Northrim BanCorp (NASDAQ:NRIM) Shares Cross Above 200 Day Moving Average of $51.71

Northrim BanCorp, Inc. (NASDAQ:NRIM) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $51.71 and traded as high as $56.00. Northrim BanCorp shares last traded at $55.52, with a volume of 20,853 shares trading hands.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut Northrim BanCorp from a “buy” rating to a “hold” rating in a report on Tuesday, May 21st.

Northrim BanCorp Price Performance

The business’s 50-day moving average price is $52.84 and its 200 day moving average price is $51.74. The company has a market capitalization of $317.02 million, a P/E ratio of 11.24 and a beta of 0.74. The company has a quick ratio of 0.79, a current ratio of 0.81 and a debt-to-equity ratio of 0.10.

Northrim BanCorp (NASDAQ:NRIM) last posted its earnings results on Wednesday, April 24th. The financial services provider reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.43. The business had revenue of $34.29 million for the quarter, compared to analysts’ expectations of $32.40 million. Northrim BanCorp had a net margin of 17.19% and a return on equity of 12.50%. Analysts anticipate that Northrim BanCorp, Inc. will post 5.61 EPS for the current fiscal year.

Northrim BanCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Thursday, June 6th were given a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a yield of 4.23%. The ex-dividend date was Thursday, June 6th. Northrim BanCorp’s payout ratio is 47.56%.

Insiders Place Their Bets

In other Northrim BanCorp news, Director David J. Mccambridge acquired 550 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was bought at an average price of $53.93 per share, with a total value of $29,661.50. Following the completion of the acquisition, the director now owns 10,112 shares of the company’s stock, valued at $545,340.16. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.10% of the company’s stock.

Institutional Trading of Northrim BanCorp

Hedge funds have recently made changes to their positions in the stock. Principal Securities Inc. purchased a new stake in Northrim BanCorp during the fourth quarter valued at about $28,000. Tower Research Capital LLC TRC lifted its position in Northrim BanCorp by 161.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 873 shares of the financial services provider’s stock worth $50,000 after buying an additional 539 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Northrim BanCorp in the fourth quarter worth approximately $170,000. Teton Advisors Inc. bought a new position in Northrim BanCorp during the fourth quarter valued at approximately $240,000. Finally, SeaCrest Wealth Management LLC purchased a new position in shares of Northrim BanCorp during the fourth quarter worth approximately $247,000. 65.99% of the stock is owned by institutional investors.

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.