Northrim BanCorp (NASDAQ:NRIM) Upgraded at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of Northrim BanCorp (NASDAQ:NRIM) to a hold rating in a research note released on Tuesday,Zacks.com reports.

Separately, Weiss Ratings reissued 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 given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $31.50.

Northrim BanCorp Trading Down 2.2%

NASDAQ:NRIM opened at $27.12 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.93 and a quick ratio of 0.91. The business’s 50-day simple moving average is $25.05 and its 200-day simple moving average is $25.14. Northrim BanCorp has a fifty-two week low of $19.60 and a fifty-two week high of $30.82. 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 posted its earnings results on Wednesday, April 22nd. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. Sell-side analysts expect that Northrim BanCorp will post 2.6 earnings per share for the current fiscal year.

Northrim BanCorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, June 11th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Thursday, June 11th. Northrim BanCorp’s dividend payout ratio (DPR) is currently 22.22%.

Institutional Investors Weigh In On Northrim BanCorp

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Northrim BanCorp by 326.4% during the third quarter. Vanguard Group Inc. now owns 1,639,351 shares of the financial services provider’s stock worth $35,508,000 after buying an additional 1,254,870 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Northrim BanCorp by 248.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,346,512 shares of the financial services provider’s stock worth $29,166,000 after purchasing an additional 960,299 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Northrim BanCorp by 18.5% in the 4th quarter. Geode Capital Management LLC now owns 727,180 shares of the financial services provider’s stock valued at $19,353,000 after purchasing an additional 113,293 shares during the period. American Century Companies Inc. grew its holdings in Northrim BanCorp by 344.3% during the third quarter. American Century Companies Inc. now owns 665,888 shares of the financial services provider’s stock worth $14,423,000 after purchasing an additional 516,030 shares during the period. Finally, De Lisle Partners LLP grew its holdings in Northrim BanCorp by 3.9% during the fourth quarter. De Lisle Partners LLP now owns 460,708 shares of the financial services provider’s stock worth $12,268,000 after purchasing an additional 17,296 shares during the period. Institutional investors and hedge funds 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.