Northrim BanCorp Inc (NASDAQ:NRIM) Sees Significant Increase in Short Interest

Northrim BanCorp Inc (NASDAQ:NRIM) was the recipient of a large increase in short interest during the month of January. As of January 15th, there was short interest totaling 402,358 shares, an increase of 21.2% from the December 31st total of 331,884 shares. Based on an average daily volume of 151,748 shares, the days-to-cover ratio is presently 2.7 days. Approximately 1.9% of the company’s shares are sold short. Approximately 1.9% of the company’s shares are sold short. Based on an average daily volume of 151,748 shares, the days-to-cover ratio is presently 2.7 days.

Northrim BanCorp Trading Up 1.3%

Shares of Northrim BanCorp stock opened at $25.55 on Thursday. The stock has a market capitalization of $564.40 million, a PE ratio of 8.91 and a beta of 0.95. Northrim BanCorp has a 52 week low of $16.17 and a 52 week high of $30.82. The stock has a 50 day moving average price of $26.50 and a two-hundred day moving average price of $23.76. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.87 and a current ratio of 0.91.

Northrim BanCorp (NASDAQ:NRIM) last issued its 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). Northrim BanCorp had a return on equity of 18.13% and a net margin of 25.17%.The firm had revenue of $51.66 million for the quarter, compared to analyst estimates of $52.70 million. As a group, equities analysts anticipate that Northrim BanCorp will post 8.05 earnings per share for the current fiscal year.

Northrim BanCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Thursday, March 5th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Thursday, March 5th. Northrim BanCorp’s dividend payout ratio (DPR) is 22.30%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on NRIM shares. Zacks Research downgraded Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. Wall Street Zen lowered Northrim BanCorp from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northrim BanCorp in a research report on Wednesday, December 24th. Finally, Hovde Group boosted their target price on shares of Northrim BanCorp from $28.00 to $33.00 and gave the company an “outperform” rating in a research report on Friday, October 24th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

Insider Transactions at Northrim BanCorp

In other news, CEO Michael G. Huston acquired 1,500 shares of Northrim BanCorp stock in a transaction dated Thursday, January 29th. The shares were bought at an average cost of $22.80 per share, with a total value of $34,200.00. Following the purchase, the chief executive officer owned 83,252 shares in the company, valued at $1,898,145.60. This trade represents a 1.83% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Shauna Hegna acquired 1,186 shares of the firm’s stock in a transaction dated Tuesday, December 9th. The shares were purchased at an average price of $25.25 per share, with a total value of $29,946.50. Following the completion of the transaction, the director owned 1,638 shares of the company’s stock, valued at $41,359.50. This trade represents a 262.39% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have bought 5,126 shares of company stock worth $122,726. Company insiders own 3.90% of the company’s stock.

Institutional Investors Weigh In On Northrim BanCorp

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Alaska Wealth Advisors lifted its position in shares of Northrim BanCorp by 300.0% during the 3rd quarter. Alaska Wealth Advisors now owns 97,791 shares of the financial services provider’s stock worth $2,118,000 after buying an additional 73,343 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of Northrim BanCorp by 307.9% during the third quarter. Farther Finance Advisors LLC now owns 31,076 shares of the financial services provider’s stock valued at $673,000 after acquiring an additional 23,457 shares during the last quarter. Y Intercept Hong Kong Ltd increased its position in shares of Northrim BanCorp by 1,280.1% during the third quarter. Y Intercept Hong Kong Ltd now owns 65,858 shares of the financial services provider’s stock valued at $1,426,000 after acquiring an additional 61,086 shares during the last quarter. Brandywine Global Investment Management LLC bought a new stake in Northrim BanCorp during the second quarter worth $238,000. Finally, Rosenthal Henry Capital Advisors Inc. lifted its holdings in Northrim BanCorp by 300.0% during the third quarter. Rosenthal Henry Capital Advisors Inc. now owns 120,000 shares of the financial services provider’s stock worth $2,599,000 after acquiring an additional 90,000 shares during the period. Institutional investors and hedge funds own 65.99% of the company’s stock.

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.