Northrim BanCorp (NASDAQ:NRIM) Hits New 1-Year High – Should You Buy?

Northrim BanCorp Inc (NASDAQ:NRIM)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $28.21 and last traded at $27.70, with a volume of 260529 shares. The stock had previously closed at $27.64.

Analyst Upgrades and Downgrades

Several analysts have commented on NRIM shares. Weiss Ratings restated a “buy (b-)” rating on shares of Northrim BanCorp in a report on Tuesday, October 14th. Hovde Group boosted their price objective 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. Zacks Research raised shares of Northrim BanCorp from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 14th. Finally, Wall Street Zen upgraded shares of Northrim BanCorp from a “hold” rating to a “buy” rating in a research note on Saturday, October 25th. One analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $33.00.

Northrim BanCorp Stock Performance

The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 0.07. The company has a market cap of $611.89 million, a PE ratio of 9.88 and a beta of 0.98. The firm’s 50-day simple moving average is $23.17 and its two-hundred day simple moving average is $22.79.

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

Northrim BanCorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Thursday, December 18th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, December 18th. This represents a $0.64 dividend on an annualized basis and a yield of 2.3%. Northrim BanCorp’s payout ratio is currently 22.78%.

Insider Transactions at Northrim BanCorp

In other news, Director David J. Mccambridge acquired 1,150 shares of the business’s stock in a transaction dated Tuesday, December 9th. The shares were acquired at an average cost of $24.87 per share, with a total value of $28,600.50. Following the completion of the acquisition, the director owned 41,598 shares of the company’s stock, valued at approximately $1,034,542.26. This trade represents a 2.84% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Shauna Hegna purchased 1,186 shares of Northrim BanCorp stock in a transaction on 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 directly owned 1,638 shares in the company, valued at $41,359.50. The trade was a 262.39% increase in their position. The SEC filing for this purchase provides additional information. 3.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Northrim BanCorp

Several institutional investors have recently made changes to their positions in NRIM. Assetmark Inc. purchased a new position in shares of Northrim BanCorp in the 2nd quarter valued at about $43,000. Cullen Frost Bankers Inc. raised its stake in Northrim BanCorp by 159.9% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 486 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 299 shares during the last quarter. US Bancorp DE purchased a new position in Northrim BanCorp in the 1st quarter valued at $37,000. Tower Research Capital LLC TRC boosted its stake in Northrim BanCorp by 34.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 538 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 138 shares during the last quarter. Finally, Federated Hermes Inc. boosted its stake in Northrim BanCorp by 300.0% during the 3rd 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. 65.99% of the stock is owned by hedge funds and other institutional investors.

Northrim BanCorp Company Profile

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.