Northrim BanCorp (NASDAQ:NRIM) Stock Price Passes Above 200 Day Moving Average – Here’s Why

Northrim BanCorp, Inc. (NASDAQ:NRIM)’s stock price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $80.61 and traded as high as $89.00. Northrim BanCorp shares last traded at $86.49, with a volume of 77,356 shares traded.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on NRIM shares. Hovde Group increased their target price on Northrim BanCorp from $99.00 to $104.00 and gave the stock an “outperform” rating in a research report on Monday, April 28th. Wall Street Zen lowered Northrim BanCorp from a “buy” rating to a “hold” rating in a research report on Friday, May 30th.

Northrim BanCorp Trading Down 0.9%

The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.85. The company has a market cap of $477.51 million, a P/E ratio of 13.06 and a beta of 0.98. The stock has a 50-day moving average of $83.06 and a two-hundred day moving average of $80.61.

Northrim BanCorp (NASDAQ:NRIM) last posted its earnings results on Wednesday, April 23rd. The financial services provider reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.82. Northrim BanCorp had a return on equity of 14.86% and a net margin of 18.87%. The business had revenue of $45.50 million during the quarter, compared to analyst estimates of $44.10 million. On average, equities research analysts predict that Northrim BanCorp, Inc. will post 8.05 earnings per share for the current year.

Northrim BanCorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Thursday, June 5th were given a dividend of $0.64 per share. The ex-dividend date was Thursday, June 5th. This represents a $2.56 annualized dividend and a yield of 2.96%. Northrim BanCorp’s dividend payout ratio (DPR) is presently 34.04%.

Hedge Funds Weigh In On Northrim BanCorp

Several large investors have recently made changes to their positions in NRIM. 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 in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Northrim BanCorp by 57.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 366 shares of the financial services provider’s stock worth $29,000 after buying an additional 133 shares in the last quarter. US Bancorp DE purchased a new stake in shares of Northrim BanCorp in the first quarter worth about $37,000. Olde Wealth Management LLC purchased a new stake in shares of Northrim BanCorp in the first quarter worth about $55,000. Finally, Quantbot Technologies LP purchased a new stake in shares of Northrim BanCorp in the fourth quarter worth about $112,000. 65.99% of the stock is currently owned by hedge funds and other institutional investors.

Northrim BanCorp Company Profile

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.