Northrim BanCorp (NASDAQ:NRIM) Shares Pass Above Two Hundred Day Moving Average – What’s Next?

Shares of Northrim BanCorp Inc (NASDAQ:NRIM) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $22.24 and traded as high as $23.50. Northrim BanCorp shares last traded at $23.31, with a volume of 86,319 shares traded.

Analysts Set New Price Targets

Several analysts recently weighed in on NRIM shares. Hovde Group raised their price objective on Northrim BanCorp from $28.00 to $33.00 and gave the company an “outperform” rating in a research note on Friday, October 24th. Weiss Ratings restated a “buy (b-)” rating on shares of Northrim BanCorp in a research note on Tuesday, October 14th. Finally, Wall Street Zen raised shares of Northrim BanCorp from a “hold” rating to a “buy” rating in a report on Saturday, October 25th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $33.00.

Northrim BanCorp Stock Up 1.1%

The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.87 and a current ratio of 0.91. The stock’s fifty day simple moving average is $22.07 and its two-hundred day simple moving average is $22.24. The stock has a market capitalization of $514.94 million, a P/E ratio of 8.31 and a beta of 0.98.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings results on Wednesday, October 22nd. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.10. Northrim BanCorp had a net margin of 25.32% and a return on equity of 18.12%. The firm had revenue of $66.59 million during the quarter, compared to the consensus estimate of $50.60 million. As a group, research analysts expect that Northrim BanCorp Inc will post 8.05 EPS for the current fiscal year.

Northrim BanCorp Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Thursday, September 4th were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Thursday, September 4th. Northrim BanCorp’s payout ratio is 22.78%.

Hedge Funds Weigh In On Northrim BanCorp

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in Northrim BanCorp by 326.4% in the third quarter. Vanguard Group Inc. now owns 1,639,351 shares of the financial services provider’s stock valued at $35,508,000 after acquiring an additional 1,254,870 shares during the last quarter. LSV Asset Management boosted its stake in shares of Northrim BanCorp by 185.8% in the 3rd quarter. LSV Asset Management now owns 255,360 shares of the financial services provider’s stock valued at $5,531,000 after purchasing an additional 166,020 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Northrim BanCorp by 314.2% during the third quarter. JPMorgan Chase & Co. now owns 191,908 shares of the financial services provider’s stock worth $4,157,000 after buying an additional 145,578 shares during the period. Rosenthal Henry Capital Advisors Inc. raised its stake in Northrim BanCorp by 300.0% during the third quarter. Rosenthal Henry Capital Advisors Inc. now owns 120,000 shares of the financial services provider’s stock worth $2,599,000 after buying an additional 90,000 shares during the last quarter. Finally, Alaska Wealth Advisors lifted its holdings in Northrim BanCorp by 300.0% in the third quarter. Alaska Wealth Advisors now owns 97,791 shares of the financial services provider’s stock valued at $2,118,000 after buying an additional 73,343 shares during the period. 65.99% of the stock is owned by institutional investors and hedge funds.

About Northrim BanCorp

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.