Northrim BanCorp (NASDAQ:NRIM) Sees Large Volume Increase - Should You Buy?

Northrim BanCorp, Inc. (NASDAQ:NRIM - Get Free Report) shares saw unusually-strong trading volume on Wednesday . Approximately 88,251 shares were traded during mid-day trading, an increase of 180% from the previous session's volume of 31,471 shares.The stock last traded at $90.68 and had previously closed at $90.23.

Analysts Set New Price Targets

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

Northrim BanCorp Trading Down 1.5%

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 business's fifty day moving average is $79.20 and its 200-day moving average is $80.26. The stock has a market capitalization of $497.94 million, a PE ratio of 13.62 and a beta of 0.93.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.82. The company had revenue of $45.50 million during the quarter, compared to analysts' expectations of $44.10 million. Northrim BanCorp had a net margin of 18.87% and a return on equity of 14.86%. As a group, analysts anticipate that Northrim BanCorp, Inc. will post 8.05 EPS for the current fiscal 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 paid a dividend of $0.64 per share. The ex-dividend date is Thursday, June 5th. This represents a $2.56 annualized dividend and a yield of 2.84%. Northrim BanCorp's dividend payout ratio is presently 34.04%.

Hedge Funds Weigh In On Northrim BanCorp

Hedge funds and other institutional investors have recently modified their holdings of the company. Citadel Advisors LLC purchased a new position in Northrim BanCorp in the fourth quarter valued at approximately $665,000. Bank of New York Mellon Corp increased its position in shares of Northrim BanCorp by 16.6% in the fourth quarter. Bank of New York Mellon Corp now owns 49,272 shares of the financial services provider's stock worth $3,840,000 after acquiring an additional 7,009 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of Northrim BanCorp by 17.8% in the 4th quarter. BNP Paribas Financial Markets now owns 5,797 shares of the financial services provider's stock valued at $452,000 after acquiring an additional 875 shares during the period. Man Group plc acquired a new position in shares of Northrim BanCorp during the 4th quarter valued at $217,000. Finally, JPMorgan Chase & Co. boosted its position in Northrim BanCorp by 202.7% during the 4th quarter. JPMorgan Chase & Co. now owns 17,193 shares of the financial services provider's stock worth $1,340,000 after purchasing an additional 11,514 shares during the period. 65.99% of the stock is owned by institutional investors and hedge funds.

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.