Northrim BanCorp (NASDAQ:NRIM) Stock Rating Upgraded by Keefe, Bruyette & Woods

Northrim BanCorp (NASDAQ:NRIM) was upgraded by research analysts at Keefe, Bruyette & Woods to a “hold” rating in a report issued on Tuesday,Zacks.com reports.

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northrim BanCorp in a research report on Tuesday, June 16th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $31.50.

Northrim BanCorp Price Performance

Shares of NRIM opened at $27.12 on Tuesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.91 and a current ratio of 0.93. The firm has a market capitalization of $603.42 million, a PE ratio of 9.41 and a beta of 0.86. The stock has a 50 day simple moving average of $25.05 and a 200 day simple moving average of $25.14. Northrim BanCorp has a 52-week low of $19.60 and a 52-week high of $30.82.

Northrim BanCorp (NASDAQ:NRIM) last announced its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.08. Northrim BanCorp had a net margin of 24.91% and a return on equity of 16.99%. The firm had revenue of $49.46 million for the quarter, compared to analyst estimates of $50.60 million. Sell-side analysts predict that Northrim BanCorp will post 2.6 EPS for the current fiscal year.

Hedge Funds Weigh In On Northrim BanCorp

A number of hedge funds and other institutional investors have recently bought and sold shares of NRIM. Royal Bank of Canada increased its holdings in shares of Northrim BanCorp by 21.5% during the 1st quarter. Royal Bank of Canada now owns 39,505 shares of the financial services provider’s stock worth $2,892,000 after acquiring an additional 6,990 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in Northrim BanCorp during the first quarter worth approximately $210,000. AQR Capital Management LLC boosted its holdings in shares of Northrim BanCorp by 171.3% during the first quarter. AQR Capital Management LLC now owns 13,352 shares of the financial services provider’s stock worth $978,000 after acquiring an additional 8,431 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Northrim BanCorp by 5.2% in the first 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. grew its position in shares of 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 purchasing an additional 6,599 shares during the last quarter. Institutional investors own 65.99% of the company’s stock.

About Northrim BanCorp

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.