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

Key Points

• Northrim BanCorp's stock recently surpassed its 200-day moving average, trading at $90.47, indicating potential volatility.
• Wall Street analysts have adjusted their ratings, with one lowering Northrim BanCorp from a "buy" to a "hold" and a consensus price target of $104.00.
• The company reported $2.09 earnings per share, missing estimates, while also declaring a quarterly dividend of $0.64, resulting in a yield of 2.8%.

Northrim BanCorp Inc (NASDAQ:NRIM - Get Free Report) shares passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $84.75 and traded as high as $92.41. Northrim BanCorp shares last traded at $90.47, with a volume of 35,950 shares traded.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered shares of Northrim BanCorp from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $104.00.

Northrim BanCorp Stock Down 1.8%

The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.91. The stock has a market capitalization of $502.54 million, a price-to-earnings ratio of 11.39 and a beta of 0.97. The firm's fifty day simple moving average is $89.92 and its 200 day simple moving average is $84.98.

Northrim BanCorp's stock is set to split on the morning of Tuesday, September 23rd. The 4-1 split was announced on Friday, August 22nd. The newly created shares will be issued to shareholders after the closing bell on Monday, September 22nd.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $2.09 earnings per share for the quarter, missing the consensus estimate of $2.26 by ($0.17). The firm had revenue of $50.23 million for the quarter, compared to analyst estimates of $48.80 million. Northrim BanCorp had a return on equity of 16.35% and a net margin of 20.11%. On average, sell-side analysts forecast that Northrim BanCorp Inc will post 8.05 earnings per share for the current year.

Northrim BanCorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Thursday, September 4th were paid a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 2.8%. The ex-dividend date was Thursday, September 4th. Northrim BanCorp's payout ratio is presently 32.04%.

Hedge Funds Weigh In On Northrim BanCorp

Hedge funds and other institutional investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC boosted its position in Northrim BanCorp by 34.5% during the second quarter. Tower Research Capital LLC TRC now owns 538 shares of the financial services provider's stock worth $50,000 after purchasing an additional 138 shares during the period. Rafferty Asset Management LLC bought a new position in Northrim BanCorp during the second quarter worth $409,000. Engineers Gate Manager LP boosted its position in Northrim BanCorp by 121.5% during the second quarter. Engineers Gate Manager LP now owns 13,237 shares of the financial services provider's stock worth $1,234,000 after purchasing an additional 7,262 shares during the period. Bank of America Corp DE boosted its position in Northrim BanCorp by 10.8% during the second quarter. Bank of America Corp DE now owns 14,439 shares of the financial services provider's stock worth $1,347,000 after purchasing an additional 1,408 shares during the period. Finally, Jane Street Group LLC boosted its position in Northrim BanCorp by 48.2% during the second quarter. Jane Street Group LLC now owns 8,364 shares of the financial services provider's stock worth $780,000 after purchasing an additional 2,720 shares during the period. 65.99% of the stock is owned by 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.