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

Shares of Northrim BanCorp Inc (NASDAQ:NRIM) reached 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.

Wall Street Analysts Forecast Growth

NRIM has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Northrim BanCorp in a research report on Tuesday, October 14th. Wall Street Zen upgraded Northrim BanCorp from a “hold” rating to a “buy” rating in a report on Saturday, October 25th. Zacks Research raised Northrim BanCorp from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 14th. Finally, Hovde Group boosted their price objective on Northrim BanCorp from $28.00 to $33.00 and gave the company an “outperform” rating in a report on Friday, October 24th. One research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $33.00.

Northrim BanCorp Trading Up 0.2%

The stock’s 50-day moving average price is $23.17 and its 200 day moving average price is $22.79. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.87. The firm has a market capitalization of $611.89 million, a PE ratio of 9.88 and a beta of 0.98.

Northrim BanCorp (NASDAQ:NRIM) last announced its quarterly earnings results on Wednesday, October 22nd. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10. Northrim BanCorp had a return on equity of 18.12% and a net margin of 25.32%.The firm had revenue of $66.59 million during the quarter, compared to analyst estimates of $50.60 million. On average, sell-side analysts expect that Northrim BanCorp Inc will post 8.05 EPS 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. Stockholders 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 dividend yield of 2.3%. Northrim BanCorp’s dividend payout ratio is presently 22.78%.

Insider Buying and Selling at Northrim BanCorp

In other Northrim BanCorp news, Director Shauna Hegna bought 1,186 shares of the company’s stock in a transaction on Tuesday, December 9th. The shares were bought at an average cost of $25.25 per share, for a total transaction of $29,946.50. Following the acquisition, the director directly owned 1,638 shares in the company, valued at approximately $41,359.50. The trade was a 262.39% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director David J. Mccambridge bought 1,150 shares of the business’s stock in a transaction on Tuesday, December 9th. The shares were acquired at an average cost of $24.87 per share, for a total transaction of $28,600.50. Following the transaction, the director directly owned 41,598 shares in the company, valued at approximately $1,034,542.26. This trade represents a 2.84% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Northrim BanCorp

Hedge funds and other institutional investors have recently modified their holdings of the business. Federated Hermes Inc. increased its holdings in Northrim BanCorp by 300.0% during the third quarter. Federated Hermes Inc. now owns 1,452 shares of the financial services provider’s stock valued at $31,000 after buying an additional 1,089 shares during the period. CANADA LIFE ASSURANCE Co boosted its position in Northrim BanCorp by 298.0% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 1,174 shares in the last quarter. CWM LLC boosted its position in Northrim BanCorp by 286.6% during the 3rd quarter. CWM LLC now owns 1,616 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,198 shares in the last quarter. US Bancorp DE purchased a new position in shares of Northrim BanCorp in the 1st quarter valued at $37,000. Finally, Assetmark Inc. raised its position in shares of Northrim BanCorp by 289.5% in the 3rd quarter. Assetmark Inc. now owns 1,780 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 1,323 shares in the last quarter. 65.99% of the stock is currently owned by 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.