Northrim BanCorp Inc (NASDAQ:NRIM) Short Interest Up 21.2% in January

Northrim BanCorp Inc (NASDAQ:NRIM) saw a significant growth in short interest in the month of January. As of January 15th, there was short interest totaling 402,358 shares, a growth of 21.2% from the December 31st total of 331,884 shares. Based on an average trading volume of 151,748 shares, the days-to-cover ratio is presently 2.7 days. Currently, 1.9% of the shares of the stock are sold short. Currently, 1.9% of the shares of the stock are sold short. Based on an average trading volume of 151,748 shares, the days-to-cover ratio is presently 2.7 days.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports 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 Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. Hovde Group upped their target price on Northrim BanCorp from $28.00 to $33.00 and gave the company an “outperform” rating in a research note on Friday, October 24th. Finally, Wall Street Zen lowered shares of Northrim BanCorp from a “buy” rating to a “hold” rating in a research report on Saturday. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $33.00.

Northrim BanCorp Price Performance

Shares of NASDAQ NRIM traded up $0.61 during midday trading on Wednesday, hitting $25.83. The stock had a trading volume of 158,438 shares, compared to its average volume of 226,585. Northrim BanCorp has a 1 year low of $16.17 and a 1 year high of $30.82. The company has a market capitalization of $570.58 million, a PE ratio of 9.01 and a beta of 0.95. The stock has a 50 day simple moving average of $26.49 and a 200-day simple moving average of $23.75. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 0.07.

Northrim BanCorp (NASDAQ:NRIM) last posted its quarterly earnings results on Friday, January 23rd. The financial services provider reported $0.54 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.10). Northrim BanCorp had a net margin of 25.17% and a return on equity of 18.13%. The company had revenue of $51.66 million during the quarter, compared to analyst estimates of $52.70 million. On average, sell-side analysts expect that Northrim BanCorp will post 8.05 EPS for the current fiscal year.

Northrim BanCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Thursday, March 5th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Thursday, March 5th. Northrim BanCorp’s dividend payout ratio is 22.30%.

Insider Transactions at Northrim BanCorp

In other news, Director David J. Mccambridge bought 1,150 shares of the firm’s stock in a transaction that occurred on 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 directly owned 41,598 shares in the company, valued at $1,034,542.26. This represents a 2.84% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael G. Huston bought 1,500 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $1,898,145.60. This trade represents a 1.83% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have bought 5,126 shares of company stock valued at $122,726. 3.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Northrim BanCorp

Institutional investors have recently modified their holdings of the company. Financial Management Professionals Inc. purchased a new stake in Northrim BanCorp during the 4th quarter worth approximately $27,000. Federated Hermes Inc. boosted its holdings in shares of Northrim BanCorp by 300.0% in the 3rd quarter. Federated Hermes Inc. now owns 1,452 shares of the financial services provider’s stock valued at $31,000 after buying an additional 1,089 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its position in shares of Northrim BanCorp by 298.0% during the third quarter. CANADA LIFE ASSURANCE Co now owns 1,568 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 1,174 shares in the last quarter. CWM LLC grew its position in shares of Northrim BanCorp by 286.6% during the third quarter. CWM LLC now owns 1,616 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,198 shares during the last quarter. Finally, Assetmark Inc. increased its stake in Northrim BanCorp by 289.5% in the third quarter. Assetmark Inc. now owns 1,780 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 1,323 shares during the period. 65.99% of the stock is owned by institutional investors and hedge funds.

Northrim BanCorp Company Profile

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.