Northrim BanCorp (NASDAQ:NRIM) Share Price Crosses Above 200 Day Moving Average - Here's Why

Northrim BanCorp, Inc. (NASDAQ:NRIM - Get Free Report)'s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $75.74 and traded as high as $81.75. Northrim BanCorp shares last traded at $80.58, with a volume of 19,268 shares.

Wall Street Analyst Weigh In

Separately, Hovde Group started coverage on Northrim BanCorp in a research report on Friday, December 20th. They issued an "outperform" rating and a $96.50 price objective on the stock.

Northrim BanCorp Stock Down 2.5 %

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 50-day moving average of $81.02 and a 200 day moving average of $76.07. The stock has a market capitalization of $441.39 million, a price-to-earnings ratio of 12.12 and a beta of 0.83.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last announced its earnings results on Friday, January 24th. The financial services provider reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.72. Northrim BanCorp had a net margin of 18.87% and a return on equity of 14.86%. On average, sell-side analysts anticipate that Northrim BanCorp, Inc. will post 8.05 earnings per share for the current year.

Northrim BanCorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Thursday, March 6th will be issued a dividend of $0.64 per share. This is a positive change from Northrim BanCorp's previous quarterly dividend of $0.62. This represents a $2.56 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend is Thursday, March 6th. Northrim BanCorp's dividend payout ratio (DPR) is currently 38.67%.

Insider Activity

In other news, CEO Michael G. Huston sold 453 shares of the stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $89.18, for a total value of $40,398.54. Following the completion of the transaction, the chief executive officer now directly owns 23,759 shares in the company, valued at $2,118,827.62. This trade represents a 1.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 4.10% of the company's stock.

Institutional Trading of Northrim BanCorp

Institutional investors have recently modified their holdings of the company. Los Angeles Capital Management LLC raised its holdings in shares of Northrim BanCorp by 32.8% during the third quarter. Los Angeles Capital Management LLC now owns 12,936 shares of the financial services provider's stock valued at $921,000 after acquiring an additional 3,195 shares during the period. Empowered Funds LLC raised its position in shares of Northrim BanCorp by 4.7% in the third quarter. Empowered Funds LLC now owns 20,697 shares of the financial services provider's stock valued at $1,474,000 after purchasing an additional 938 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Northrim BanCorp in the third quarter worth about $824,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Northrim BanCorp by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 15,677 shares of the financial services provider's stock worth $1,117,000 after purchasing an additional 457 shares during the period. Finally, FMR LLC increased its position 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 purchasing an additional 201 shares during the period. Institutional investors and hedge funds own 65.99% of the company's stock.

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.