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

Northrim BanCorp Inc (NASDAQ:NRIM) crossed 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 trading hands.

Analysts Set New Price Targets

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

Northrim BanCorp Stock Down 0.0%

The stock’s fifty day moving average is $26.59 and its two-hundred day moving average is $23.84. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 0.07. The firm has a market cap of $565.50 million, a P/E ratio of 8.93 and a beta of 0.95.

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

Northrim BanCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Thursday, March 5th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Thursday, March 5th. Northrim BanCorp’s dividend payout ratio (DPR) is 22.30%.

Insider Transactions at Northrim BanCorp

In other Northrim BanCorp news, CEO Michael G. Huston acquired 1,500 shares of the business’s stock in a transaction dated Thursday, January 29th. The stock was bought at an average price of $22.80 per share, with a total value of $34,200.00. Following the completion of the acquisition, the chief executive officer owned 83,252 shares of the company’s stock, valued at $1,898,145.60. This trade represents a 1.83% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Shauna Hegna bought 1,186 shares of the stock in a transaction that occurred on Tuesday, December 9th. The stock was bought 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 directly owned 1,638 shares of the company’s stock, valued at $41,359.50. This represents a 262.39% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders acquired 5,126 shares of company stock valued at $122,726. 3.90% of the stock is owned by corporate insiders.

Institutional Trading of Northrim BanCorp

A number of hedge funds have recently made changes to their positions in NRIM. Financial Management Professionals Inc. purchased a new position in Northrim BanCorp in the fourth quarter worth $27,000. Federated Hermes Inc. raised its position in Northrim BanCorp by 300.0% during the third quarter. Federated Hermes Inc. now owns 1,452 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 1,089 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in 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 worth $34,000 after purchasing an additional 1,174 shares during the last quarter. CWM LLC boosted its holdings in shares of Northrim BanCorp by 286.6% in the 3rd 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 in the last quarter. Finally, Assetmark Inc. boosted its holdings in shares of Northrim BanCorp by 289.5% in the 3rd quarter. Assetmark Inc. now owns 1,780 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 1,323 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.