Northrim BanCorp (NASDAQ:NRIM) Stock Crosses Above 200 Day Moving Average - Here's What Happened

Key Points

• Northrim BanCorp (NASDAQ:NRIM) shares traded above their 200-day moving average of $21.45, reaching a high of $21.57 before closing at $21.43.
• Analysts have downgraded the stock from a "buy" to a "hold" rating, but the consensus remains a "Buy" with a price target of $26.00.
• The company's recent quarterly earnings report showed a miss on EPS estimates, reporting $0.52 compared to the anticipated $0.56, despite a revenue of $50.23 million which exceeded expectations.

Shares of 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 $21.45 and traded as high as $21.57. Northrim BanCorp shares last traded at $21.43, with a volume of 115,369 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen cut shares of Northrim BanCorp from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $26.00.

Northrim BanCorp Stock Down 1.1%

The company has a market capitalization of $473.39 million, a PE ratio of 10.73 and a beta of 0.94. The company's 50 day moving average is $22.19 and its two-hundred day moving average is $21.45. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 0.25.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.52 EPS for the quarter, missing analysts' consensus estimates of $0.56 by ($0.04). Northrim BanCorp had a return on equity of 16.35% and a net margin of 20.11%.The business had revenue of $50.23 million during the quarter, compared to analysts' expectations of $48.80 million. On average, analysts anticipate that Northrim BanCorp Inc will post 8.05 earnings per share for the current year.

Northrim BanCorp Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Thursday, September 4th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Thursday, September 4th. Northrim BanCorp's dividend payout ratio (DPR) is presently 32.00%.

Hedge Funds Weigh In On Northrim BanCorp

A number of institutional investors and hedge funds have recently made changes to their positions in NRIM. Boston Partners purchased a new position in shares of Northrim BanCorp in the 1st quarter worth $2,474,000. Vanguard Group Inc. lifted its holdings in shares of 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 last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Northrim BanCorp by 147.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 46,330 shares of the financial services provider's stock worth $4,321,000 after acquiring an additional 27,635 shares during the last quarter. Panagora Asset Management Inc. lifted its holdings in shares of Northrim BanCorp by 299.5% in the 1st quarter. Panagora Asset Management Inc. now owns 26,927 shares of the financial services provider's stock worth $1,972,000 after acquiring an additional 20,186 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC lifted its holdings 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 worth $5,261,000 after acquiring an additional 18,230 shares during the last quarter. 65.99% of the stock is owned by hedge funds and other institutional investors.

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.

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