Northrim BanCorp Inc (NASDAQ:NRIM) Short Interest Update

Northrim BanCorp Inc (NASDAQ:NRIM) saw a significant increase in short interest in January. As of January 15th, there was short interest totaling 402,358 shares, an increase of 21.2% from the December 31st total of 331,884 shares. Approximately 1.9% of the shares of the stock are sold short. Based on an average daily volume of 151,748 shares, the days-to-cover ratio is currently 2.7 days. Based on an average daily volume of 151,748 shares, the days-to-cover ratio is currently 2.7 days. Approximately 1.9% of the shares of the stock are sold short.

Analysts Set New Price Targets

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

Northrim BanCorp Stock Up 1.4%

Northrim BanCorp stock traded up $0.36 during midday trading on Wednesday, hitting $25.58. 245,971 shares of the company’s stock were exchanged, compared to its average volume of 228,781. Northrim BanCorp has a 12 month low of $16.17 and a 12 month high of $30.82. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.87 and a current ratio of 0.91. The company has a market cap of $564.95 million, a PE ratio of 8.92 and a beta of 0.95. The firm has a 50-day moving average of $26.49 and a two-hundred day moving average of $23.75.

Northrim BanCorp (NASDAQ:NRIM) last announced its quarterly earnings results 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 business had revenue of $51.66 million during the quarter, compared to analysts’ expectations of $52.70 million. Northrim BanCorp had a return on equity of 18.13% and a net margin of 25.17%. As a group, analysts expect that Northrim BanCorp will post 8.05 earnings per share for the current fiscal year.

Northrim BanCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Thursday, March 5th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Thursday, March 5th. Northrim BanCorp’s dividend payout ratio is 22.30%.

Insider Buying and Selling at Northrim BanCorp

In related news, Director Shauna Hegna purchased 1,186 shares of the company’s stock in a transaction that occurred on Tuesday, December 9th. The stock was bought at an average price of $25.25 per share, for a total transaction of $29,946.50. Following the completion of the transaction, the director owned 1,638 shares in the company, valued at approximately $41,359.50. The trade was a 262.39% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael G. Huston acquired 1,500 shares of Northrim BanCorp stock in a transaction on Thursday, January 29th. The shares were bought at an average cost of $22.80 per share, for a total transaction of $34,200.00. Following the completion of the purchase, the chief executive officer directly owned 83,252 shares of the company’s stock, valued at $1,898,145.60. The trade was a 1.83% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 5,126 shares of company stock worth $122,726 over the last 90 days. 3.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Northrim BanCorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC boosted its holdings in shares of Northrim BanCorp by 34.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 538 shares of the financial services provider’s stock valued at $50,000 after buying an additional 138 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Northrim BanCorp by 5.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider’s stock worth $233,000 after purchasing an additional 156 shares during the last quarter. Cullen Frost Bankers Inc. increased its position in shares of Northrim BanCorp by 159.9% during the second quarter. Cullen Frost Bankers Inc. now owns 486 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 299 shares in the last quarter. Creative Planning lifted its holdings in shares of Northrim BanCorp by 11.2% during the 2nd quarter. Creative Planning now owns 3,096 shares of the financial services provider’s stock valued at $289,000 after purchasing an additional 313 shares during the last quarter. Finally, Occudo Quantitative Strategies LP boosted its position in shares of Northrim BanCorp by 9.8% in the 2nd quarter. Occudo Quantitative Strategies LP now owns 3,960 shares of the financial services provider’s stock worth $369,000 after purchasing an additional 355 shares in the last quarter. Hedge funds and other 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.