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

Northrim BanCorp Inc (NASDAQ:NRIM - Get Free Report)'s stock price hit a new 52-week high on Thursday . The company traded as high as $93.22 and last traded at $92.94, with a volume of 34635 shares traded. The stock had previously closed at $90.52.

Analysts Set New Price Targets

NRIM has been the subject of several recent analyst reports. Hovde Group increased their price objective on shares of Northrim BanCorp from $99.00 to $104.00 and gave the company an "outperform" rating in a report on Monday, April 28th. Wall Street Zen lowered Northrim BanCorp from a "buy" rating to a "hold" rating in a research note on Saturday, June 21st.

Northrim BanCorp Trading Up 2.8%

The business has a fifty day moving average of $85.59 and a 200-day moving average of $80.79. The stock has a market capitalization of $513.51 million, a price-to-earnings ratio of 12.37 and a beta of 0.98. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.88 and a quick ratio of 0.82.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $2.38 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.82. Northrim BanCorp had a net margin of 20.23% and a return on equity of 15.97%. The company had revenue of $45.50 million during the quarter, compared to analyst estimates of $44.10 million. On average, equities analysts anticipate that Northrim BanCorp Inc will post 8.05 earnings per share for the current fiscal year.

Northrim BanCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Thursday, June 5th were issued a $0.64 dividend. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $2.56 annualized dividend and a dividend yield of 2.75%. Northrim BanCorp's dividend payout ratio is currently 34.04%.

Institutional Investors Weigh In On Northrim BanCorp

Institutional investors and hedge funds have recently modified their holdings of the stock. Federated Hermes Inc. raised its position in shares of Northrim BanCorp by 388.6% during the first quarter. Federated Hermes Inc. now owns 342 shares of the financial services provider's stock worth $25,000 after purchasing an additional 272 shares during the period. Tower Research Capital LLC TRC increased its stake in Northrim BanCorp by 57.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 366 shares of the financial services provider's stock worth $29,000 after purchasing an additional 133 shares in the last quarter. US Bancorp DE acquired a new stake in Northrim BanCorp during the 1st quarter worth about $37,000. Olde Wealth Management LLC purchased a new stake in Northrim BanCorp during the first quarter valued at about $55,000. Finally, Quantbot Technologies LP purchased a new stake in Northrim BanCorp during the fourth quarter valued at about $112,000. Institutional investors and hedge funds own 65.99% of the company's stock.

Northrim BanCorp Company Profile

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.

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