Short Interest in Northrim BanCorp Inc (NASDAQ:NRIM) Increases By 25.9%

Northrim BanCorp Inc (NASDAQ:NRIM) was the target of a significant growth in short interest in February. As of February 13th, there was short interest totaling 461,821 shares, a growth of 25.9% from the January 29th total of 366,914 shares. Approximately 2.2% of the company’s stock are short sold. Based on an average daily volume of 197,481 shares, the short-interest ratio is presently 2.3 days. Based on an average daily volume of 197,481 shares, the short-interest ratio is presently 2.3 days. Approximately 2.2% of the company’s stock are short sold.

Analysts Set New Price Targets

NRIM has been the subject of a number of analyst reports. Wall Street Zen cut shares of Northrim BanCorp from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Zacks Research lowered shares of Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northrim BanCorp in a research note on Wednesday, December 24th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.00.

Northrim BanCorp Stock Up 1.2%

Shares of NASDAQ NRIM traded up $0.29 during mid-day trading on Wednesday, reaching $24.33. 140,842 shares of the company’s stock were exchanged, compared to its average volume of 158,446. 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 business has a fifty day simple moving average of $26.02 and a 200 day simple moving average of $24.23. Northrim BanCorp has a twelve month low of $16.17 and a twelve month high of $30.82. The firm has a market capitalization of $537.45 million, a price-to-earnings ratio of 8.48 and a beta of 0.93.

Northrim BanCorp (NASDAQ:NRIM) last announced its quarterly earnings results on Friday, January 23rd. The financial services provider reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.10). The company had revenue of $51.66 million during the quarter, compared to the consensus estimate of $52.70 million. Northrim BanCorp had a net margin of 25.17% and a return on equity of 18.13%. As a group, equities analysts expect that Northrim BanCorp will post 8.05 EPS for the current fiscal year.

Northrim BanCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Thursday, March 5th will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Thursday, March 5th. Northrim BanCorp’s dividend payout ratio (DPR) is currently 22.30%.

Insider Activity

In other Northrim BanCorp news, Director Shauna Hegna purchased 1,186 shares of the firm’s stock in a transaction dated Tuesday, December 9th. The stock was bought at an average price of $25.25 per share, with a total value of $29,946.50. Following the completion of the purchase, the director owned 1,638 shares in the company, valued at $41,359.50. This trade represents a 262.39% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael G. Huston bought 1,500 shares of the business’s stock in a transaction on Thursday, January 29th. The stock was purchased at an average price of $22.80 per share, with a total value of $34,200.00. Following the completion of the transaction, the chief executive officer directly owned 83,252 shares of the company’s stock, valued at $1,898,145.60. This trade represents a 1.83% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders bought 5,126 shares of company stock worth $122,726. 3.90% of the stock is currently owned by insiders.

Institutional Trading of Northrim BanCorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Financial Management Professionals Inc. acquired a new position in Northrim BanCorp during the fourth quarter worth $27,000. Federated Hermes Inc. boosted its stake in shares of Northrim BanCorp by 300.0% during the 3rd quarter. Federated Hermes Inc. now owns 1,452 shares of the financial services provider’s stock worth $31,000 after buying an additional 1,089 shares during the last quarter. Quarry LP grew its holdings in shares of Northrim BanCorp by 47.7% in the 4th quarter. Quarry LP now owns 1,275 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 412 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its position in shares of Northrim BanCorp by 298.0% in the third quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 1,174 shares during the last quarter. Finally, CWM LLC raised its holdings in Northrim BanCorp by 286.6% during the third quarter. CWM LLC now owns 1,616 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,198 shares in 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.