Northrim BanCorp (NASDAQ:NRIM) Hits New 1-Year High – Should You Buy?

Northrim BanCorp Inc (NASDAQ:NRIM) hit a new 52-week high on Thursday . The stock traded as high as $28.72 and last traded at $28.80, with a volume of 16519 shares. The stock had previously closed at $27.84.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on NRIM shares. Hovde Group increased their target price on Northrim BanCorp from $28.00 to $33.00 and gave the stock an “outperform” rating in a research note on Friday, October 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northrim BanCorp in a research note on Wednesday, December 24th. Wall Street Zen upgraded shares of Northrim BanCorp from a “hold” rating to a “buy” rating in a report on Saturday, October 25th. Finally, Zacks Research downgraded shares of Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Northrim BanCorp presently has a consensus rating of “Moderate Buy” and an average target price of $33.00.

Northrim BanCorp Price Performance

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’s 50-day moving average price is $25.73 and its two-hundred day moving average price is $23.55. The stock has a market cap of $637.96 million, a PE ratio of 10.25 and a beta of 0.97.

Northrim BanCorp (NASDAQ:NRIM) last issued its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. The company had revenue of $66.59 million during the quarter, compared to the consensus estimate 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 expect that Northrim BanCorp Inc will post 8.05 earnings per share for the current fiscal year.

Northrim BanCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 26th. Investors of record on Thursday, December 18th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, December 18th. This represents a $0.64 dividend on an annualized basis and a yield of 2.2%. Northrim BanCorp’s dividend payout ratio (DPR) is presently 22.78%.

Insider Transactions at Northrim BanCorp

In other news, Director Shauna Hegna acquired 1,186 shares of Northrim BanCorp 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 purchase, the director directly owned 1,638 shares in the company, valued at $41,359.50. The trade was a 262.39% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director David J. Mccambridge bought 1,150 shares of the stock in a transaction on Tuesday, December 9th. The stock was purchased at an average price of $24.87 per share, with a total value of $28,600.50. Following the completion of 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. The SEC filing for this purchase provides additional information. Insiders own 3.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NRIM. Vanguard Group Inc. increased its position in Northrim BanCorp by 326.4% during the 3rd 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 in the last quarter. Dimensional Fund Advisors LP grew its stake in Northrim BanCorp by 248.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,346,512 shares of the financial services provider’s stock valued at $29,166,000 after purchasing an additional 960,299 shares during the last quarter. American Century Companies Inc. increased its holdings 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 valued at $14,423,000 after purchasing an additional 516,030 shares during the period. Punch & Associates Investment Management Inc. lifted its holdings in shares of Northrim BanCorp by 1,148.3% during the third quarter. Punch & Associates Investment Management Inc. now owns 247,496 shares of the financial services provider’s stock worth $5,361,000 after purchasing an additional 227,669 shares during the period. Finally, Ameriprise Financial Inc. increased its holdings in Northrim BanCorp by 239.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 302,192 shares of the financial services provider’s stock worth $6,545,000 after buying an additional 213,238 shares during the period. 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.