Short Interest in Northrim BanCorp Inc (NASDAQ:NRIM) Rises By 25.9%

Northrim BanCorp Inc (NASDAQ:NRIM) saw a significant growth in short interest during the month of February. As of February 13th, there was short interest totaling 461,821 shares, a growth of 25.9% from the January 29th total of 366,914 shares. Approximately 2.2% of the company’s stock are sold short. Based on an average daily volume of 197,481 shares, the short-interest ratio is currently 2.3 days. Based on an average daily volume of 197,481 shares, the short-interest ratio is currently 2.3 days. Approximately 2.2% of the company’s stock are sold short.

Insiders Place Their Bets

In related news, Director Shauna Hegna bought 1,186 shares of the company’s stock in a transaction that occurred on Tuesday, December 9th. The shares were purchased at an average cost of $25.25 per share, with a total value of $29,946.50. Following the transaction, the director directly owned 1,638 shares of the company’s stock, valued at approximately $41,359.50. This represents a 262.39% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Michael G. Huston purchased 1,500 shares of Northrim BanCorp stock in a transaction that occurred on Thursday, January 29th. The stock was bought at an average cost of $22.80 per share, with a total value of $34,200.00. Following the completion of the transaction, the chief executive officer 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. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have purchased 5,126 shares of company stock valued at $122,726. 3.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Northrim BanCorp

Several institutional investors have recently made changes to their positions in NRIM. Assetmark Inc. purchased a new position in shares of Northrim BanCorp in the 2nd quarter valued at about $43,000. Tower Research Capital LLC TRC grew its position in Northrim BanCorp by 34.5% during the second quarter. Tower Research Capital LLC TRC now owns 538 shares of the financial services provider’s stock worth $50,000 after buying an additional 138 shares during the period. Financial Management Professionals Inc. purchased a new position in Northrim BanCorp in the fourth quarter valued at about $27,000. Quarry LP lifted its position in shares of Northrim BanCorp by 47.7% during the 4th quarter. Quarry LP now owns 1,275 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 412 shares during the period. Finally, Federated Hermes Inc. boosted its stake in shares of Northrim BanCorp by 300.0% during the 3rd quarter. Federated Hermes Inc. now owns 1,452 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 1,089 shares in the last quarter. 65.99% of the stock is currently owned by hedge funds and other institutional investors.

Northrim BanCorp Stock Up 1.2%

Shares of NASDAQ:NRIM opened at $24.33 on Thursday. Northrim BanCorp has a fifty-two week low of $16.17 and a fifty-two week high of $30.82. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The firm’s 50-day simple moving average is $26.02 and its 200-day simple moving average is $24.23. The company has a market cap of $537.45 million, a price-to-earnings ratio of 8.48 and a beta of 0.93.

Northrim BanCorp (NASDAQ:NRIM) last announced its quarterly earnings data on Friday, January 23rd. The financial services provider reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.10). Northrim BanCorp had a net margin of 25.17% and a return on equity of 18.13%. The firm had revenue of $51.66 million during the quarter, compared to analyst estimates of $52.70 million. As a group, equities research analysts predict that Northrim BanCorp will post 8.05 earnings per share for the current year.

Northrim BanCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Thursday, March 5th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Thursday, March 5th. Northrim BanCorp’s dividend payout ratio is currently 22.30%.

Analysts Set New Price Targets

Several research analysts have commented on NRIM shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northrim BanCorp in a research report on Wednesday, December 24th. Zacks Research lowered shares of Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. Finally, Wall Street Zen downgraded shares of Northrim BanCorp from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Northrim BanCorp presently has an average rating of “Moderate Buy” and an average target price of $33.00.

About Northrim BanCorp

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.