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

Northrim BanCorp, Inc. (NASDAQ:NRIM) was the target of a significant increase in short interest in July. As of July 15th, there was short interest totalling 74,300 shares, an increase of 23.4% from the June 30th total of 60,200 shares. Currently, 1.4% of the shares of the company are sold short. Based on an average daily trading volume, of 20,100 shares, the days-to-cover ratio is presently 3.7 days.

Insider Buying and Selling

In other news, Director David J. Mccambridge bought 550 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were acquired at an average cost of $53.93 per share, with a total value of $29,661.50. Following the completion of the transaction, the director now directly owns 10,112 shares in the company, valued at $545,340.16. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.10% of the stock is owned by company insiders.

Institutional Trading of Northrim BanCorp

A number of institutional investors have recently bought and sold shares of NRIM. Russell Investments Group Ltd. grew its holdings in shares of Northrim BanCorp by 17.2% in the 4th quarter. Russell Investments Group Ltd. now owns 38,568 shares of the financial services provider’s stock valued at $2,206,000 after buying an additional 5,650 shares during the period. SeaCrest Wealth Management LLC bought a new stake in Northrim BanCorp in the 4th quarter valued at $247,000. Teton Advisors Inc. bought a new stake in Northrim BanCorp in the 4th quarter valued at $240,000. Dimensional Fund Advisors LP lifted its position in Northrim BanCorp by 0.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 468,780 shares of the financial services provider’s stock valued at $26,819,000 after acquiring an additional 3,053 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in Northrim BanCorp by 48.6% in the 1st quarter. BNP Paribas Financial Markets now owns 9,129 shares of the financial services provider’s stock valued at $461,000 after acquiring an additional 2,986 shares in the last quarter. Institutional investors and hedge funds own 65.99% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com cut shares of Northrim BanCorp from a “buy” rating to a “hold” rating in a research note on Tuesday, May 21st.

Northrim BanCorp Price Performance

Shares of NASDAQ:NRIM traded up $0.32 during trading on Tuesday, reaching $69.00. The stock had a trading volume of 1,434 shares, compared to its average volume of 15,744. Northrim BanCorp has a 52 week low of $38.25 and a 52 week high of $74.34. The business’s 50-day moving average price is $58.21 and its 200 day moving average price is $52.71. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.81 and a quick ratio of 0.79. The stock has a market capitalization of $379.50 million, a PE ratio of 13.39 and a beta of 0.73.

Northrim BanCorp (NASDAQ:NRIM) last issued its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $1.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.31. The business had revenue of $46.49 million during the quarter, compared to analyst estimates of $35.00 million. Northrim BanCorp had a net margin of 18.41% and a return on equity of 13.82%. As a group, equities analysts predict that Northrim BanCorp will post 5.57 earnings per share for the current year.

Northrim BanCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Thursday, June 6th were issued a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date of this dividend was Thursday, June 6th. Northrim BanCorp’s dividend payout ratio is presently 47.56%.

About Northrim BanCorp

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.