Northrim BanCorp (NASDAQ:NRIM) Hits New 1-Year High – What’s Next?

Shares of Northrim BanCorp Inc (NASDAQ:NRIM) hit a new 52-week high on Thursday . The stock traded as high as $28.72 and last traded at $28.80, with a volume of 16519 shares trading hands. The stock had previously closed at $27.84.

Wall Street Analyst Weigh In

Several brokerages recently commented on NRIM. Zacks Research cut Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Wall Street Zen raised shares of Northrim BanCorp from a “hold” rating to a “buy” rating in a research note on Saturday, October 25th. Hovde Group lifted their target price on shares of Northrim BanCorp from $28.00 to $33.00 and gave the stock an “outperform” rating in a research note on Friday, October 24th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Northrim BanCorp in a report on Wednesday, December 24th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $33.00.

Northrim BanCorp Trading Down 0.2%

The firm’s 50 day simple moving average is $25.98 and its two-hundred day simple moving average is $23.62. The stock has a market capitalization of $639.31 million, a P/E ratio of 10.32 and a beta of 0.97. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 0.07.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. Northrim BanCorp had a net margin of 25.32% and a return on equity of 18.12%. The company had revenue of $66.59 million for the quarter, compared to analysts’ expectations of $50.60 million. As a group, analysts forecast 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, December 26th. Stockholders of record on Thursday, December 18th were issued a dividend of $0.16 per share. The ex-dividend date was Thursday, December 18th. This represents a $0.64 annualized dividend and a dividend yield of 2.2%. Northrim BanCorp’s payout ratio is currently 22.78%.

Insiders Place Their Bets

In other Northrim BanCorp news, Director David J. Mccambridge acquired 1,150 shares of the company’s stock in a transaction on Tuesday, December 9th. The shares were purchased at an average cost of $24.87 per share, with a total value of $28,600.50. Following the completion of the purchase, the director owned 41,598 shares of the company’s stock, valued at approximately $1,034,542.26. This represents a 2.84% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Shauna Hegna bought 1,186 shares of the firm’s stock in a transaction dated Tuesday, December 9th. The shares were acquired at an average cost of $25.25 per share, with a total value of $29,946.50. Following the completion of the transaction, the director owned 1,638 shares of the company’s stock, valued at $41,359.50. This represents a 262.39% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 3.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Northrim BanCorp

Hedge funds have recently added to or reduced their stakes in the stock. Federated Hermes Inc. raised its stake in shares of Northrim BanCorp by 300.0% in the third quarter. Federated Hermes Inc. now owns 1,452 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 1,089 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its position in Northrim BanCorp by 298.0% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider’s stock valued at $34,000 after buying an additional 1,174 shares during the last quarter. CWM LLC lifted its stake in Northrim BanCorp by 286.6% during the 3rd quarter. CWM LLC now owns 1,616 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,198 shares in the last quarter. Assetmark Inc. lifted its stake in Northrim BanCorp by 289.5% during the 3rd quarter. Assetmark Inc. now owns 1,780 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 1,323 shares in the last quarter. Finally, Ameritas Investment Partners Inc. boosted its holdings in Northrim BanCorp by 227.2% during the 3rd quarter. Ameritas Investment Partners Inc. now owns 1,816 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 1,261 shares during the last quarter. Institutional investors and hedge funds 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.