Northrim BanCorp (NASDAQ:NRIM) Share Price Crosses Above Two Hundred Day Moving Average - Should You Sell?

Northrim BanCorp Inc (NASDAQ:NRIM - Get Free Report)'s share price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $22.07 and traded as high as $22.21. Northrim BanCorp shares last traded at $22.14, with a volume of 102,171 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Wall Street Zen raised shares of Northrim BanCorp from a "hold" rating to a "buy" rating in a report on Saturday, October 25th. Hovde Group raised their price target on shares of Northrim BanCorp from $28.00 to $33.00 and gave the company an "outperform" rating in a report on Friday, October 24th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Northrim BanCorp in a report on Tuesday, October 14th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $33.00.

Read Our Latest Stock Report on Northrim BanCorp

Northrim BanCorp Stock Up 0.7%

The business's fifty day simple moving average is $22.15 and its 200 day simple moving average is $22.07. 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 stock has a market cap of $489.09 million, a price-to-earnings ratio of 7.89 and a beta of 0.94.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last released its earnings results on Wednesday, October 22nd. The financial services provider reported $0.72 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.10. Northrim BanCorp had a net margin of 25.32% and a return on equity of 18.12%. The firm had revenue of $66.59 million during the quarter, compared to analyst estimates of $50.60 million. Equities analysts forecast that Northrim BanCorp Inc will post 8.05 earnings per share for the current fiscal year.

Northrim BanCorp Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Thursday, September 4th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Thursday, September 4th. Northrim BanCorp's dividend payout ratio (DPR) is currently 22.78%.

Hedge Funds Weigh In On Northrim BanCorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. AlphaQuest LLC boosted its position in shares of Northrim BanCorp by 483.5% during the third quarter. AlphaQuest LLC now owns 4,324 shares of the financial services provider's stock worth $94,000 after purchasing an additional 3,583 shares in the last quarter. Summit Global Investments boosted its position in shares of Northrim BanCorp by 300.0% during the third quarter. Summit Global Investments now owns 17,952 shares of the financial services provider's stock worth $389,000 after purchasing an additional 13,464 shares in the last quarter. New York State Common Retirement Fund boosted its position in shares of Northrim BanCorp by 300.0% during the third quarter. New York State Common Retirement Fund now owns 10,580 shares of the financial services provider's stock worth $229,000 after purchasing an additional 7,935 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of Northrim BanCorp by 300.0% during the third 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 in the last quarter. Finally, SummerHaven Investment Management LLC bought a new position in shares of Northrim BanCorp during the third quarter worth $762,000. 65.99% of the stock is owned by institutional investors.

About Northrim BanCorp

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.

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