Northrim BanCorp (NASDAQ:NRIM) Shares Cross Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Northrim BanCorp Inc (NASDAQ:NRIM) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $25.07 and traded as high as $27.40. Northrim BanCorp shares last traded at $26.89, with a volume of 93,674 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on NRIM shares. Weiss Ratings restated a “buy (b)” rating on shares of Northrim BanCorp in a report on Tuesday, June 16th. Keefe, Bruyette & Woods assumed coverage on shares of Northrim BanCorp in a research note on Wednesday, July 1st. They set a “market perform” rating and a $30.00 price target on the stock. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $31.50.

Northrim BanCorp Stock Performance

The stock has a 50-day simple moving average of $26.80 and a 200-day simple moving average of $25.10. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.94 and a quick ratio of 0.91. The stock has a market cap of $594.83 million, a PE ratio of 8.80 and a beta of 0.88.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07. The company had revenue of $53.79 million for the quarter, compared to the consensus estimate of $51.80 million. Northrim BanCorp had a return on equity of 17.33% and a net margin of 26.03%. Equities analysts predict that Northrim BanCorp Inc will post 2.57 earnings per share for the current fiscal year.

Northrim BanCorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Thursday, June 11th were issued a $0.16 dividend. The ex-dividend date was Thursday, June 11th. This represents a $0.64 annualized dividend and a yield of 2.4%. Northrim BanCorp’s dividend payout ratio (DPR) is presently 21.05%.

Insider Buying and Selling

In other Northrim BanCorp news, EVP Jason Alexander Criqui sold 13,488 shares of Northrim BanCorp stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $26.44, for a total transaction of $356,622.72. Following the transaction, the executive vice president directly owned 12,653 shares of the company’s stock, valued at $334,545.32. The trade was a 51.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Northrim BanCorp

Several large investors have recently made changes to their positions in the business. Royal Bank of Canada raised its stake in shares of Northrim BanCorp by 21.5% in the 1st quarter. Royal Bank of Canada now owns 39,505 shares of the financial services provider’s stock valued at $2,892,000 after acquiring an additional 6,990 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in Northrim BanCorp in the 1st quarter valued at $210,000. AQR Capital Management LLC increased its holdings in Northrim BanCorp by 171.3% in the 1st quarter. AQR Capital Management LLC now owns 13,352 shares of the financial services provider’s stock valued at $978,000 after purchasing an additional 8,431 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Northrim BanCorp by 5.2% in 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 purchasing an additional 156 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in Northrim BanCorp by 30.2% in the first quarter. Goldman Sachs Group Inc. now owns 28,470 shares of the financial services provider’s stock valued at $2,085,000 after purchasing an additional 6,599 shares during the period. Institutional investors and hedge funds own 65.99% of the company’s stock.

About Northrim BanCorp

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.