Northrim BanCorp (NASDAQ:NRIM) Hits New 52-Week High - What's Next?

Shares of Northrim BanCorp Inc (NASDAQ:NRIM - Get Free Report) reached a new 52-week high on Tuesday . The stock traded as high as $100.21 and last traded at $97.87, with a volume of 64957 shares traded. The stock had previously closed at $99.06.

Analyst Ratings Changes

Several research firms have weighed in on NRIM. Hovde Group increased their price objective on Northrim BanCorp from $99.00 to $104.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. Wall Street Zen lowered shares of Northrim BanCorp from a "buy" rating to a "hold" rating in a research report on Monday.

Northrim BanCorp Trading Down 2.0%

The business's 50-day moving average price is $90.12 and its two-hundred day moving average price is $81.93. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.88 and a quick ratio of 0.82. The company has a market capitalization of $522.80 million, a price-to-earnings ratio of 12.59 and a beta of 0.96.

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

Northrim BanCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Thursday, June 5th were given a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date of this dividend was Thursday, June 5th. Northrim BanCorp's payout ratio is currently 34.04%.

Hedge Funds Weigh In On Northrim BanCorp

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Northrim BanCorp by 10.8% in the first quarter. Vanguard Group Inc. now owns 333,609 shares of the financial services provider's stock valued at $24,427,000 after acquiring an additional 32,492 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Northrim BanCorp by 0.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 213,237 shares of the financial services provider's stock valued at $15,613,000 after purchasing an additional 1,448 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Northrim BanCorp by 11.9% in the 1st quarter. American Century Companies Inc. now owns 136,698 shares of the financial services provider's stock valued at $10,009,000 after purchasing an additional 14,525 shares during the last quarter. De Lisle Partners LLP increased its stake in shares of Northrim BanCorp by 23.2% in the 1st quarter. De Lisle Partners LLP now owns 94,983 shares of the financial services provider's stock valued at $6,969,000 after purchasing an additional 17,888 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC increased its stake in shares of Northrim BanCorp by 34.0% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 71,858 shares of the financial services provider's stock valued at $5,261,000 after purchasing an additional 18,230 shares during the last quarter. 65.99% of the stock is currently owned by institutional investors and hedge funds.

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.