Northrim BanCorp, Inc. (NASDAQ:NRIM) Short Interest Update

by · The Cerbat Gem

Northrim BanCorp, Inc. (NASDAQ:NRIM – Get Free Report) saw a significant growth in short interest in March. As of March 15th, there was short interest totalling 52,000 shares, a growth of 29.7% from the February 28th total of 40,100 shares. Approximately 1.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 49,400 shares, the short-interest ratio is presently 1.1 days.

Insider Buying and Selling

In other Northrim BanCorp news, CEO Michael G. Huston sold 453 shares of the company’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $89.18, for a total value of $40,398.54. Following the transaction, the chief executive officer now directly owns 23,759 shares in the company, valued at $2,118,827.62. This represents a 1.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Northrim BanCorp

A number of large investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC boosted its position in Northrim BanCorp by 57.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 366 shares of the financial services provider’s stock valued at $29,000 after buying an additional 133 shares during the period. DecisionPoint Financial LLC purchased a new stake in Northrim BanCorp during the 4th quarter valued at about $39,000. Quantbot Technologies LP bought a new position in Northrim BanCorp during the 4th quarter worth approximately $112,000. FMR LLC increased its stake in Northrim BanCorp by 13.1% in the 3rd quarter. FMR LLC now owns 1,731 shares of the financial services provider’s stock worth $123,000 after purchasing an additional 201 shares during the period. Finally, SG Americas Securities LLC lifted its position in Northrim BanCorp by 25.8% in the fourth quarter. SG Americas Securities LLC now owns 2,501 shares of the financial services provider’s stock valued at $195,000 after purchasing an additional 513 shares during the last quarter. Hedge funds and other institutional investors own 65.99% of the company’s stock.

Analysts Set New Price Targets

Separately, Hovde Group initiated coverage on shares of Northrim BanCorp in a research report on Friday, December 20th. They set an “outperform” rating and a $96.50 target price for the company.

Get Our Latest Stock Report on Northrim BanCorp

Northrim BanCorp Price Performance

NRIM traded up $0.60 during trading on Wednesday, reaching $74.60. The stock had a trading volume of 21,027 shares, compared to its average volume of 28,023. The business has a 50-day moving average of $79.98 and a 200-day moving average of $77.31. Northrim BanCorp has a one year low of $43.92 and a one year high of $91.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.85. The stock has a market cap of $411.87 million, a PE ratio of 11.27 and a beta of 0.82.

Northrim BanCorp (NASDAQ:NRIM – Get Free Report) last announced its quarterly earnings data on Friday, January 24th. The financial services provider reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.72. Northrim BanCorp had a return on equity of 14.86% and a net margin of 18.87%. As a group, equities research analysts anticipate that Northrim BanCorp will post 8.05 EPS for the current fiscal year.

Northrim BanCorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, March 6th were issued a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.43%. This is a positive change from Northrim BanCorp’s previous quarterly dividend of $0.62. The ex-dividend date was Thursday, March 6th. Northrim BanCorp’s payout ratio is presently 38.67%.

About Northrim BanCorp

(Get Free Report)

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.

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