Northrim BanCorp Inc (NASDAQ:NRIM) Short Interest Update

Northrim BanCorp Inc (NASDAQ:NRIM) was the target of a significant decline in short interest in the month of December. As of December 31st, there was short interest totaling 331,884 shares, a decline of 29.8% from the December 15th total of 472,704 shares. Currently, 1.6% of the shares of the company are short sold. Based on an average daily volume of 178,259 shares, the short-interest ratio is currently 1.9 days. Based on an average daily volume of 178,259 shares, the short-interest ratio is currently 1.9 days. Currently, 1.6% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

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

Northrim BanCorp Stock Performance

NASDAQ NRIM traded down $0.06 during trading hours on Friday, hitting $28.94. 153,962 shares of the company’s stock traded hands, compared to its average volume of 151,231. The business’s fifty day moving average price is $25.98 and its two-hundred day moving average price is $23.62. Northrim BanCorp has a 52 week low of $16.17 and a 52 week high of $29.20. The firm has a market capitalization of $639.31 million, a P/E ratio of 10.32 and a beta of 0.97. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 0.07.

Northrim BanCorp (NASDAQ:NRIM) last announced its quarterly earnings results on Wednesday, October 22nd. The financial services provider reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.10. Northrim BanCorp had a net margin of 25.32% and a return on equity of 18.12%. The company had revenue of $66.59 million for the quarter, compared to analysts’ expectations of $50.60 million. Equities research analysts predict that Northrim BanCorp will post 8.05 EPS for the current year.

Northrim BanCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 26th. Investors of record on Thursday, December 18th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.2%. The ex-dividend date was Thursday, December 18th. Northrim BanCorp’s dividend payout ratio (DPR) is currently 22.78%.

Insider Buying and Selling

In related news, Director Shauna Hegna purchased 1,186 shares of the stock in a transaction dated Tuesday, December 9th. The stock was bought at an average cost of $25.25 per share, with a total value of $29,946.50. Following the purchase, the director directly owned 1,638 shares in the company, valued at $41,359.50. The trade was a 262.39% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director David J. Mccambridge bought 1,150 shares of the stock in a transaction on Tuesday, December 9th. The shares were purchased at an average price of $24.87 per share, with a total value of $28,600.50. Following the acquisition, the director owned 41,598 shares in the company, valued at approximately $1,034,542.26. This represents a 2.84% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 3.90% of the company’s stock.

Institutional Investors Weigh In On Northrim BanCorp

Several institutional investors have recently bought and sold shares of NRIM. Vanguard Group Inc. increased its holdings in shares of Northrim BanCorp by 326.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,639,351 shares of the financial services provider’s stock worth $35,508,000 after buying an additional 1,254,870 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Northrim BanCorp by 248.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,346,512 shares of the financial services provider’s stock valued at $29,166,000 after buying an additional 960,299 shares during the period. American Century Companies Inc. grew its holdings in Northrim BanCorp by 344.3% during the 3rd quarter. American Century Companies Inc. now owns 665,888 shares of the financial services provider’s stock worth $14,423,000 after acquiring an additional 516,030 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Northrim BanCorp by 239.7% in the third quarter. Ameriprise Financial Inc. now owns 302,192 shares of the financial services provider’s stock valued at $6,545,000 after buying an additional 213,238 shares in the last quarter. Finally, LSV Asset Management lifted its stake in Northrim BanCorp by 185.8% during the third quarter. LSV Asset Management now owns 255,360 shares of the financial services provider’s stock worth $5,531,000 after purchasing an additional 166,020 shares during the last quarter. 65.99% of the stock is currently owned by institutional investors and hedge funds.

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.