Northrim BanCorp (NASDAQ:NRIM) Share Price Crosses Above 200 Day Moving Average - Time to Sell?

Key Points

• Northrim BanCorp shares rose above their 200-day moving average, trading as high as $26.03 and last changing hands at $25.56. The stock’s 200-day average is $25.22, while its 50-day average is $26.58.
• Analysts maintain a “Moderate Buy” consensus with a $30.00 target price, implying potential upside. The company recently beat quarterly earnings and revenue estimates, reporting EPS of $0.68 versus the $0.61 consensus.
• Northrim BanCorp increased its quarterly dividend to $0.17 per share, equivalent to a 2.7% yield. Institutional investors own nearly 66% of the stock, while recent insider activity included director buying and executive selling.

Northrim BanCorp Inc (NASDAQ:NRIM - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $25.22 and traded as high as $26.03. Northrim BanCorp shares last traded at $25.56, with a volume of 189,778 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of Northrim BanCorp in a research note on Friday, September 11th. Keefe, Bruyette & Woods began coverage on shares of Northrim BanCorp in a research report on Wednesday, July 1st. They issued a "market perform" rating and a $30.00 target price for the company. Finally, Hovde Group initiated coverage on shares of Northrim BanCorp in a research note on Tuesday, September 8th. They issued an "outperform" rating and a $30.00 target price on the stock. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Northrim BanCorp has a consensus rating of "Moderate Buy" and a consensus target price of $30.00.

Northrim BanCorp Stock Down 1.7%

The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.91 and a current ratio of 0.94. The firm has a market capitalization of $568.71 million, a P/E ratio of 8.41 and a beta of 0.87. The stock has a fifty day moving average price of $26.58 and a two-hundred day moving average price of $25.22.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $51.80 million. Research analysts forecast that Northrim BanCorp Inc will post 2.68 EPS for the current year.

Northrim BanCorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Thursday, September 10th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. This is a positive change from Northrim BanCorp's previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Thursday, September 10th. Northrim BanCorp's dividend payout ratio is currently 22.37%.

Insider Buying and Selling at Northrim BanCorp

In other Northrim BanCorp news, Director Linda Thomas purchased 1,200 shares of Northrim BanCorp stock in a transaction dated Tuesday, September 8th. The shares were bought at an average cost of $26.20 per share, for a total transaction of $31,440.00. Following the transaction, the director owned 6,688 shares in the company, valued at $175,225.60. This represents a 21.87% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Jed Ballard sold 3,492 shares of Northrim BanCorp stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $25.91, for a total transaction of $90,477.72. Following the completion of the transaction, the executive vice president directly owned 26,835 shares of the company's stock, valued at $695,294.85. This trade represents a 11.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 18,180 shares of company stock valued at $477,724 over the last three months. 2.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Northrim BanCorp

Hedge funds and other institutional investors have recently bought and sold shares of the stock. IFP Advisors Inc raised its position in shares of Northrim BanCorp by 97.0% during the 2nd quarter. IFP Advisors Inc now owns 1,375 shares of the financial services provider's stock worth $38,000 after purchasing an additional 677 shares during the period. Ancora Advisors LLC lifted its holdings in shares of Northrim BanCorp by 74.5% in the 2nd quarter. Ancora Advisors LLC now owns 126,214 shares of the financial services provider's stock worth $3,501,000 after purchasing an additional 53,894 shares during the last quarter. Benjamin Edwards Inc. acquired a new position in Northrim BanCorp during the 2nd quarter valued at approximately $350,000. Empowered Funds LLC acquired a new position in Northrim BanCorp during the 2nd quarter valued at approximately $2,517,000. Finally, Punch & Associates Investment Management Inc. acquired a new position in Northrim BanCorp during the 2nd quarter valued at approximately $9,514,000. 65.99% of the stock is currently owned by institutional investors and hedge funds.

Northrim BanCorp Company Profile

Northrim BanCorp, Inc is an Alaska-based bank holding company headquartered in Anchorage. Through its principal subsidiary, Northrim Bank, the company provides financial services to businesses, individuals and organizations throughout Alaska. Northrim BanCorp trades on the Nasdaq under the symbol NRIM.

Northrim Bank operates as a full-service community bank, offering commercial and small-business lending, commercial real estate financing, consumer loans, residential mortgage services and deposit accounts.

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