Northrim BanCorp (NASDAQ:NRIM) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

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 $23.84 and traded as high as $25.94. Northrim BanCorp shares last traded at $25.60, with a volume of 165,360 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts have commented on NRIM shares. Wall Street Zen downgraded Northrim BanCorp from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Zacks Research downgraded Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. Hovde Group upped their target price on Northrim BanCorp from $28.00 to $33.00 and gave the company an “outperform” rating in a report on Friday, October 24th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Northrim BanCorp in a research report on Wednesday, December 24th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $33.00.

Northrim BanCorp Trading Down 0.0%

The firm has a 50-day moving average of $26.59 and a 200 day moving average of $23.84. The company has a market cap of $565.50 million, a P/E ratio of 8.93 and a beta of 0.95. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 0.07.

Northrim BanCorp (NASDAQ:NRIM) last posted its quarterly earnings results on Friday, January 23rd. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.10). The business had revenue of $51.66 million for the quarter, compared to the consensus estimate of $52.70 million. Northrim BanCorp had a return on equity of 18.13% and a net margin of 25.17%. On average, analysts predict that Northrim BanCorp Inc will post 8.05 earnings per share for the current fiscal year.

Northrim BanCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Thursday, March 5th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Thursday, March 5th. Northrim BanCorp’s payout ratio is 22.30%.

Insider Transactions at Northrim BanCorp

In other news, Director David J. Mccambridge bought 1,150 shares of Northrim BanCorp stock in a transaction dated Tuesday, December 9th. The stock was bought at an average cost of $24.87 per share, for a total transaction of $28,600.50. Following the purchase, the director directly owned 41,598 shares in the company, valued at approximately $1,034,542.26. This represents a 2.84% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Shauna Hegna purchased 1,186 shares of the company’s stock in a transaction that occurred on Tuesday, December 9th. The shares were purchased at an average cost of $25.25 per share, for a total transaction of $29,946.50. Following the completion of the purchase, the director owned 1,638 shares in the company, valued at $41,359.50. This trade represents a 262.39% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 5,126 shares of company stock valued at $122,726 in the last 90 days. 3.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Northrim BanCorp

A number of institutional investors and hedge funds have recently made changes to their positions in NRIM. Tower Research Capital LLC TRC raised its position in Northrim BanCorp by 34.5% in the second quarter. Tower Research Capital LLC TRC now owns 538 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 138 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Northrim BanCorp by 5.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider’s stock worth $233,000 after purchasing an additional 156 shares during the last quarter. Cullen Frost Bankers Inc. raised its holdings in shares of Northrim BanCorp by 159.9% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 486 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 299 shares during the period. Creative Planning lifted its stake in Northrim BanCorp by 11.2% in the second quarter. Creative Planning now owns 3,096 shares of the financial services provider’s stock valued at $289,000 after purchasing an additional 313 shares during the last quarter. Finally, Occudo Quantitative Strategies LP grew its holdings in Northrim BanCorp by 9.8% during the second quarter. Occudo Quantitative Strategies LP now owns 3,960 shares of the financial services provider’s stock valued at $369,000 after purchasing an additional 355 shares during the period. Institutional investors and hedge funds own 65.99% of the company’s stock.

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.