Short Interest in Northrim BanCorp, Inc. (NASDAQ:NRIM) Expands By 29.7%

Northrim BanCorp, Inc. (NASDAQ:NRIM) saw a significant growth in short interest in the month of March. As of March 15th, there was short interest totalling 52,000 shares, a growth of 29.7% from the February 28th total of 40,100 shares. Based on an average daily trading volume, of 49,400 shares, the short-interest ratio is presently 1.1 days. Approximately 1.0% of the company’s stock are short sold.

Northrim BanCorp Stock Performance

Northrim BanCorp stock traded down $0.03 during mid-day trading on Monday, reaching $73.22. The company’s stock had a trading volume of 21,494 shares, compared to its average volume of 27,962. The company has a current ratio of 0.85, a quick ratio of 0.81 and a debt-to-equity ratio of 0.09. Northrim BanCorp has a twelve month low of $43.92 and a twelve month high of $91.72. The business has a 50 day moving average price of $80.21 and a 200-day moving average price of $77.23. The firm has a market cap of $404.25 million, a price-to-earnings ratio of 11.06 and a beta of 0.82.

Northrim BanCorp (NASDAQ:NRIM) last posted its earnings results on Friday, January 24th. The financial services provider reported $1.95 EPS for the quarter, beating 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%. Sell-side analysts predict that Northrim BanCorp will post 8.05 EPS for the current fiscal year.

Northrim BanCorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Thursday, March 6th were paid a $0.64 dividend. The ex-dividend date was Thursday, March 6th. This represents a $2.56 annualized dividend and a dividend yield of 3.50%. This is a positive change from Northrim BanCorp’s previous quarterly dividend of $0.62. Northrim BanCorp’s dividend payout ratio (DPR) is presently 38.67%.

Wall Street Analysts Forecast Growth

Separately, Hovde Group started coverage on shares of Northrim BanCorp in a research report on Friday, December 20th. They set an “outperform” rating and a $96.50 price target for the company.

Insider Transactions at Northrim BanCorp

In related news, CEO Michael G. Huston sold 453 shares of the firm’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $89.18, for a total transaction of $40,398.54. Following the completion of the sale, the chief executive officer now directly owns 23,759 shares of the company’s stock, valued at approximately $2,118,827.62. This trade represents a 1.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Tower Research Capital LLC TRC lifted its stake in shares of Northrim BanCorp by 57.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 366 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 133 shares during the period. DecisionPoint Financial LLC purchased a new position in shares of Northrim BanCorp during the fourth quarter valued at $39,000. Quantbot Technologies LP acquired a new position in shares of Northrim BanCorp in the 4th quarter valued at about $112,000. FMR LLC increased its stake in Northrim BanCorp by 13.1% in the 3rd quarter. FMR LLC now owns 1,731 shares of the financial services provider’s stock valued at $123,000 after buying an additional 201 shares during the period. Finally, SG Americas Securities LLC increased its stake in shares of Northrim BanCorp by 25.8% in the fourth quarter. SG Americas Securities LLC now owns 2,501 shares of the financial services provider’s stock worth $195,000 after acquiring an additional 513 shares during the last quarter. Institutional investors own 65.99% of the company’s 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.