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

Key Points

• Northrim's shares briefly crossed above the 200-day moving average
• The company reported a quarterly EPS miss ($0.54 vs. $0.64 expected) and revenue slightly below estimates, but trades at a low P/E of 8.62 with a 25.17% net margin and 17.66% ROE.
• Analysts hold a consensus "Moderate Buy" with a $33 target, while insiders and institutions are increasing exposure — the CEO bought 1,500 shares and firms like Vanguard and Dimensional significantly raised positions.

Northrim BanCorp Inc (NASDAQ:NRIM - Get Free Report)'s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $24.30 and traded as high as $24.79. Northrim BanCorp shares last traded at $24.73, with a volume of 121,627 shares.

Analysts Set New Price Targets

A number of brokerages have weighed in on NRIM. Zacks Research lowered Northrim BanCorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, January 12th. Weiss Ratings reissued a "buy (b)" rating on shares of Northrim BanCorp in a report on Wednesday, December 24th. Finally, Wall Street Zen cut shares of Northrim BanCorp from a "buy" rating to a "hold" rating in a research report on Saturday, January 31st. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $33.00.

Northrim BanCorp Price Performance

The company has a market capitalization of $547.27 million, a PE ratio of 8.62 and a beta of 0.91. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.25. The firm's 50-day moving average is $23.99 and its 200-day moving average is $24.30.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last released its quarterly earnings results on Friday, January 23rd. The financial services provider reported $0.54 earnings per share for the quarter, missing analysts' consensus estimates of $0.64 by ($0.10). Northrim BanCorp had a net margin of 25.17% and a return on equity of 17.66%. The firm had revenue of $51.66 million for the quarter, compared to analysts' expectations of $52.70 million. Equities analysts predict that Northrim BanCorp Inc will post 8.05 earnings per share for the current fiscal year.

Northrim BanCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Thursday, March 5th were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Thursday, March 5th. Northrim BanCorp's dividend payout ratio (DPR) is currently 22.30%.

Insiders Place Their Bets

In other news, CEO Michael G. Huston bought 1,500 shares of the company's stock in a transaction that occurred on Thursday, January 29th. The stock was bought at an average price of $22.80 per share, for a total transaction of $34,200.00. Following the transaction, the chief executive officer directly owned 83,252 shares of the company's stock, valued at $1,898,145.60. This represents a 1.83% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders purchased 2,790 shares of company stock valued at $64,179. Insiders own 3.90% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Northrim BanCorp by 326.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,639,351 shares of the financial services provider's stock worth $35,508,000 after acquiring an additional 1,254,870 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Northrim BanCorp by 248.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,346,512 shares of the financial services provider's stock valued at $29,166,000 after purchasing an additional 960,299 shares during the last quarter. Geode Capital Management LLC raised its position in Northrim BanCorp by 18.5% in the 4th quarter. Geode Capital Management LLC now owns 727,180 shares of the financial services provider's stock worth $19,353,000 after purchasing an additional 113,293 shares during the period. American Century Companies Inc. raised its position in Northrim BanCorp by 344.3% in the 3rd quarter. American Century Companies Inc. now owns 665,888 shares of the financial services provider's stock worth $14,423,000 after purchasing an additional 516,030 shares during the period. Finally, De Lisle Partners LLP lifted its stake in Northrim BanCorp by 3.9% in the fourth quarter. De Lisle Partners LLP now owns 460,708 shares of the financial services provider's stock worth $12,268,000 after purchasing an additional 17,296 shares during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.