Northrim BanCorp (NASDAQ:NRIM) Stock Passes Above 200 Day Moving Average – Time to Sell?

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 $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.

Analyst Ratings Changes

NRIM has been the subject of a number of recent research reports. Hovde Group started coverage on Northrim BanCorp in a research note on Tuesday, September 8th. They set an “outperform” rating and a $30.00 price objective for the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northrim BanCorp in a report on Friday, September 11th. Finally, 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 price target for the company. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Northrim BanCorp presently has an average rating of “Moderate Buy” and a consensus target price of $30.00.

Northrim BanCorp Price Performance

The company has a debt-to-equity ratio of 0.23, a current ratio of 0.94 and a quick ratio of 0.91. The firm has a 50-day moving average of $26.55 and a 200-day moving average of $25.24. The stock has a market cap of $566.02 million, a PE ratio of 8.36 and a beta of 0.87.

Northrim BanCorp (NASDAQ:NRIM) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07. The company had revenue of $53.79 million for the quarter, compared to analysts’ expectations of $51.80 million. Northrim BanCorp had a return on equity of 17.33% and a net margin of 26.03%. Research analysts predict that Northrim BanCorp Inc will post 2.68 EPS for the current year.

Northrim BanCorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Thursday, September 10th will be issued a $0.17 dividend. The ex-dividend date is Thursday, September 10th. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.16. Northrim BanCorp’s payout ratio is presently 22.37%.

Insider Activity at Northrim BanCorp

In related news, Director Linda Thomas acquired 1,200 shares of the company’s stock in a transaction on Tuesday, September 8th. The stock was acquired at an average price of $26.20 per share, with a total value of $31,440.00. Following the acquisition, the director directly owned 6,688 shares of the company’s stock, valued at approximately $175,225.60. This trade represents a 21.87% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Anthony Drabek sold 1,200 shares of the firm’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $25.52, for a total value of $30,624.00. Following the transaction, the director owned 14,120 shares of the company’s stock, valued at approximately $360,342.40. The trade was a 7.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 18,180 shares of company stock worth $477,724 in the last quarter. 2.40% of the stock is owned by company insiders.

Institutional Trading of Northrim BanCorp

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. bought a new position in Northrim BanCorp during the second quarter valued at $81,184,000. The Manufacturers Life Insurance Company bought a new stake in shares of Northrim BanCorp in the 2nd quarter worth about $21,890,000. De Lisle Partners LLP purchased a new position in shares of Northrim BanCorp during the 2nd quarter worth about $13,220,000. Punch & Associates Investment Management Inc. bought a new position in Northrim BanCorp during the 2nd quarter valued at about $9,514,000. Finally, Alaska Wealth Advisors LLC grew its holdings in Northrim BanCorp by 212.6% during the 1st quarter. Alaska Wealth Advisors LLC now owns 305,721 shares of the financial services provider’s stock valued at $6,995,000 after purchasing an additional 207,930 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 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.