Northrim BanCorp, Inc. (NASDAQ:NRIM) Short Interest Up 23.4% in July

Northrim BanCorp, Inc. (NASDAQ:NRIM) was the target of a large increase in short interest in July. As of July 15th, there was short interest totalling 74,300 shares, an increase of 23.4% from the June 30th total of 60,200 shares. Based on an average daily volume of 20,100 shares, the days-to-cover ratio is presently 3.7 days. Currently, 1.4% of the company’s stock are short sold.

Insider Buying and Selling

In related news, Director David J. Mccambridge purchased 550 shares of Northrim BanCorp stock in a transaction dated Friday, May 24th. The stock was bought at an average price of $53.93 per share, for a total transaction of $29,661.50. Following the completion of the acquisition, the director now directly owns 10,112 shares of the company’s stock, valued at $545,340.16. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 4.10% of the stock is owned by company insiders.

Institutional Trading of Northrim BanCorp

Several hedge funds have recently added to or reduced their stakes in NRIM. Bank of New York Mellon Corp increased its position in Northrim BanCorp by 2.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 47,275 shares of the financial services provider’s stock worth $2,725,000 after buying an additional 1,149 shares during the period. Huber Capital Management LLC increased its position in Northrim BanCorp by 0.4% during the first quarter. Huber Capital Management LLC now owns 56,079 shares of the financial services provider’s stock worth $2,833,000 after acquiring an additional 200 shares during the period. Vanguard Group Inc. raised its stake in Northrim BanCorp by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 292,798 shares of the financial services provider’s stock worth $14,789,000 after purchasing an additional 1,795 shares in the last quarter. Empowered Funds LLC grew its position in Northrim BanCorp by 8.1% during the first quarter. Empowered Funds LLC now owns 18,499 shares of the financial services provider’s stock worth $934,000 after buying an additional 1,390 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Northrim BanCorp by 48.6% in the first quarter. BNP Paribas Financial Markets now owns 9,129 shares of the financial services provider’s stock valued at $461,000 after purchasing an additional 2,986 shares in the last quarter. 65.99% of the stock is owned by institutional investors and hedge funds.

Northrim BanCorp Stock Performance

NRIM traded down $0.15 during trading hours on Friday, reaching $71.31. The company’s stock had a trading volume of 18,900 shares, compared to its average volume of 29,124. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.79 and a current ratio of 0.81. The company’s 50-day moving average is $57.93 and its 200-day moving average is $52.60. Northrim BanCorp has a 52 week low of $38.25 and a 52 week high of $74.34. The firm has a market cap of $392.21 million, a PE ratio of 13.90 and a beta of 0.73.

Northrim BanCorp (NASDAQ:NRIM) last announced its earnings results on Wednesday, July 24th. The financial services provider reported $1.62 EPS for the quarter, topping the consensus estimate of $1.31 by $0.31. The business had revenue of $46.49 million during the quarter, compared to the consensus estimate of $35.00 million. Northrim BanCorp had a net margin of 18.41% and a return on equity of 13.82%. On average, equities analysts forecast that Northrim BanCorp will post 5.57 EPS for the current year.

Northrim BanCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Thursday, June 6th were paid a dividend of $0.61 per share. The ex-dividend date of this dividend was Thursday, June 6th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 3.42%. Northrim BanCorp’s dividend payout ratio (DPR) is currently 47.56%.

Analyst Ratings Changes

Separately, StockNews.com cut shares of Northrim BanCorp from a “buy” rating to a “hold” rating in a report on Tuesday, May 21st.

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.