Northrim BanCorp Inc (NASDAQ:NRIM) Short Interest Down 29.8% in December
by Jessica Moore · The Cerbat GemNorthrim BanCorp Inc (NASDAQ:NRIM – Get Free Report) was the recipient of a significant decline in short interest during the month of December. As of December 31st, there was short interest totaling 331,884 shares, a decline of 29.8% from the December 15th total of 472,704 shares. Approximately 1.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 178,259 shares, the days-to-cover ratio is presently 1.9 days. Based on an average daily trading volume, of 178,259 shares, the days-to-cover ratio is presently 1.9 days. Approximately 1.6% of the shares of the stock are short sold.
Northrim BanCorp Stock Down 0.2%
Shares of NRIM stock traded down $0.06 during trading on Monday, hitting $28.94. 153,962 shares of the company were exchanged, compared to its average volume of 151,231. The business’s 50-day simple moving average is $25.98 and its 200 day simple moving average is $23.62. Northrim BanCorp has a twelve month low of $16.17 and a twelve month high of $29.20. The firm has a market capitalization of $639.28 million, a price-to-earnings ratio of 10.32 and a beta of 0.97. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.87 and a current ratio of 0.91.
Northrim BanCorp (NASDAQ:NRIM – Get Free Report) last released its earnings results on Wednesday, October 22nd. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. Northrim BanCorp had a net margin of 25.32% and a return on equity of 18.12%. The company had revenue of $66.59 million during the quarter, compared to the consensus estimate of $50.60 million. As a group, analysts forecast that Northrim BanCorp will post 8.05 EPS for the current fiscal year.
Northrim BanCorp Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, December 26th. Shareholders of record on Thursday, December 18th were paid a $0.16 dividend. The ex-dividend date was Thursday, December 18th. This represents a $0.64 dividend on an annualized basis and a yield of 2.2%. Northrim BanCorp’s payout ratio is 22.78%.
Analyst Upgrades and Downgrades
Several analysts have issued reports on the company. Zacks Research downgraded 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 report on Saturday, October 25th. Hovde Group boosted their price target on shares of Northrim BanCorp from $28.00 to $33.00 and gave the company an “outperform” rating in a report on Friday, October 24th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Northrim BanCorp in a research report on Wednesday, December 24th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $33.00.
Read Our Latest Stock Report on NRIM
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 on Tuesday, December 9th. The shares were bought at an average price of $25.25 per share, with a total value of $29,946.50. Following the completion of the acquisition, the director owned 1,638 shares of the company’s stock, valued at approximately $41,359.50. This represents a 262.39% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David J. Mccambridge acquired 1,150 shares of Northrim BanCorp stock in a transaction dated Tuesday, December 9th. The shares were bought at an average cost of $24.87 per share, with a total value of $28,600.50. Following the completion of the purchase, the director owned 41,598 shares in the company, valued at approximately $1,034,542.26. This represents a 2.84% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 3.90% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Northrim BanCorp
Institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in shares of Northrim BanCorp in the 4th quarter valued at approximately $382,000. Gryphon Financial Partners LLC acquired a new stake in Northrim BanCorp in the fourth quarter valued at approximately $354,000. JPMorgan Chase & Co. grew its position in Northrim BanCorp by 314.2% in the third quarter. JPMorgan Chase & Co. now owns 191,908 shares of the financial services provider’s stock worth $4,157,000 after acquiring an additional 145,578 shares in the last quarter. Tudor Investment Corp ET AL bought a new stake in Northrim BanCorp in the third quarter worth approximately $457,000. Finally, Jacobs Levy Equity Management Inc. increased its position in Northrim BanCorp by 283.3% during the third 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 during the last quarter. 65.99% of the stock is currently owned by institutional investors and hedge funds.
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.