Northrim BanCorp, Inc. (NASDAQ:NRIM) Sees Large Decrease in Short Interest

Northrim BanCorp, Inc. (NASDAQ:NRIM) saw a large decrease in short interest during the month of August. As of August 15th, there was short interest totalling 69,800 shares, a decrease of 21.1% from the July 31st total of 88,500 shares. Based on an average daily trading volume, of 22,300 shares, the short-interest ratio is presently 3.1 days. Currently, 1.3% of the company’s stock are sold short.

Analyst Ratings Changes

Separately, StockNews.com downgraded shares of Northrim BanCorp from a “buy” rating to a “hold” rating in a research report on Tuesday, May 21st.

Insider Buying and Selling

In related news, Director Joseph Marushack purchased 493 shares of Northrim BanCorp stock in a transaction dated Wednesday, August 7th. The stock was purchased at an average cost of $60.22 per share, for a total transaction of $29,688.46. Following the completion of the acquisition, the director now directly owns 2,768 shares of the company’s stock, valued at $166,688.96. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 4.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Northrim BanCorp

A number of large investors have recently added to or reduced their stakes in NRIM. Elizabeth Park Capital Advisors Ltd. boosted its position in Northrim BanCorp by 27.3% in the second quarter. Elizabeth Park Capital Advisors Ltd. now owns 46,316 shares of the financial services provider’s stock worth $2,670,000 after purchasing an additional 9,919 shares during the last quarter. Sei Investments Co. lifted its stake in shares of Northrim BanCorp by 15.0% in the 2nd quarter. Sei Investments Co. now owns 4,598 shares of the financial services provider’s stock worth $265,000 after purchasing an additional 600 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Northrim BanCorp by 27.2% in the second quarter. Renaissance Technologies LLC now owns 27,100 shares of the financial services provider’s stock worth $1,562,000 after buying an additional 5,800 shares during the last quarter. American Century Companies Inc. grew its position in Northrim BanCorp by 7.3% during the second quarter. American Century Companies Inc. now owns 84,730 shares of the financial services provider’s stock valued at $4,884,000 after buying an additional 5,794 shares during the period. Finally, ClariVest Asset Management LLC purchased a new stake in Northrim BanCorp during the second quarter valued at approximately $1,141,000. Institutional investors own 65.99% of the company’s stock.

Northrim BanCorp Stock Up 0.4 %

Shares of Northrim BanCorp stock traded up $0.27 on Thursday, reaching $67.74. The company’s stock had a trading volume of 16,111 shares, compared to its average volume of 15,958. Northrim BanCorp has a 52 week low of $38.25 and a 52 week high of $74.34. The firm’s fifty day simple moving average is $62.83 and its two-hundred day simple moving average is $54.78. The company has a quick ratio of 0.79, a current ratio of 0.81 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $372.57 million, a price-to-earnings ratio of 13.20 and a beta of 0.73.

Northrim BanCorp (NASDAQ:NRIM) last issued its earnings results on Wednesday, July 24th. The financial services provider reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.31. The business had revenue of $46.49 million during the quarter, compared to analyst estimates of $35.00 million. Northrim BanCorp had a return on equity of 13.82% and a net margin of 18.41%. Equities analysts anticipate that Northrim BanCorp will post 5.57 earnings per share for the current year.

Northrim BanCorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Thursday, September 5th will be given a dividend of $0.62 per share. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $2.48 dividend on an annualized basis and a yield of 3.66%. Northrim BanCorp’s dividend payout ratio is 48.34%.

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. 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.