Northrim BanCorp, Inc. (NASDAQ:NRIM) Short Interest Down 20.2% in January

Northrim BanCorp, Inc. (NASDAQ:NRIM) was the recipient of a large decrease in short interest during the month of January. As of January 15th, there was short interest totalling 35,200 shares, a decrease of 20.2% from the December 31st total of 44,100 shares. Based on an average daily trading volume, of 38,400 shares, the days-to-cover ratio is currently 0.9 days. Approximately 0.7% of the shares of the stock are short sold.

Northrim BanCorp Trading Up 2.4 %

Shares of NRIM stock traded up $2.02 on Friday, reaching $85.13. 66,081 shares of the stock were exchanged, compared to its average volume of 51,979. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. The stock has a market cap of $468.22 million, a P/E ratio of 12.86 and a beta of 0.82. The firm has a 50 day moving average of $80.82 and a two-hundred day moving average of $73.20. Northrim BanCorp has a 1-year low of $43.92 and a 1-year high of $91.72.

Northrim BanCorp (NASDAQ:NRIM) last announced its quarterly earnings results on Friday, January 24th. The financial services provider reported $1.95 EPS for the quarter, topping the consensus estimate of $1.23 by $0.72. Northrim BanCorp had a return on equity of 14.86% and a net margin of 18.87%. On average, research analysts anticipate that Northrim BanCorp will post 7.96 EPS for the current year.

Northrim BanCorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Thursday, March 6th will be given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.01%. This is a boost from Northrim BanCorp’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Thursday, March 6th. Northrim BanCorp’s payout ratio is 37.46%.

Insider Buying and Selling at Northrim BanCorp

In other Northrim BanCorp news, Director Linda C. Thomas sold 2,550 shares of Northrim BanCorp stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $79.00, for a total value of $201,450.00. Following the completion of the sale, the director now directly owns 1,172 shares of the company’s stock, valued at approximately $92,588. The trade was a 68.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Northrim BanCorp

Several large investors have recently made changes to their positions in the business. Renaissance Technologies LLC grew its position in Northrim BanCorp by 27.2% in the second quarter. Renaissance Technologies LLC now owns 27,100 shares of the financial services provider’s stock valued at $1,562,000 after acquiring an additional 5,800 shares in the last quarter. Sei Investments Co. grew its holdings in Northrim BanCorp by 15.0% during the 2nd quarter. Sei Investments Co. now owns 4,598 shares of the financial services provider’s stock valued at $265,000 after purchasing an additional 600 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Northrim BanCorp during the 3rd quarter worth $142,000. Fulton Bank N.A. acquired a new position in Northrim BanCorp in the 3rd quarter worth $214,000. Finally, Ritholtz Wealth Management purchased a new position in Northrim BanCorp in the 3rd quarter valued at about $226,000. Institutional investors and hedge funds own 65.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Hovde Group began coverage on Northrim BanCorp in a research note on Friday, December 20th. They issued an “outperform” rating and a $96.50 price target on the stock.

Northrim BanCorp Company Profile

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.