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

Northrim BanCorp Inc (NASDAQ:NRIM)’s stock price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $25.06 and traded as high as $26.83. Northrim BanCorp shares last traded at $26.68, with a volume of 188,568 shares traded.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northrim BanCorp in a research note on Tuesday, June 16th. Two equities 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 Stock Performance

The company has a market capitalization of $622.11 million, a PE ratio of 9.70 and a beta of 0.88. The firm has a 50-day moving average of $24.74 and a two-hundred day moving average of $25.08. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.24.

Northrim BanCorp (NASDAQ:NRIM) last issued its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.08. The business had revenue of $49.46 million for the quarter, compared to analysts’ expectations of $50.60 million. Northrim BanCorp had a net margin of 24.91% and a return on equity of 16.99%. Research analysts anticipate that Northrim BanCorp Inc will post 2.6 EPS for the current year.

Northrim BanCorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Thursday, June 11th were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.3%. The ex-dividend date was Thursday, June 11th. Northrim BanCorp’s dividend payout ratio (DPR) is 22.22%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NRIM. Financial Management Professionals Inc. purchased a new position in Northrim BanCorp during the 4th quarter worth approximately $27,000. Western Wealth Management LLC purchased a new stake in shares of Northrim BanCorp during the 1st quarter worth $27,000. Quarry LP increased its holdings in Northrim BanCorp by 47.7% in the fourth quarter. Quarry LP now owns 1,275 shares of the financial services provider’s stock valued at $34,000 after buying an additional 412 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its stake in shares of 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 buying an additional 1,174 shares during the last quarter. Finally, Assetmark Inc. raised its stake in shares of Northrim BanCorp by 289.5% during the 3rd quarter. Assetmark Inc. now owns 1,780 shares of the financial services provider’s stock worth $39,000 after buying an additional 1,323 shares during the last quarter. Hedge funds and other institutional investors own 65.99% of the company’s stock.

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.