Northrim BanCorp (NASDAQ:NRIM) Stock Passes Above 200 Day Moving Average – Here’s Why

Northrim BanCorp, Inc. (NASDAQ:NRIM) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $70.75 and traded as high as $75.23. Northrim BanCorp shares last traded at $73.73, with a volume of 57,951 shares.

Analyst Upgrades and Downgrades

Separately, Hovde Group assumed coverage on shares of Northrim BanCorp in a report on Friday, December 20th. They set an “outperform” rating and a $96.50 target price on the stock.

Northrim BanCorp Price Performance

The company has a current ratio of 0.85, a quick ratio of 0.81 and a debt-to-equity ratio of 0.09. The firm has a market cap of $394.33 million, a PE ratio of 12.23 and a beta of 0.82. The business has a fifty day moving average of $80.41 and a 200-day moving average of $70.77.

Northrim BanCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Thursday, December 19th were given a $0.62 dividend. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.46%. Northrim BanCorp’s dividend payout ratio (DPR) is currently 42.32%.

Insider Activity at Northrim BanCorp

In other Northrim BanCorp news, Director Linda C. Thomas sold 2,550 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $79.00, for a total value of $201,450.00. Following the transaction, the director now directly owns 1,172 shares in the company, valued at $92,588. This represents a 68.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Northrim BanCorp

Institutional investors have recently made changes to their positions in the stock. State Street Corp grew its position in Northrim BanCorp by 8.0% during the third quarter. State Street Corp now owns 107,568 shares of the financial services provider’s stock valued at $7,661,000 after acquiring an additional 8,012 shares during the last quarter. Elizabeth Park Capital Advisors Ltd. raised its position in Northrim BanCorp by 27.3% in the 2nd quarter. Elizabeth Park Capital Advisors Ltd. now owns 46,316 shares of the financial services provider’s stock worth $2,670,000 after purchasing an additional 9,919 shares during the period. Barclays PLC lifted its stake in Northrim BanCorp by 32.5% in the third quarter. Barclays PLC now owns 20,689 shares of the financial services provider’s stock worth $1,474,000 after purchasing an additional 5,079 shares during the last quarter. Geode Capital Management LLC boosted its position in Northrim BanCorp by 1.7% during the third quarter. Geode Capital Management LLC now owns 126,898 shares of the financial services provider’s stock valued at $9,040,000 after buying an additional 2,133 shares during the period. Finally, FMR LLC grew its stake in shares of Northrim BanCorp by 13.1% during the third quarter. FMR LLC now owns 1,731 shares of the financial services provider’s stock valued at $123,000 after buying an additional 201 shares during the last quarter. Institutional investors own 65.99% of the company’s stock.

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.