Northrim BanCorp (NASDAQ:NRIM) Stock Rating Lowered by StockNews.com

Northrim BanCorp (NASDAQ:NRIMGet Rating) was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Monday.

Northrim BanCorp Stock Performance

NASDAQ:NRIM opened at $54.56 on Monday. The stock has a market cap of $310.17 million, a P/E ratio of 10.70 and a beta of 0.66. The stock has a 50 day simple moving average of $45.49 and a 200 day simple moving average of $42.34. The company has a current ratio of 0.77, a quick ratio of 0.75 and a debt-to-equity ratio of 0.12. Northrim BanCorp has a 1-year low of $38.42 and a 1-year high of $54.85.

Insiders Place Their Bets

In related news, Director David W. Karp acquired 500 shares of the stock in a transaction on Wednesday, November 16th. The shares were purchased at an average price of $53.57 per share, for a total transaction of $26,785.00. Following the purchase, the director now directly owns 10,186 shares in the company, valued at $545,664.02. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On Northrim BanCorp

Several hedge funds and other institutional investors have recently modified their holdings of NRIM. BlackRock Inc. increased its stake in shares of Northrim BanCorp by 10.8% in the 3rd quarter. BlackRock Inc. now owns 581,127 shares of the financial services provider’s stock valued at $24,152,000 after purchasing an additional 56,432 shares during the last quarter. Millennium Management LLC increased its stake in shares of Northrim BanCorp by 214.1% in the 2nd quarter. Millennium Management LLC now owns 81,509 shares of the financial services provider’s stock valued at $3,282,000 after purchasing an additional 55,560 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Northrim BanCorp by 15.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 288,804 shares of the financial services provider’s stock valued at $12,583,000 after purchasing an additional 39,047 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Northrim BanCorp in the 2nd quarter valued at $1,141,000. Finally, Citadel Advisors LLC grew its position in Northrim BanCorp by 183.6% during the 2nd quarter. Citadel Advisors LLC now owns 38,862 shares of the financial services provider’s stock worth $1,565,000 after acquiring an additional 25,157 shares during the last quarter. Institutional investors own 64.38% of the company’s stock.

About Northrim BanCorp

(Get Rating)

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 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, individual retirement and money market deposit accounts, certificates of deposit, and business sweep accounts.

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