Northrim BanCorp (NASDAQ:NRIM) Sets New 12-Month High – Should You Buy?

by · The Cerbat Gem

Northrim BanCorp Inc (NASDAQ:NRIM – Get Free Report) hit a new 52-week high on Tuesday . The company traded as high as $25.17 and last traded at $25.25, with a volume of 15526 shares. The stock had previously closed at $24.50.

Analyst Upgrades and Downgrades

NRIM has been the topic of a number of research analyst reports. Zacks Research raised shares of Northrim BanCorp from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 14th. Wall Street Zen raised Northrim BanCorp from a “hold” rating to a “buy” rating in a research note on Saturday, October 25th. Hovde Group upped their target price on Northrim BanCorp from $28.00 to $33.00 and gave the company an “outperform” rating in a research report on Friday, October 24th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Northrim BanCorp in a research note on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $33.00.

Check Out Our Latest Stock Report on NRIM

Northrim BanCorp Stock Down 1.3%

The stock has a market cap of $553.38 million, a price-to-earnings ratio of 8.93 and a beta of 0.98. The firm’s fifty day moving average price is $22.28 and its two-hundred day moving average price is $22.48. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.87.

Northrim BanCorp (NASDAQ:NRIM – Get Free Report) last issued its earnings results on Wednesday, October 22nd. The financial services provider reported $0.72 EPS for the quarter, beating the consensus estimate of $0.62 by $0.10. Northrim BanCorp had a return on equity of 18.12% and a net margin of 25.32%.The company had revenue of $66.59 million during the quarter, compared to the consensus estimate of $50.60 million. Sell-side analysts forecast that Northrim BanCorp Inc will post 8.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Northrim BanCorp

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Northrim BanCorp by 326.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,639,351 shares of the financial services provider’s stock worth $35,508,000 after purchasing an additional 1,254,870 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in 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 valued at $29,166,000 after purchasing an additional 960,299 shares in the last quarter. American Century Companies Inc. raised 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 buying an additional 516,030 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in shares of Northrim BanCorp by 239.7% in the third quarter. Ameriprise Financial Inc. now owns 302,192 shares of the financial services provider’s stock valued at $6,545,000 after buying an additional 213,238 shares in the last quarter. Finally, LSV Asset Management lifted its stake in shares of Northrim BanCorp by 185.8% in the third quarter. LSV Asset Management now owns 255,360 shares of the financial services provider’s stock valued at $5,531,000 after buying an additional 166,020 shares in the last quarter. Institutional investors own 65.99% of the company’s stock.

Northrim BanCorp Company Profile

(Get Free Report)

Northrim BanCorp, Inc operates as the bank holding company for Northrim Bank that provides commercial banking products and services to businesses and professional individuals. It operates through two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, individual retirement and money market deposit accounts, certificates of deposit, and business sweep accounts.

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