Northrim BanCorp Inc (NASDAQ:NRIM) Short Interest Update

Northrim BanCorp Inc (NASDAQ:NRIM) saw a large decline in short interest during the month of December. As of December 31st, there was short interest totaling 331,884 shares, a decline of 29.8% from the December 15th total of 472,704 shares. Currently, 1.6% of the shares of the company are sold short. Based on an average daily volume of 178,259 shares, the short-interest ratio is presently 1.9 days. Based on an average daily volume of 178,259 shares, the short-interest ratio is presently 1.9 days. Currently, 1.6% of the shares of the company are sold short.

Northrim BanCorp Price Performance

Shares of NASDAQ NRIM traded down $0.06 during mid-day trading on Monday, reaching $28.94. The company had a trading volume of 153,962 shares, compared to its average volume of 133,593. The firm has a market cap of $639.28 million, a price-to-earnings ratio of 10.32 and a beta of 0.97. The business’s 50-day simple moving average is $26.10 and its 200 day simple moving average is $23.65. Northrim BanCorp has a one year low of $16.17 and a one year high of $29.20. 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 released its earnings results on Wednesday, October 22nd. The financial services provider reported $0.72 EPS for the quarter, beating the consensus estimate of $0.62 by $0.10. Northrim BanCorp had a net margin of 25.32% and a return on equity of 18.12%. The firm had revenue of $66.59 million for the quarter, compared to analyst estimates of $50.60 million. On average, research analysts predict that Northrim BanCorp will post 8.05 earnings per share for the current fiscal year.

Northrim BanCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 26th. Shareholders of record on Thursday, December 18th were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Thursday, December 18th. Northrim BanCorp’s payout ratio is currently 22.78%.

Analysts Set New Price Targets

NRIM has been the topic of several research reports. Hovde Group upped their target price on Northrim BanCorp from $28.00 to $33.00 and gave the company an “outperform” rating in a research report on Friday, October 24th. Wall Street Zen raised Northrim BanCorp from a “hold” rating to a “buy” rating in a report on Saturday, October 25th. Zacks Research downgraded shares of Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northrim BanCorp in a research report on Wednesday, December 24th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Northrim BanCorp presently has an average rating of “Moderate Buy” and a consensus price target of $33.00.

Insider Activity

In other Northrim BanCorp news, Director David J. Mccambridge acquired 1,150 shares of the business’s stock in a transaction dated Tuesday, December 9th. The stock was bought at an average cost of $24.87 per share, with a total value of $28,600.50. Following the completion of the transaction, the director directly owned 41,598 shares in the company, valued at approximately $1,034,542.26. This represents a 2.84% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Shauna Hegna bought 1,186 shares of Northrim BanCorp stock in a transaction dated Tuesday, December 9th. The shares were acquired at an average price of $25.25 per share, with a total value of $29,946.50. Following the completion of the purchase, the director directly owned 1,638 shares in the company, valued at $41,359.50. This trade represents a 262.39% increase in their position. The disclosure for this purchase is available in the SEC filing. 3.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Northrim BanCorp

Large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Northrim BanCorp by 326.4% in the third quarter. Vanguard Group Inc. now owns 1,639,351 shares of the financial services provider’s stock valued at $35,508,000 after purchasing an additional 1,254,870 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Northrim BanCorp by 248.6% in the third quarter. Dimensional Fund Advisors LP now owns 1,346,512 shares of the financial services provider’s stock worth $29,166,000 after acquiring an additional 960,299 shares during the period. American Century Companies Inc. boosted its holdings in Northrim BanCorp by 344.3% in the third quarter. American Century Companies Inc. now owns 665,888 shares of the financial services provider’s stock valued at $14,423,000 after acquiring an additional 516,030 shares during the last quarter. Punch & Associates Investment Management Inc. boosted its holdings in Northrim BanCorp by 1,148.3% in the third quarter. Punch & Associates Investment Management Inc. now owns 247,496 shares of the financial services provider’s stock valued at $5,361,000 after acquiring an additional 227,669 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in Northrim BanCorp by 239.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 302,192 shares of the financial services provider’s stock valued at $6,545,000 after purchasing an additional 213,238 shares during the period. Institutional investors own 65.99% of the company’s stock.

Northrim BanCorp Company Profile

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.