Northrim BanCorp, Inc. (NASDAQ:NRIM) Short Interest Up 29.7% in March

Northrim BanCorp, Inc. (NASDAQ:NRIM) saw a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 52,000 shares, an increase of 29.7% from the February 28th total of 40,100 shares. Based on an average daily volume of 49,400 shares, the days-to-cover ratio is presently 1.1 days. Currently, 1.0% of the company’s shares are short sold.

Insider Transactions at Northrim BanCorp

In related news, CEO Michael G. Huston sold 453 shares of the stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $89.18, for a total transaction of $40,398.54. Following the completion of the sale, the chief executive officer now owns 23,759 shares of the company’s stock, valued at approximately $2,118,827.62. This represents a 1.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of NRIM. Tower Research Capital LLC TRC raised its position in shares of Northrim BanCorp by 57.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 366 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 133 shares in the last quarter. DecisionPoint Financial LLC acquired a new stake in Northrim BanCorp in the fourth quarter valued at $39,000. Quantbot Technologies LP bought a new position in Northrim BanCorp during the 4th quarter valued at $112,000. FMR LLC grew its holdings in Northrim BanCorp by 13.1% during the 3rd quarter. FMR LLC now owns 1,731 shares of the financial services provider’s stock worth $123,000 after acquiring an additional 201 shares in the last quarter. Finally, SG Americas Securities LLC grew its holdings in Northrim BanCorp by 25.8% during the 4th quarter. SG Americas Securities LLC now owns 2,501 shares of the financial services provider’s stock worth $195,000 after acquiring an additional 513 shares in the last quarter. Hedge funds and other institutional investors own 65.99% of the company’s stock.

Analyst Ratings Changes

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

Northrim BanCorp Stock Up 1.1 %

NASDAQ:NRIM traded up $0.78 during trading hours on Tuesday, hitting $74.00. The stock had a trading volume of 26,446 shares, compared to its average volume of 28,051. The company has a market cap of $408.55 million, a PE ratio of 11.18 and a beta of 0.82. The business has a 50 day simple moving average of $79.98 and a two-hundred day simple moving average of $77.31. Northrim BanCorp has a 1-year low of $43.92 and a 1-year high of $91.72. The company has a current ratio of 0.85, a quick ratio of 0.81 and a debt-to-equity ratio of 0.09.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings results 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 net margin of 18.87% and a return on equity of 14.86%. Analysts predict that Northrim BanCorp will post 8.05 EPS for the current year.

Northrim BanCorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, March 6th were paid a $0.64 dividend. This is a boost from Northrim BanCorp’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $2.56 annualized dividend and a dividend yield of 3.46%. Northrim BanCorp’s payout ratio is 38.67%.

Northrim BanCorp Company Profile

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.