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

Shares of Northrim BanCorp Inc (NASDAQ:NRIM) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $23.00 and traded as high as $27.80. Northrim BanCorp shares last traded at $27.70, with a volume of 185,653 shares trading hands.

Analyst Ratings Changes

Several equities analysts have recently weighed in on NRIM shares. Zacks Research raised Northrim BanCorp from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 14th. Wall Street Zen raised shares of Northrim BanCorp from a “hold” rating to a “buy” rating in a research note on Saturday, October 25th. Hovde Group boosted their price objective on shares of Northrim BanCorp from $28.00 to $33.00 and gave the company an “outperform” rating in a research report on Friday, October 24th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Northrim BanCorp in a research note on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $33.00.

Northrim BanCorp Trading Up 1.8%

The stock has a fifty day moving average of $23.92 and a 200-day moving average of $23.00. The company has a market cap of $611.89 million, a PE ratio of 9.88 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 earnings results 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. The business had revenue of $66.59 million during the quarter, compared to the consensus estimate of $50.60 million. Northrim BanCorp had a return on equity of 18.12% and a net margin of 25.32%. Sell-side analysts anticipate that Northrim BanCorp Inc will post 8.05 EPS for the current fiscal year.

Northrim BanCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Thursday, December 18th will be issued a dividend of $0.16 per share. The ex-dividend date is Thursday, December 18th. This represents a $0.64 dividend on an annualized basis and a yield of 2.3%. Northrim BanCorp’s dividend payout ratio (DPR) is presently 22.78%.

Insider Activity

In other news, Director Shauna Hegna purchased 1,186 shares of the stock in a transaction that occurred on Tuesday, December 9th. The stock was purchased at an average price of $25.25 per share, for a total transaction of $29,946.50. Following the completion of the acquisition, the director owned 1,638 shares of the company’s stock, valued at approximately $41,359.50. This trade represents a 262.39% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director David J. Mccambridge acquired 1,150 shares of the company’s stock in a transaction that occurred on Tuesday, December 9th. The stock was purchased at an average cost of $24.87 per share, for a total transaction of $28,600.50. Following the purchase, the director owned 41,598 shares of the company’s stock, valued at $1,034,542.26. This represents a 2.84% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 3.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Northrim BanCorp

Several hedge funds have recently made changes to their positions in NRIM. Federated Hermes Inc. increased its stake in shares of 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 buying an additional 1,089 shares during the period. CANADA LIFE ASSURANCE Co grew its holdings in Northrim BanCorp by 298.0% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 1,174 shares in the last quarter. CWM LLC grew its holdings in Northrim BanCorp by 286.6% during the 3rd quarter. CWM LLC now owns 1,616 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,198 shares in the last quarter. Assetmark Inc. increased its position in Northrim BanCorp by 289.5% during the 3rd quarter. Assetmark Inc. now owns 1,780 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 1,323 shares during the period. Finally, Ameritas Investment Partners Inc. raised its holdings in shares of Northrim BanCorp by 227.2% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 1,816 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 1,261 shares in the last quarter. 65.99% of the stock is currently owned by hedge funds and other 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.