Northrim BanCorp Inc. (NASDAQ:NRIM) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued on Tuesday.
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) opened at 25.28 on Tuesday. The firm has a market cap of $173.98 million, a price-to-earnings ratio of 10.23 and a beta of 0.43. Northrim BanCorp has a 12-month low of $21.60 and a 12-month high of $29.75. The firm has a 50-day moving average price of $25.59 and a 200 day moving average price of $26.02.
Northrim BanCorp (NASDAQ:NRIM) last issued its earnings results on Monday, August 1st. The financial services provider reported $0.63 EPS for the quarter, missing the consensus estimate of $0.64 by $0.01. Northrim BanCorp had a return on equity of 9.58% and a net margin of 16.59%. On average, equities research analysts anticipate that Northrim BanCorp will post $2.27 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 23rd. Investors 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. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.80 annualized dividend and a dividend yield of 3.16%. Northrim BanCorp’s dividend payout ratio (DPR) is 32.39%.
Several hedge funds have recently made changes to their positions in the company. Acrospire Investment Management LLC increased its stake in shares of 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 period. Nationwide Fund Advisors increased its stake in shares of 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. GSA Capital Partners LLP increased its stake in shares of Northrim BanCorp by 13.0% in the second quarter. GSA Capital Partners LLP now owns 13,954 shares of the financial services provider’s stock valued at $367,000 after buying an additional 1,600 shares during the last quarter. Emerald Acquisition Ltd. acquired a new stake in shares of Northrim BanCorp during the second quarter valued at $1,806,000. Finally, California State Teachers Retirement System acquired a new stake in shares of Northrim BanCorp during the second quarter valued at $371,000. 67.80% of the stock is currently owned by institutional investors and hedge funds.
About Northrim BanCorp
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.
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