Northrim BanCorp Inc (NASDAQ:NRIM) Short Interest Update

Northrim BanCorp Inc (NASDAQ:NRIM) was the target of a large growth in short interest in the month of September. As of September 15th, there was short interest totaling 268,500 shares, a growth of 311.8% from the August 31st total of 65,200 shares. Based on an average daily volume of 218,000 shares, the days-to-cover ratio is currently 1.2 days. Based on an average daily volume of 218,000 shares, the days-to-cover ratio is currently 1.2 days.

Institutional Investors Weigh In On Northrim BanCorp

A number of institutional investors and hedge funds have recently modified their holdings of NRIM. Bank of America Corp DE lifted its position in shares of Northrim BanCorp by 45.1% during the 4th quarter. Bank of America Corp DE now owns 11,291 shares of the financial services provider’s stock valued at $880,000 after acquiring an additional 3,511 shares during the last quarter. Millennium Management LLC acquired a new stake in shares of Northrim BanCorp during the 4th quarter valued at $548,000. Two Sigma Investments LP lifted its position in shares of Northrim BanCorp by 12.6% during the 4th quarter. Two Sigma Investments LP now owns 7,612 shares of the financial services provider’s stock valued at $593,000 after acquiring an additional 853 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Northrim BanCorp during the 4th quarter valued at $725,000. Finally, GAMMA Investing LLC lifted its position in shares of Northrim BanCorp by 37,588.2% during the 1st quarter. GAMMA Investing LLC now owns 12,814 shares of the financial services provider’s stock valued at $938,000 after acquiring an additional 12,780 shares during the last quarter. Institutional investors and hedge funds own 65.99% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on NRIM. Wall Street Zen cut Northrim BanCorp from a “buy” rating to a “hold” rating in a research report on Saturday, July 26th. Weiss Ratings reiterated a “buy (b)” rating on shares of Northrim BanCorp in a research report on Saturday, September 27th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $26.00.

Northrim BanCorp Stock Performance

NRIM opened at $21.36 on Friday. The company has a market capitalization of $471.84 million, a price-to-earnings ratio of 10.69 and a beta of 0.94. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.91 and a quick ratio of 0.87. Northrim BanCorp has a 1-year low of $15.92 and a 1-year high of $25.05. The business has a 50 day moving average price of $22.16 and a two-hundred day moving average price of $21.49.

Northrim BanCorp (NASDAQ:NRIM) last released its earnings results on Wednesday, July 23rd. The financial services provider reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.04). Northrim BanCorp had a return on equity of 16.35% and a net margin of 20.11%.The firm had revenue of $50.23 million during the quarter, compared to analyst estimates of $48.80 million. Research analysts predict that Northrim BanCorp will post 8.05 EPS for the current fiscal year.

Northrim BanCorp Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Thursday, September 4th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Thursday, September 4th. Northrim BanCorp’s dividend payout ratio is 32.00%.

About Northrim BanCorp

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.