Northrim BanCorp (NASDAQ:NRIM) Reaches New 12-Month High – Time to Buy?

Northrim BanCorp Inc (NASDAQ:NRIM)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $29.59 and last traded at $29.4890, with a volume of 11558 shares traded. The stock had previously closed at $28.49.

Analysts Set New Price Targets

Several brokerages recently weighed in on NRIM. Wall Street Zen raised shares of Northrim BanCorp from a “hold” rating to a “buy” rating in a report on Saturday, October 25th. Zacks Research lowered shares of Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northrim BanCorp in a research report on Wednesday, December 24th. Finally, Hovde Group increased their target price on Northrim BanCorp from $28.00 to $33.00 and gave the company an “outperform” rating in a report on Friday, October 24th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $33.00.

Northrim BanCorp Trading Up 4.2%

The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $655.74 million, a PE ratio of 10.60 and a beta of 0.97. The business’s 50-day moving average is $26.20 and its two-hundred day moving average is $23.67.

Northrim BanCorp (NASDAQ:NRIM) last posted its earnings results on Wednesday, October 22nd. The financial services provider reported $0.72 earnings per share for the quarter, beating 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 return on equity of 18.12% and a net margin of 25.32%. On average, 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 disclosed a quarterly dividend, which was paid on Friday, December 26th. Stockholders of record on Thursday, December 18th were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Thursday, December 18th. Northrim BanCorp’s dividend payout ratio is presently 22.78%.

Insider Buying and Selling

In other Northrim BanCorp news, Director David J. Mccambridge bought 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 acquisition, the director directly owned 41,598 shares of the company’s stock, valued at $1,034,542.26. The trade was a 2.84% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Shauna Hegna purchased 1,186 shares of the firm’s stock in a transaction that occurred on Tuesday, December 9th. The shares were acquired at an average price of $25.25 per share, with a total value of $29,946.50. Following the purchase, the director owned 1,638 shares in the company, valued at $41,359.50. This trade represents a 262.39% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 3.90% of the company’s stock.

Institutional Trading of Northrim BanCorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Federated Hermes Inc. grew its stake in shares of Northrim BanCorp by 300.0% in the 3rd quarter. Federated Hermes Inc. now owns 1,452 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 1,089 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its position in Northrim BanCorp by 298.0% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider’s stock valued at $34,000 after buying an additional 1,174 shares during the last quarter. CWM LLC increased its stake in Northrim BanCorp by 286.6% in the 3rd quarter. CWM LLC now owns 1,616 shares of the financial services provider’s stock valued at $35,000 after buying an additional 1,198 shares during the period. Assetmark Inc. raised its position in Northrim BanCorp by 289.5% during the 3rd quarter. Assetmark Inc. now owns 1,780 shares of the financial services provider’s stock worth $39,000 after buying an additional 1,323 shares during the last quarter. Finally, Ameritas Investment Partners Inc. lifted its stake in shares of Northrim BanCorp by 227.2% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 1,816 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 1,261 shares during the period. 65.99% of the stock is owned by hedge funds and other institutional investors.

About Northrim BanCorp

Northrim BanCorp is the bank holding company for Northrim Bank, a community bank headquartered in Anchorage, Alaska. The company offers a comprehensive suite of personal and commercial banking products and services, including checking and savings accounts, consumer and commercial loans, mortgage financing, and treasury and cash management solutions.

With branches located across Alaska’s major population centers—such as Anchorage, Fairbanks and Juneau—Northrim serves both urban and rural communities.