Northrim BanCorp (NASDAQ:NRIM) Cut to “Hold” at StockNews.com

StockNews.com lowered shares of Northrim BanCorp (NASDAQ:NRIM – Get Rating) from a buy rating to a hold rating in a research note released on Monday morning.

Northrim BanCorp Stock Performance

Shares of NRIM stock opened at $46.34 on Monday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.74 and a current ratio of 0.76. The firm has a market cap of $263.67 million, a P/E ratio of 8.79 and a beta of 0.66. The firm’s 50 day moving average price is $53.12 and its 200-day moving average price is $49.86. Northrim BanCorp has a one year low of $38.42 and a one year high of $56.77.

Northrim BanCorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 17th. Stockholders of record on Thursday, March 9th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Wednesday, March 8th. This is a boost from Northrim BanCorp’s previous quarterly dividend of $0.50. This represents a $2.40 dividend on an annualized basis and a dividend yield of 5.18%. Northrim BanCorp’s payout ratio is presently 45.54%.

Insider Activity at Northrim BanCorp

In other news, Director David G. Wight bought 1,000 shares of the company’s stock in a transaction on Thursday, March 2nd. The stock was bought at an average cost of $52.76 per share, with a total value of $52,760.00. Following the transaction, the director now directly owns 16,000 shares in the company, valued at approximately $844,160. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company 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 added to or reduced their stakes in NRIM. Dorsey Wright & Associates acquired a new stake in shares of Northrim BanCorp in the fourth quarter valued at $30,000. Gladius Capital Management LP acquired a new stake in Northrim BanCorp in the 2nd quarter valued at about $49,000. Lazard Asset Management LLC grew its position in shares of Northrim BanCorp by 3,765.1% during the second quarter. Lazard Asset Management LLC now owns 2,435 shares of the financial services provider’s stock worth $98,000 after buying an additional 2,372 shares in the last quarter. Advisor Group Holdings Inc. grew its position in shares of Northrim BanCorp by 10.7% during the fourth quarter. Advisor Group Holdings Inc. now owns 1,956 shares of the financial services provider’s stock worth $106,000 after buying an additional 189 shares in the last quarter. Finally, UBS Group AG increased its stake in shares of Northrim BanCorp by 40.5% during the first quarter. UBS Group AG now owns 3,162 shares of the financial services provider’s stock worth $138,000 after buying an additional 912 shares during the period. Hedge funds and other institutional investors own 65.42% of the company’s stock.

About Northrim BanCorp

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Northrim Bancorp, Inc operates as a bank holding company. The firm provides personal, business and commercial banking products and services. It operates through the following segments: Community Banking and Home Mortgage Lending. The Community Banking segment offers loan and deposit products to business and consumer customers in the company’s market areas.