Northrim BanCorp (NASDAQ:NRIM) Hits New 1-Year High - Here's What Happened

Northrim BanCorp, Inc. (NASDAQ:NRIM - Get Free Report) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $91.79 and last traded at $91.76, with a volume of 273723 shares traded. The stock had previously closed at $90.25.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Hovde Group raised their target price on shares of Northrim BanCorp from $99.00 to $104.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Wall Street Zen downgraded Northrim BanCorp from a "buy" rating to a "hold" rating in a research note on Friday.

Northrim BanCorp Price Performance

The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. The firm's fifty day moving average price is $79.20 and its two-hundred day moving average price is $80.29. The stock has a market capitalization of $507.05 million, a PE ratio of 13.87 and a beta of 0.93.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.82. Northrim BanCorp had a return on equity of 14.86% and a net margin of 18.87%. The business had revenue of $45.50 million for the quarter, compared to analysts' expectations of $44.10 million. On average, equities analysts predict that Northrim BanCorp, Inc. will post 8.05 earnings per share for the current year.

Northrim BanCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Thursday, June 5th will be given a $0.64 dividend. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.79%. Northrim BanCorp's payout ratio is currently 34.04%.

Institutional Trading of Northrim BanCorp

Several institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC lifted its position in shares of Northrim BanCorp by 25.8% in the fourth quarter. SG Americas Securities LLC now owns 2,501 shares of the financial services provider's stock worth $195,000 after buying an additional 513 shares in the last quarter. DecisionPoint Financial LLC purchased a new stake in shares of Northrim BanCorp during the 4th quarter worth approximately $39,000. Sunpointe LLC purchased a new stake in shares of Northrim BanCorp during the 4th quarter worth approximately $339,000. Bank of New York Mellon Corp boosted its position in shares of Northrim BanCorp by 16.6% during the 4th quarter. Bank of New York Mellon Corp now owns 49,272 shares of the financial services provider's stock valued at $3,840,000 after acquiring an additional 7,009 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Northrim BanCorp in the fourth quarter valued at $1,794,000. 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.