Zacks Investment Research upgraded shares of Northrim BanCorp Inc. (NASDAQ:NRIM) from a strong sell rating to a hold rating in a research report report published on Tuesday morning.

According to Zacks, “Northrim BanCorp, Inc. is a full-service commercial bank that provides a full range of personal and business banking services. “

Shares of Northrim BanCorp (NASDAQ:NRIM) remained flat at $25.06 during midday trading on Tuesday. 70 shares of the company’s stock traded hands. Northrim BanCorp has a 12 month low of $21.60 and a 12 month high of $29.75. The company has a market cap of $172.46 million, a PE ratio of 10.15 and a beta of 0.43. The company has a 50-day moving average of $25.60 and a 200 day moving average of $26.02.

Northrim BanCorp (NASDAQ:NRIM) last announced its quarterly earnings results on Monday, August 1st. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.64 by $0.01. Northrim BanCorp had a net margin of 16.59% and a return on equity of 9.58%. On average, equities analysts predict that Northrim BanCorp will post $2.27 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 23rd. Stockholders of record on Thursday, September 15th were issued a $0.20 dividend. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend was Tuesday, September 13th. Northrim BanCorp’s dividend payout ratio is presently 32.39%.

Several large investors have recently bought and sold shares of the stock. American International Group Inc. purchased a new stake in Northrim BanCorp during the second quarter valued at $102,000. Nationwide Fund Advisors increased its stake in Northrim BanCorp by 930.0% in the second quarter. Nationwide Fund Advisors now owns 4,573 shares of the financial services provider’s stock valued at $120,000 after buying an additional 4,129 shares during the last quarter. Springbok Capital Management LLC increased its stake in Northrim BanCorp by 54.4% in the first quarter. Springbok Capital Management LLC now owns 5,714 shares of the financial services provider’s stock valued at $137,000 after buying an additional 2,014 shares during the last quarter. Acrospire Investment Management LLC increased its stake in Northrim BanCorp by 112.7% in the second quarter. Acrospire Investment Management LLC now owns 6,280 shares of the financial services provider’s stock valued at $165,000 after buying an additional 3,327 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its stake in Northrim BanCorp by 687.0% in the second quarter. O Shaughnessy Asset Management LLC now owns 6,981 shares of the financial services provider’s stock valued at $184,000 after buying an additional 6,094 shares during the last quarter. 67.80% of the stock is owned by institutional investors and hedge funds.

Northrim BanCorp Company Profile

Northrim BanCorp, Inc is a bank holding company. The Company operates in two segments: Community Banking and Home Mortgage Lending. The Community Banking segment’s principal business focus is the offering of loan and deposit products to business and consumer customers in its primary market areas. The Community Banking segment operates approximately 10 branches throughout Alaska.

5 Day Chart for NASDAQ:NRIM

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