Northrim BanCorp (NASDAQ:NRIM) Sets New 52-Week High on Insider Buying Activity

Northrim BanCorp Inc (NASDAQ:NRIM)’s share price hit a new 52-week high during trading on Wednesday after an insider bought additional shares in the company. The stock traded as high as $25.95 and last traded at $25.8350, with a volume of 41377 shares. The stock had previously closed at $24.84.

Specifically, Director David J. Mccambridge purchased 1,150 shares of Northrim BanCorp stock in a transaction dated Tuesday, December 9th. The shares were bought at an average cost of $24.87 per share, for a total transaction of $28,600.50. Following the transaction, the director owned 41,598 shares in the company, valued at $1,034,542.26. This represents a 2.84% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Weiss Ratings restated a “buy (b-)” rating on shares of Northrim BanCorp in a research report on Tuesday, October 14th. Hovde Group boosted their price target on Northrim BanCorp from $28.00 to $33.00 and gave the stock an “outperform” rating in a research report on Friday, October 24th. Wall Street Zen raised Northrim BanCorp from a “hold” rating to a “buy” rating in a report on Saturday, October 25th. Finally, Zacks Research upgraded shares of Northrim BanCorp from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 14th. 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. According to MarketBeat.com, Northrim BanCorp currently has a consensus rating of “Buy” and an average target price of $33.00.

Northrim BanCorp Stock Up 4.0%

The stock’s fifty day simple moving average is $22.71 and its two-hundred day simple moving average is $22.65. The company has a market capitalization of $570.70 million, a price-to-earnings ratio of 9.21 and a beta of 0.98. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.87 and a current ratio of 0.91.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.10. Northrim BanCorp had a return on equity of 18.12% and a net margin of 25.32%.The business had revenue of $66.59 million during the quarter, compared to analyst estimates of $50.60 million. On average, sell-side analysts anticipate that Northrim BanCorp Inc will post 8.05 EPS for the current year.

Northrim BanCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Thursday, December 18th will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Thursday, December 18th. Northrim BanCorp’s dividend payout ratio (DPR) is 22.78%.

Institutional Investors Weigh In On Northrim BanCorp

Several hedge funds have recently bought and sold shares of the business. Jacobs Levy Equity Management Inc. increased its stake in shares of Northrim BanCorp by 0.5% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 22,618 shares of the financial services provider’s stock worth $1,656,000 after purchasing an additional 116 shares during the last quarter. Tower Research Capital LLC TRC increased its position in Northrim BanCorp by 34.5% during the second quarter. Tower Research Capital LLC TRC now owns 538 shares of the financial services provider’s stock worth $50,000 after buying an additional 138 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Northrim BanCorp by 5.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider’s stock valued at $233,000 after buying an additional 156 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Northrim BanCorp by 388.6% in the first quarter. Federated Hermes Inc. now owns 342 shares of the financial services provider’s stock worth $25,000 after buying an additional 272 shares during the last quarter. Finally, Cullen Frost Bankers Inc. lifted its position in shares of Northrim BanCorp by 159.9% in the second quarter. Cullen Frost Bankers Inc. now owns 486 shares of the financial services provider’s stock worth $45,000 after buying an additional 299 shares during the last quarter. 65.99% of the stock is owned by hedge funds and other institutional investors.

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. 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.