Northrim BanCorp (NRIM) Raised to Strong-Buy at ValuEngine

ValuEngine upgraded shares of Northrim BanCorp (NASDAQ:NRIM) from a buy rating to a strong-buy rating in a research report released on Sunday.

Separately, Zacks Investment Research downgraded shares of Northrim BanCorp from a hold rating to a sell rating in a research note on Wednesday, November 8th.

Northrim BanCorp (NASDAQ:NRIM) traded down $0.50 on Friday, hitting $33.25. 9,500 shares of the stock traded hands, compared to its average volume of 8,800. The stock has a market capitalization of $231.30, a P/E ratio of 14.09 and a beta of 0.75. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.87 and a quick ratio of 0.83. Northrim BanCorp has a 52-week low of $26.31 and a 52-week high of $38.15.

The firm also recently announced a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Thursday, December 7th were paid a $0.22 dividend. The ex-dividend date was Wednesday, December 6th. This represents a $0.88 annualized dividend and a dividend yield of 2.65%. Northrim BanCorp’s payout ratio is 37.29%.

Several institutional investors and hedge funds have recently bought and sold shares of NRIM. Seizert Capital Partners LLC purchased a new position in shares of Northrim BanCorp in the third quarter worth about $3,419,000. Dimensional Fund Advisors LP increased its stake in shares of Northrim BanCorp by 6.9% in the third quarter. Dimensional Fund Advisors LP now owns 558,458 shares of the financial services provider’s stock worth $19,518,000 after purchasing an additional 35,888 shares in the last quarter. Martingale Asset Management L P purchased a new position in shares of Northrim BanCorp in the second quarter worth about $1,038,000. Vanguard Group Inc. boosted its position in shares of Northrim BanCorp by 11.1% in the first quarter. Vanguard Group Inc. now owns 239,132 shares of the financial services provider’s stock valued at $7,186,000 after acquiring an additional 23,806 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its position in shares of Northrim BanCorp by 147.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 35,306 shares of the financial services provider’s stock valued at $1,074,000 after acquiring an additional 21,025 shares during the period. Hedge funds and other institutional investors own 72.13% of the company’s stock.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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