Northrim BanCorp (NASDAQ:NRIM) Sets New 52-Week High - Here's What Happened

Northrim BanCorp Inc (NASDAQ:NRIM - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $96.96 and last traded at $95.65, with a volume of 77189 shares traded. The stock had previously closed at $93.26.

Analysts Set New Price Targets

Several brokerages recently issued reports on NRIM. Wall Street Zen upgraded Northrim BanCorp from a "hold" rating to a "buy" rating in a research report on Sunday, June 29th. Hovde Group lifted 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.

Northrim BanCorp Price Performance

The stock has a market capitalization of $546.31 million, a price-to-earnings ratio of 13.16 and a beta of 0.96. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.82 and a current ratio of 0.88. The company has a 50-day moving average of $88.55 and a 200-day moving average of $81.28.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last released its earnings results on Wednesday, April 23rd. The financial services provider reported $2.38 EPS for the quarter, topping the consensus estimate of $1.56 by $0.82. The firm had revenue of $45.50 million during the quarter, compared to analysts' expectations of $44.10 million. Northrim BanCorp had a net margin of 20.23% and a return on equity of 15.97%. As a group, equities research analysts expect that Northrim BanCorp Inc will post 8.05 earnings per share for the current fiscal year.

Northrim BanCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Thursday, June 5th were paid a $0.64 dividend. The ex-dividend date was Thursday, June 5th. This represents a $2.56 annualized dividend and a yield of 2.59%. Northrim BanCorp's payout ratio is currently 34.04%.

Institutional Trading of Northrim BanCorp

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Northrim BanCorp by 10.8% in the 1st quarter. Vanguard Group Inc. now owns 333,609 shares of the financial services provider's stock worth $24,427,000 after acquiring an additional 32,492 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Northrim BanCorp by 0.7% during 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 buying an additional 1,448 shares during the period. American Century Companies Inc. grew its stake in shares of Northrim BanCorp by 11.9% during 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 buying an additional 14,525 shares during the period. De Lisle Partners LLP grew its stake in shares of Northrim BanCorp by 23.2% during 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 buying an additional 17,888 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC grew its stake in shares of Northrim BanCorp by 34.0% during 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 buying an additional 18,230 shares during the period. 65.99% of the stock is owned by hedge funds and other institutional investors.

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.