Northrim BanCorp (NASDAQ:NRIM) Shares Cross Above 200-Day Moving Average of $55.39

Northrim BanCorp, Inc. (NASDAQ:NRIM)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $55.39 and traded as high as $65.86. Northrim BanCorp shares last traded at $65.31, with a volume of 14,147 shares.

Wall Street Analyst Weigh In

Separately, StockNews.com cut shares of Northrim BanCorp from a “buy” rating to a “hold” rating in a research report on Tuesday, May 21st.

Northrim BanCorp Price Performance

The stock’s 50-day moving average price is $64.21 and its 200 day moving average price is $55.49. The firm has a market capitalization of $359.43 million, a price-to-earnings ratio of 12.74 and a beta of 0.71. The company has a quick ratio of 0.79, a current ratio of 0.83 and a debt-to-equity ratio of 0.22.

Northrim BanCorp (NASDAQ:NRIM) last issued its earnings results on Wednesday, July 24th. The financial services provider reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.31. The business had revenue of $46.49 million during the quarter, compared to analysts’ expectations of $35.00 million. Northrim BanCorp had a net margin of 18.41% and a return on equity of 13.61%. Equities research analysts expect that Northrim BanCorp, Inc. will post 5.83 earnings per share for the current fiscal year.

Northrim BanCorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Thursday, September 5th will be issued a $0.62 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.79%. This is a positive change from Northrim BanCorp’s previous quarterly dividend of $0.61. Northrim BanCorp’s dividend payout ratio is currently 48.34%.

Insider Activity at Northrim BanCorp

In other news, Director Joseph Marushack acquired 493 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was purchased at an average price of $60.22 per share, with a total value of $29,688.46. Following the completion of the acquisition, the director now owns 2,768 shares of the company’s stock, valued at approximately $166,688.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of NRIM. Principal Securities Inc. acquired a new stake in shares of Northrim BanCorp during the fourth quarter worth about $28,000. Sei Investments Co. raised its holdings in Northrim BanCorp by 15.0% in the second quarter. Sei Investments Co. now owns 4,598 shares of the financial services provider’s stock valued at $265,000 after acquiring an additional 600 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in Northrim BanCorp by 30.0% in the fourth quarter. BNP Paribas Financial Markets now owns 6,143 shares of the financial services provider’s stock valued at $351,000 after acquiring an additional 1,417 shares in the last quarter. Rhumbline Advisers raised its holdings in Northrim BanCorp by 2.6% during the second quarter. Rhumbline Advisers now owns 6,703 shares of the financial services provider’s stock worth $386,000 after purchasing an additional 169 shares in the last quarter. Finally, Los Angeles Capital Management LLC raised its holdings in Northrim BanCorp by 34.7% during the fourth quarter. Los Angeles Capital Management LLC now owns 8,300 shares of the financial services provider’s stock worth $475,000 after purchasing an additional 2,140 shares in the last quarter. Hedge funds and other institutional investors own 65.99% of the company’s stock.

About Northrim BanCorp

Northrim BanCorp, Inc operates as the bank holding company for Northrim Bank that provides commercial banking products and services to businesses and professional individuals. It operates through two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, individual retirement and money market deposit accounts, certificates of deposit, and business sweep accounts.