Northrim BanCorp, Inc. (NASDAQ:NRIM) Sees Large Growth in Short Interest
Northrim BanCorp, Inc. (NASDAQ:NRIM) was the target of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 89,000 shares, an increase of 38.6% from the September 30th total of 64,200 shares. Approximately 1.4% of the company’s stock are sold short. Based on an average daily volume of 16,700 shares, the days-to-cover ratio is presently 5.3 days.
Northrim BanCorp stock traded up $0.17 during trading on Tuesday, reaching $39.13. The stock had a trading volume of 1,038 shares, compared to its average volume of 11,185. Northrim BanCorp has a 52-week low of $29.66 and a 52-week high of $42.28. The business has a 50 day moving average price of $38.69 and a 200 day moving average price of $36.60. The company has a quick ratio of 0.84, a current ratio of 0.90 and a debt-to-equity ratio of 0.16. The stock has a market cap of $254.79 million, a PE ratio of 13.68 and a beta of 0.80.
Northrim BanCorp (NASDAQ:NRIM) last issued its quarterly earnings results on Monday, October 28th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.35. Northrim BanCorp had a net margin of 20.05% and a return on equity of 10.16%. The company had revenue of $26.82 million during the quarter, compared to the consensus estimate of $26.10 million. On average, equities analysts predict that Northrim BanCorp will post 2.93 EPS for the current fiscal year.
In other Northrim BanCorp news, Director David G. Wight acquired 650 shares of the stock in a transaction dated Thursday, October 31st. The stock was acquired at an average price of $39.17 per share, with a total value of $25,460.50. Following the completion of the purchase, the director now owns 12,650 shares in the company, valued at approximately $495,500.50. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last three months, insiders bought 987 shares of company stock valued at $37,798. Insiders own 2.20% of the company’s stock.
A number of institutional investors have recently modified their holdings of NRIM. First Trust Advisors LP raised its holdings in Northrim BanCorp by 22.1% during the third quarter. First Trust Advisors LP now owns 15,138 shares of the financial services provider’s stock worth $601,000 after purchasing an additional 2,735 shares in the last quarter. California Public Employees Retirement System raised its holdings in Northrim BanCorp by 5.7% during the third quarter. California Public Employees Retirement System now owns 38,668 shares of the financial services provider’s stock worth $1,534,000 after purchasing an additional 2,100 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in Northrim BanCorp by 17.1% during the third quarter. Commonwealth Equity Services LLC now owns 7,391 shares of the financial services provider’s stock worth $293,000 after purchasing an additional 1,078 shares in the last quarter. Rhumbline Advisers raised its holdings in Northrim BanCorp by 8.5% during the third quarter. Rhumbline Advisers now owns 10,290 shares of the financial services provider’s stock worth $408,000 after purchasing an additional 806 shares in the last quarter. Finally, AdvisorNet Financial Inc acquired a new stake in Northrim BanCorp during the third quarter worth approximately $81,000. Institutional investors own 70.84% 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 in Alaska. It operates in two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, money market deposit accounts, certificates of deposit, and courier noncash deposits.
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