Northrim BanCorp (NASDAQ:NRIM) Shares Down 5.8% – Time to Sell?

by · The Markets Daily

Northrim BanCorp Inc (NASDAQ:NRIM – Get Free Report)’s share price fell 5.8% during mid-day trading on Friday . The company traded as low as $24.46 and last traded at $23.6060. 62,089 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 179,486 shares. The stock had previously closed at $25.05.

Wall Street Analyst Weigh In

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

View Our Latest Analysis on NRIM

Northrim BanCorp Trading Down 1.8%

The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.87 and a current ratio of 0.91. The firm has a fifty day moving average price of $22.32 and a 200 day moving average price of $22.50. The company has a market cap of $543.44 million, a price-to-earnings ratio of 8.77 and a beta of 0.98.

Northrim BanCorp (NASDAQ:NRIM – Get Free Report) last posted its quarterly earnings results on Wednesday, October 22nd. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.10. Northrim BanCorp had a net margin of 25.32% and a return on equity of 18.12%. The firm had revenue of $66.59 million for the quarter, compared to analyst estimates of $50.60 million. As a group, equities analysts predict that Northrim BanCorp Inc will post 8.05 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 the business. Jacobs Levy Equity Management Inc. raised its stake in Northrim BanCorp by 0.5% in the first quarter. Jacobs Levy Equity Management Inc. now owns 22,618 shares of the financial services provider’s stock valued at $1,656,000 after buying an additional 116 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of Northrim BanCorp by 34.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 538 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 138 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Northrim BanCorp by 5.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider’s stock valued at $233,000 after acquiring an additional 156 shares during the period. Federated Hermes Inc. raised its stake in Northrim BanCorp by 388.6% in the 1st quarter. Federated Hermes Inc. now owns 342 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 272 shares during the period. Finally, Cullen Frost Bankers Inc. lifted its holdings in Northrim BanCorp by 159.9% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 486 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 299 shares during the last quarter. Institutional investors own 65.99% of the company’s stock.

About Northrim BanCorp

(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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