Northrim BanCorp (NASDAQ:NRIM) Share Price Passes Above 200-Day Moving Average - Time to Sell?

Key Points

• Northrim BanCorp shares moved above their 200-day moving average in Wednesday trading, a technical signal that may suggest improving momentum. The stock traded as high as $28.03 and last changed hands at $27.55.
• Wall Street sentiment is cautiously positive, with a consensus rating of “Moderate Buy” and an average price target of $31.50. Analysts are mixed overall, with two Buy ratings and two Hold ratings.
• The company continues to show solid fundamentals and shareholder returns, including a recent quarterly EPS beat of $0.61 versus $0.53 expected and a 2.3% dividend yield. Northrim also reported a low debt-to-equity ratio and strong return on equity.

Northrim BanCorp Inc (NASDAQ:NRIM - Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $25.16 and traded as high as $28.03. Northrim BanCorp shares last traded at $27.55, with a volume of 147,177 shares changing hands.

Wall Street Analyst Weigh In

NRIM has been the topic of a number of analyst reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Northrim BanCorp in a report on Tuesday, June 16th. Keefe, Bruyette & Woods assumed coverage on Northrim BanCorp in a research note on Wednesday, July 1st. They set a "market perform" rating and a $30.00 price objective for the company. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $31.50.

Northrim BanCorp Stock Performance

The firm's 50 day moving average is $25.88 and its 200 day moving average is $25.16. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.91 and a current ratio of 0.93. The stock has a market cap of $612.99 million, a P/E ratio of 9.56 and a beta of 0.86.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The financial services provider reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.08. Northrim BanCorp had a net margin of 24.91% and a return on equity of 16.99%. The company had revenue of $49.46 million during the quarter, compared to the consensus estimate of $50.60 million. Analysts anticipate that Northrim BanCorp Inc will post 2.53 EPS for the current year.

Northrim BanCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, June 11th were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Thursday, June 11th. Northrim BanCorp's dividend payout ratio is currently 22.22%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NRIM. Royal Bank of Canada grew its stake in Northrim BanCorp by 21.5% during the 1st quarter. Royal Bank of Canada now owns 39,505 shares of the financial services provider's stock worth $2,892,000 after buying an additional 6,990 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new stake in Northrim BanCorp in the first quarter valued at about $210,000. AQR Capital Management LLC raised its stake in Northrim BanCorp by 171.3% in the first quarter. AQR Capital Management LLC now owns 13,352 shares of the financial services provider's stock valued at $978,000 after buying an additional 8,431 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Northrim BanCorp by 5.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider's stock worth $233,000 after acquiring an additional 156 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Northrim BanCorp by 30.2% in the first quarter. Goldman Sachs Group Inc. now owns 28,470 shares of the financial services provider's stock worth $2,085,000 after acquiring an additional 6,599 shares in the last quarter. 65.99% of the stock is currently owned by hedge funds and other institutional investors.

Northrim BanCorp Company Profile

Northrim BanCorp is the bank holding company for Northrim Bank, a community bank headquartered in Anchorage, Alaska. The company offers a comprehensive suite of personal and commercial banking products and services, including checking and savings accounts, consumer and commercial loans, mortgage financing, and treasury and cash management solutions.

With branches located across Alaska's major population centers—such as Anchorage, Fairbanks and Juneau—Northrim serves both urban and rural communities.

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