Northrim BanCorp (NASDAQ:NRIM) Upgraded by BidaskClub to “Buy”

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BidaskClub upgraded shares of Northrim BanCorp (NASDAQ:NRIM) from a hold rating to a buy rating in a report released on Friday morning, BidAskClub reports.

Separately, Zacks Investment Research raised Northrim BanCorp from a sell rating to a hold rating in a research report on Friday, June 7th.

Northrim BanCorp stock opened at $34.72 on Friday. Northrim BanCorp has a twelve month low of $29.66 and a twelve month high of $45.40. The stock’s fifty day moving average is $35.83. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $244.96 million, a price-to-earnings ratio of 12.14 and a beta of 0.74.

Several hedge funds have recently modified their holdings of NRIM. BlackRock Inc. raised its stake in shares of Northrim BanCorp by 5.4% in the fourth quarter. BlackRock Inc. now owns 556,173 shares of the financial services provider’s stock worth $18,281,000 after buying an additional 28,573 shares during the period. Geode Capital Management LLC grew its position in shares of Northrim BanCorp by 8.6% during the fourth quarter. Geode Capital Management LLC now owns 72,607 shares of the financial services provider’s stock worth $2,385,000 after purchasing an additional 5,770 shares in the last quarter. Bank of America Corp DE grew its position in shares of Northrim BanCorp by 20.0% during the fourth quarter. Bank of America Corp DE now owns 10,077 shares of the financial services provider’s stock worth $332,000 after purchasing an additional 1,681 shares in the last quarter. Squarepoint Ops LLC grew its position in shares of Northrim BanCorp by 1.9% during the fourth quarter. Squarepoint Ops LLC now owns 15,003 shares of the financial services provider’s stock worth $493,000 after purchasing an additional 279 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY grew its position in shares of Northrim BanCorp by 372.8% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 2,482 shares of the financial services provider’s stock worth $82,000 after purchasing an additional 1,957 shares in the last quarter. Hedge funds and other institutional investors own 71.63% of the company’s stock.

About Northrim BanCorp

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

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