Northrim BanCorp (NASDAQ:NRIM) Reaches New 52-Week High – Time to Buy?

Northrim BanCorp Inc (NASDAQ:NRIM)’s stock price hit a new 52-week high on Wednesday . The stock traded as high as $29.59 and last traded at $29.4890, with a volume of 11558 shares. The stock had previously closed at $28.49.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on NRIM shares. Hovde Group lifted their price target on shares of Northrim BanCorp from $28.00 to $33.00 and gave the stock an “outperform” rating in a research note on Friday, October 24th. Zacks Research cut Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. Wall Street Zen raised Northrim BanCorp from a “hold” rating to a “buy” rating in a report on Saturday, October 25th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Northrim BanCorp in a research report on Wednesday, December 24th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Northrim BanCorp presently has an average rating of “Moderate Buy” and a consensus target price of $33.00.

Northrim BanCorp Price Performance

The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.87. The company has a 50-day simple moving average of $26.45 and a 200-day simple moving average of $23.76. The stock has a market cap of $655.85 million, a PE ratio of 10.58 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. Northrim BanCorp had a net margin of 25.32% and a return on equity of 18.12%. The business had revenue of $66.59 million for the quarter, compared to analysts’ expectations of $50.60 million. Sell-side analysts anticipate that Northrim BanCorp Inc will post 8.05 EPS for the current fiscal year.

Northrim BanCorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 26th. Shareholders of record on Thursday, December 18th were issued a $0.16 dividend. 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 22.78%.

Insider Activity at Northrim BanCorp

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

Hedge Funds Weigh In On Northrim BanCorp

Several hedge funds have recently added to or reduced their stakes in the business. Federated Hermes Inc. lifted its holdings in shares of Northrim BanCorp by 300.0% in 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% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider’s stock valued at $34,000 after buying an additional 1,174 shares in the last quarter. CWM LLC lifted its stake in Northrim BanCorp by 286.6% in the 3rd quarter. CWM LLC now owns 1,616 shares of the financial services provider’s stock valued at $35,000 after buying an additional 1,198 shares in the last quarter. Assetmark Inc. grew its holdings 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 buying an additional 1,323 shares during the last quarter. Finally, Ameritas Investment Partners Inc. increased its position in Northrim BanCorp by 227.2% during the third quarter. Ameritas Investment Partners Inc. now owns 1,816 shares of the financial services provider’s stock worth $39,000 after buying 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.