Northrim BanCorp (NASDAQ:NRIM) Shares Cross Above 200-Day Moving Average - Time to Sell?

Key Points

• Northrim BanCorp shares rose above their 200-day moving average, reaching $27.40 and last trading at $26.89. Analysts maintain a “Moderate Buy” consensus with an average price target of $31.50.
• The company exceeded quarterly expectations, reporting $0.68 in earnings per share versus the $0.61 consensus and revenue of $53.79 million. It also pays a quarterly dividend of $0.16 per share, yielding approximately 2.4% annually.
• Institutional ownership is substantial at 65.99%, with several funds initiating positions, although an executive recently sold 13,488 shares, reducing his holdings by 51.6%.

Shares of Northrim BanCorp Inc (NASDAQ:NRIM - Get Free Report) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $25.07 and traded as high as $27.40. Northrim BanCorp shares last traded at $26.89, with a volume of 93,674 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms have weighed in on NRIM. Keefe, Bruyette & Woods assumed coverage on shares of Northrim BanCorp in a research note on Wednesday, July 1st. They issued a "market perform" rating and a $30.00 price target for the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Northrim BanCorp in a research note on Tuesday, June 16th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $31.50.

Northrim BanCorp Stock Down 1.3%

The company has a market capitalization of $598.30 million, a P/E ratio of 8.85 and a beta of 0.88. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.94 and a quick ratio of 0.91. The company has a 50 day moving average of $26.77 and a 200-day moving average of $25.07.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.68 EPS for the quarter, beating analysts' consensus estimates of $0.61 by $0.07. Northrim BanCorp had a return on equity of 17.33% and a net margin of 26.03%.The business had revenue of $53.79 million during the quarter, compared to analyst estimates of $51.80 million. As a group, equities analysts anticipate that Northrim BanCorp Inc will post 2.57 EPS for the current year.

Northrim BanCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Thursday, June 11th were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Thursday, June 11th. Northrim BanCorp's dividend payout ratio is currently 21.05%.

Insider Activity at Northrim BanCorp

In related news, EVP Jason Alexander Criqui sold 13,488 shares of the firm's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $26.44, for a total value of $356,622.72. Following the completion of the sale, the executive vice president owned 12,653 shares of the company's stock, valued at $334,545.32. This trade represents a 51.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NRIM. Punch & Associates Investment Management Inc. purchased a new stake in shares of Northrim BanCorp in the 2nd quarter worth about $9,514,000. Bank of America Corp DE bought a new stake in shares of Northrim BanCorp during the 2nd quarter valued at about $1,097,000. Man Group plc purchased a new position in shares of Northrim BanCorp during the second quarter valued at about $1,110,000. Jupiter Topco LLC purchased a new position in shares of Northrim BanCorp during the second quarter valued at about $5,202,000. Finally, Hsbc Holdings PLC purchased a new position in shares of Northrim BanCorp during the second quarter valued at about $233,000. 65.99% of the stock is 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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