Northrim BanCorp Inc (NASDAQ:NRIM) Short Interest Down 29.8% in December

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

Northrim BanCorp Stock Down 0.2%

Shares of NASDAQ:NRIM traded down $0.06 during trading on Friday, reaching $28.94. 153,962 shares of the company traded hands, compared to its average volume of 151,231. The firm has a market cap of $639.31 million, a P/E ratio of 10.32 and a beta of 0.97. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. Northrim BanCorp has a 1-year low of $16.17 and a 1-year high of $29.20. The firm has a fifty day simple moving average of $25.98 and a 200 day simple moving average of $23.62.

Northrim BanCorp (NASDAQ:NRIM) last posted its earnings results on Wednesday, October 22nd. The financial services provider reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.10. Northrim BanCorp had a return on equity of 18.12% and a net margin of 25.32%.The company had revenue of $66.59 million for the quarter, compared to analyst estimates of $50.60 million. Analysts anticipate that Northrim BanCorp will post 8.05 earnings per share for the current fiscal year.

Northrim BanCorp Announces Dividend

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

Insider Buying and Selling

In other news, Director Shauna Hegna acquired 1,186 shares of the company’s stock in a transaction on Tuesday, December 9th. The shares were bought at an average cost of $25.25 per share, with a total value of $29,946.50. Following the purchase, the director owned 1,638 shares of the company’s stock, valued at $41,359.50. This represents a 262.39% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David J. Mccambridge acquired 1,150 shares of the stock in a transaction on Tuesday, December 9th. The stock was acquired at an average cost of $24.87 per share, for a total transaction of $28,600.50. Following the acquisition, the director directly owned 41,598 shares in the company, valued at $1,034,542.26. This represents a 2.84% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 3.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Northrim BanCorp

Hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new stake in shares of Northrim BanCorp during the fourth quarter worth $382,000. Gryphon Financial Partners LLC bought a new stake in Northrim BanCorp in the 4th quarter valued at $354,000. JPMorgan Chase & Co. grew its holdings in shares of Northrim BanCorp by 314.2% during the third quarter. JPMorgan Chase & Co. now owns 191,908 shares of the financial services provider’s stock worth $4,157,000 after buying an additional 145,578 shares in the last quarter. Tudor Investment Corp ET AL acquired a new stake in shares of Northrim BanCorp in the third quarter valued at approximately $457,000. Finally, Jacobs Levy Equity Management Inc. lifted its position in Northrim BanCorp by 283.3% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 92,685 shares of the financial services provider’s stock worth $2,008,000 after buying an additional 68,502 shares in the last quarter. 65.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Zacks Research downgraded shares of Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Wall Street Zen raised shares of Northrim BanCorp from a “hold” rating to a “buy” rating in a research note on Saturday, October 25th. Hovde Group increased their price target on shares of Northrim BanCorp from $28.00 to $33.00 and gave the stock an “outperform” rating in a research report on Friday, October 24th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Northrim BanCorp in a report on Wednesday, December 24th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Northrim BanCorp has an average rating of “Moderate Buy” and an average target price of $33.00.

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.