Northrim BanCorp (NASDAQ:NRIM) Share Price Crosses Above 200-Day Moving Average – Here’s What Happened

Northrim BanCorp Inc (NASDAQ:NRIM) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $23.37 and traded as high as $27.04. Northrim BanCorp shares last traded at $26.95, with a volume of 110,842 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Hovde Group upped their target price on 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. Weiss Ratings reissued a “buy (b)” rating on shares of Northrim BanCorp in a research report on Wednesday, December 24th. 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 equities research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $33.00.

Northrim BanCorp Stock Down 0.3%

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 market capitalization of $595.33 million, a P/E ratio of 9.61 and a beta of 0.97. The stock has a fifty day moving average price of $25.16 and a two-hundred day moving average price of $23.37.

Northrim BanCorp (NASDAQ:NRIM) 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 analysts’ consensus estimates of $0.62 by $0.10. Northrim BanCorp had a net margin of 25.32% and a return on equity of 18.12%. The company had revenue of $66.59 million for the quarter, compared to the consensus estimate of $50.60 million. Research analysts forecast that Northrim BanCorp Inc will post 8.05 EPS for the current year.

Northrim BanCorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 26th. Stockholders of record on Thursday, December 18th were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, December 18th. This represents a $0.64 annualized dividend and a dividend yield of 2.4%. Northrim BanCorp’s payout ratio is 22.78%.

Insider Transactions at Northrim BanCorp

In other news, Director Shauna Hegna bought 1,186 shares of the firm’s stock in a transaction on Tuesday, December 9th. The stock was purchased at an average price of $25.25 per share, for a total transaction of $29,946.50. Following the transaction, the director owned 1,638 shares in the company, valued at approximately $41,359.50. This trade represents a 262.39% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David J. Mccambridge purchased 1,150 shares of the company’s stock in a transaction on Tuesday, December 9th. The stock was purchased at an average price of $24.87 per share, for a total transaction of $28,600.50. Following the purchase, the director directly owned 41,598 shares of the company’s stock, valued at $1,034,542.26. This trade represents a 2.84% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 3.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Northrim BanCorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NRIM. Federated Hermes Inc. raised its stake in Northrim BanCorp by 300.0% during the 3rd quarter. Federated Hermes Inc. now owns 1,452 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 1,089 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its stake in shares of Northrim BanCorp by 298.0% during the third quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 1,174 shares in the last quarter. CWM LLC lifted its holdings in Northrim BanCorp by 286.6% in the third quarter. CWM LLC now owns 1,616 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,198 shares during the period. Assetmark Inc. grew its position in Northrim BanCorp by 289.5% in the 3rd quarter. Assetmark Inc. now owns 1,780 shares of the financial services provider’s stock valued at $39,000 after buying an additional 1,323 shares in the last quarter. Finally, Ameritas Investment Partners Inc. grew its position in Northrim BanCorp by 227.2% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 1,816 shares of the financial services provider’s stock valued at $39,000 after buying an additional 1,261 shares in the last quarter. 65.99% of the stock is owned by institutional investors.

Northrim BanCorp Company Profile

Northrim BanCorp is the bank holding company for Northrim Bank, a community bank headquartered in Anchorage, Alaska. The company offers a comprehensive suite of personal and commercial banking products and services, including checking and savings accounts, consumer and commercial loans, mortgage financing, and treasury and cash management solutions.

With branches located across Alaska’s major population centers—such as Anchorage, Fairbanks and Juneau—Northrim serves both urban and rural communities.