Northrim BanCorp (NASDAQ:NRIM) Stock Passes Above Two Hundred Day Moving Average - Here's Why

Key Points

• Northrim BanCorp (NRIM) briefly passed above its 200‑day moving average
• Analysts have a consensus rating of “Moderate Buy” with an average price target of $33.00 despite recent downgrades to Hold; the bank reported an EPS beat ($0.61 vs. $0.53) but missed revenue, trades at a PE of 8.48, and has roughly 66% institutional ownership.

Northrim BanCorp Inc (NASDAQ:NRIM - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $24.56 and traded as high as $25.50. Northrim BanCorp shares last traded at $24.43, with a volume of 129,432 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on NRIM shares. Wall Street Zen downgraded Northrim BanCorp from a "buy" rating to a "hold" rating in a research report on Saturday, January 31st. Zacks Research lowered Northrim BanCorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, January 12th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Northrim BanCorp currently has an average rating of "Moderate Buy" and an average price target of $33.00.

Northrim BanCorp Price Performance

The company has a market capitalization of $543.32 million, a PE ratio of 8.48 and a beta of 0.91. The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.25. The company's 50 day moving average price is $23.79 and its 200-day moving average price is $24.56.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The financial services provider reported $0.61 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.08. The firm had revenue of $48.30 million for the quarter, compared to analysts' expectations of $50.60 million. Northrim BanCorp had a return on equity of 17.33% and a net margin of 24.91%. On average, sell-side analysts forecast that Northrim BanCorp Inc will post 2.6 earnings per share for the current fiscal year.

Institutional Trading of Northrim BanCorp

A number of institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC lifted 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 valued at $50,000 after buying an additional 138 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of 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. Creative Planning increased its position in shares of Northrim BanCorp by 11.2% in the second quarter. Creative Planning now owns 3,096 shares of the financial services provider's stock worth $289,000 after acquiring an additional 313 shares in the last quarter. Occudo Quantitative Strategies LP raised its stake in shares of Northrim BanCorp by 9.8% in the 2nd quarter. Occudo Quantitative Strategies LP now owns 3,960 shares of the financial services provider's stock valued at $369,000 after acquiring an additional 355 shares during the period. Finally, Quarry LP lifted its holdings in shares of Northrim BanCorp by 47.7% during the 4th quarter. Quarry LP now owns 1,275 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 412 shares in the last quarter. Hedge funds and other institutional investors own 65.99% of the company's stock.

About Northrim BanCorp

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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