Northrim BanCorp Inc (NASDAQ:NRIM) Short Interest Down 12.4% in February

Northrim BanCorp Inc (NASDAQ:NRIM) saw a significant drop in short interest in the month of February. As of February 27th, there was short interest totaling 404,510 shares, a drop of 12.4% from the February 12th total of 461,821 shares. Based on an average trading volume of 141,865 shares, the days-to-cover ratio is presently 2.9 days. Currently, 1.9% of the shares of the stock are sold short. Currently, 1.9% of the shares of the stock are sold short. Based on an average trading volume of 141,865 shares, the days-to-cover ratio is presently 2.9 days.

Insider Activity at Northrim BanCorp

In other news, CEO Michael G. Huston acquired 1,500 shares of Northrim BanCorp stock in a transaction that occurred on Thursday, January 29th. The stock was bought at an average price of $22.80 per share, with a total value of $34,200.00. Following the completion of the purchase, the chief executive officer owned 83,252 shares in the company, valued at approximately $1,898,145.60. The trade was a 1.83% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders have purchased 2,790 shares of company stock valued at $64,179 in the last three months. 3.90% of the stock is currently owned by company insiders.

Institutional Trading of Northrim BanCorp

Institutional investors and hedge funds have recently made changes to their positions in the stock. Alaska Wealth Advisors lifted its stake in Northrim BanCorp by 300.0% during the third quarter. Alaska Wealth Advisors now owns 97,791 shares of the financial services provider’s stock worth $2,118,000 after purchasing an additional 73,343 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of Northrim BanCorp by 307.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 31,076 shares of the financial services provider’s stock valued at $673,000 after purchasing 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 3rd quarter. Y Intercept Hong Kong Ltd now owns 65,858 shares of the financial services provider’s stock valued at $1,426,000 after purchasing an additional 61,086 shares during the last quarter. LSV Asset Management raised its holdings in shares of Northrim BanCorp by 185.8% during the 3rd quarter. LSV Asset Management now owns 255,360 shares of the financial services provider’s stock valued at $5,531,000 after buying an additional 166,020 shares in the last quarter. Finally, Rosenthal Henry Capital Advisors Inc. lifted its position in Northrim BanCorp by 300.0% in the 3rd quarter. Rosenthal Henry Capital Advisors Inc. now owns 120,000 shares of the financial services provider’s stock worth $2,599,000 after buying an additional 90,000 shares during the last quarter. Hedge funds and other institutional investors own 65.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on NRIM. Wall Street Zen cut shares of Northrim BanCorp from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Weiss Ratings restated a “buy (b)” rating on shares of Northrim BanCorp in a research report on Wednesday, December 24th. Finally, Zacks Research downgraded Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Northrim BanCorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

Northrim BanCorp Stock Performance

Shares of NRIM opened at $22.75 on Tuesday. Northrim BanCorp has a 12-month low of $16.17 and a 12-month high of $30.82. The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.25. The company has a market cap of $503.46 million, a PE ratio of 7.93 and a beta of 0.93. The stock has a 50-day moving average price of $25.35 and a 200-day moving average price of $24.24.

Northrim BanCorp (NASDAQ:NRIM) last posted its quarterly earnings data on Friday, January 23rd. The financial services provider reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.10). The company had revenue of $51.66 million during the quarter, compared to the consensus estimate of $52.70 million. Northrim BanCorp had a return on equity of 17.66% and a net margin of 25.17%. As a group, equities analysts forecast that Northrim BanCorp will post 8.05 earnings per share for the current fiscal year.

Northrim BanCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Thursday, March 5th were issued a $0.16 dividend. The ex-dividend date of this dividend was Thursday, March 5th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.8%. Northrim BanCorp’s dividend payout ratio is presently 22.30%.

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.