Short Interest in Northrim BanCorp, Inc. (NASDAQ:NRIM) Expands By 29.7%

Northrim BanCorp, Inc. (NASDAQ:NRIM) was the target of a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 52,000 shares, a growth of 29.7% from the February 28th total of 40,100 shares. Currently, 1.0% of the shares of the stock are short sold. Based on an average daily volume of 49,400 shares, the days-to-cover ratio is currently 1.1 days.

Wall Street Analyst Weigh In

Separately, Hovde Group began 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.

Insider Activity

In related news, CEO Michael G. Huston sold 453 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $89.18, for a total value of $40,398.54. Following the sale, the chief executive officer now owns 23,759 shares of the company’s stock, valued at approximately $2,118,827.62. This represents a 1.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 4.10% of the company’s stock.

Institutional Trading of Northrim BanCorp

A number of hedge funds have recently added to or reduced their stakes in NRIM. Vanguard Group Inc. increased its stake in shares of Northrim BanCorp by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 301,117 shares of the financial services provider’s stock valued at $23,469,000 after acquiring an additional 2,802 shares during the last quarter. Geode Capital Management LLC increased its position in Northrim BanCorp by 1.7% during the third quarter. Geode Capital Management LLC now owns 126,898 shares of the financial services provider’s stock worth $9,040,000 after purchasing an additional 2,133 shares during the last quarter. American Century Companies Inc. increased its position in Northrim BanCorp by 16.4% during the fourth quarter. American Century Companies Inc. now owns 122,173 shares of the financial services provider’s stock worth $9,522,000 after purchasing an additional 17,240 shares during the last quarter. State Street Corp raised its stake in Northrim BanCorp by 8.0% during the third quarter. State Street Corp now owns 107,568 shares of the financial services provider’s stock worth $7,661,000 after purchasing an additional 8,012 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Northrim BanCorp by 16.6% in the 4th quarter. Bank of New York Mellon Corp now owns 49,272 shares of the financial services provider’s stock valued at $3,840,000 after purchasing an additional 7,009 shares during the last quarter. 65.99% of the stock is owned by institutional investors and hedge funds.

Northrim BanCorp Trading Up 1.1 %

Shares of NASDAQ NRIM traded up $0.78 during midday trading on Tuesday, reaching $74.00. 26,446 shares of the stock were exchanged, compared to its average volume of 28,051. The stock has a 50 day moving average price of $79.98 and a 200-day moving average price of $77.31. 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 company has a market capitalization of $408.55 million, a P/E ratio of 11.18 and a beta of 0.82. Northrim BanCorp has a 52-week low of $43.92 and a 52-week high of $91.72.

Northrim BanCorp (NASDAQ:NRIM) last released its earnings results on Friday, January 24th. The financial services provider reported $1.95 EPS for the quarter, topping 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%. Equities research analysts expect that Northrim BanCorp will post 8.05 earnings per share for the current fiscal year.

Northrim BanCorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, March 6th were paid a $0.64 dividend. 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 3.46%. The ex-dividend date was Thursday, March 6th. Northrim BanCorp’s dividend payout ratio is presently 38.67%.

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.