally, ValuEngine downgraded Northrim BanCorp from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd.

NASDAQ NRIM traded up $0.21 during trading hours on Friday, hitting $37.95. The company had a trading volume of 1,874 shares, compared to its average volume of 21,657. Northrim BanCorp has a 52 week low of $29.66 and a 52 week high of $42.28. The firm has a 50 day simple moving average of $38.63 and a 200 day simple moving average of $36.11. 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 market capitalization of $251.91 million, a price-to-earnings ratio of 13.27 and a beta of 0.82.

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

Several institutional investors and hedge funds have recently modified their holdings of NRIM. Renaissance Technologies LLC boosted its position in shares of Northrim BanCorp by 11.4% during the 2nd quarter. Renaissance Technologies LLC now owns 186,100 shares of the financial services provider’s stock valued at $6,636,000 after acquiring an additional 19,100 shares during the last quarter. Dalton Greiner Hartman Maher & Co. boosted its position in shares of Northrim BanCorp by 9.2% during the 3rd quarter. Dalton Greiner Hartman Maher & Co. now owns 94,895 shares of the financial services provider’s stock valued at $3,764,000 after acquiring an additional 7,975 shares during the last quarter. Acadian Asset Management LLC boosted its position in shares of Northrim BanCorp by 8.6% during the 2nd quarter. Acadian Asset Management LLC now owns 73,597 shares of the financial services provider’s stock valued at $2,625,000 after acquiring an additional 5,822 shares during the last quarter. FMR LLC boosted its position in shares of Northrim BanCorp by 13.5% during the 1st quarter. FMR LLC now owns 42,440 shares of the financial services provider’s stock valued at $1,460,000 after acquiring an additional 5,039 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Northrim BanCorp by 13.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 26,288 shares of the financial services provider’s stock valued at $914,000 after acquiring an additional 3,062 shares during the last quarter. Hedge funds and other institutional investors own 71.14% 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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