Northrim BanCorp (NASDAQ:NRIM) Stock Passes Above Two Hundred Day Moving Average – Should You Sell?

Northrim BanCorp Inc (NASDAQ:NRIM)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $23.37 and traded as high as $27.04. Northrim BanCorp shares last traded at $26.95, with a volume of 110,842 shares changing hands.

Analyst Ratings Changes

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

Northrim BanCorp Trading Down 0.3%

The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The business has a fifty day simple moving average of $25.16 and a 200 day simple moving average of $23.37. The company has a market cap of $595.33 million, a price-to-earnings ratio of 9.61 and a beta of 0.97.

Northrim BanCorp (NASDAQ:NRIM) last posted its quarterly earnings results on Wednesday, October 22nd. The financial services provider reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. The business had revenue of $66.59 million for the quarter, compared to analysts’ expectations of $50.60 million. Northrim BanCorp had a net margin of 25.32% and a return on equity of 18.12%. On average, equities analysts anticipate that Northrim BanCorp Inc will post 8.05 EPS for the current fiscal year.

Northrim BanCorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 26th. Shareholders of record on Thursday, December 18th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.4%. The ex-dividend date was Thursday, December 18th. Northrim BanCorp’s dividend payout ratio is presently 22.78%.

Insider Buying and Selling

In other news, Director David J. Mccambridge bought 1,150 shares of the firm’s stock in a transaction on Tuesday, December 9th. The shares were bought at an average cost of $24.87 per share, for a total transaction of $28,600.50. Following the completion of the transaction, the director owned 41,598 shares in the company, valued at $1,034,542.26. This trade represents a 2.84% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Shauna Hegna purchased 1,186 shares of the company’s stock in a transaction dated Tuesday, December 9th. The stock was purchased at an average price of $25.25 per share, with a total value of $29,946.50. Following the transaction, the director owned 1,638 shares of the company’s stock, valued at approximately $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. 3.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Northrim BanCorp

A number of large investors have recently added to or reduced their stakes in NRIM. Vanguard Group Inc. raised its holdings in Northrim BanCorp by 326.4% in the third quarter. Vanguard Group Inc. now owns 1,639,351 shares of the financial services provider’s stock valued at $35,508,000 after buying an additional 1,254,870 shares during the period. Dimensional Fund Advisors LP grew its stake in Northrim BanCorp by 248.6% during the third quarter. Dimensional Fund Advisors LP now owns 1,346,512 shares of the financial services provider’s stock worth $29,166,000 after buying an additional 960,299 shares during the period. American Century Companies Inc. increased its position in shares of Northrim BanCorp by 344.3% in the third quarter. American Century Companies Inc. now owns 665,888 shares of the financial services provider’s stock worth $14,423,000 after acquiring an additional 516,030 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Northrim BanCorp by 239.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 302,192 shares of the financial services provider’s stock valued at $6,545,000 after acquiring an additional 213,238 shares during the period. Finally, LSV Asset Management lifted its holdings in shares of Northrim BanCorp by 185.8% during the 3rd quarter. LSV Asset Management now owns 255,360 shares of the financial services provider’s stock valued at $5,531,000 after acquiring an additional 166,020 shares in the last quarter. 65.99% of the stock is owned by institutional investors and hedge funds.

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.