Northrim BanCorp Inc (NASDAQ:NRIM) Short Interest Down 12.4% in February

Northrim BanCorp Inc (NASDAQ:NRIM) saw a large drop in short interest during the month of February. As of February 27th, there was short interest totaling 404,510 shares, a drop of 12.4% from the February 12th total of 461,821 shares. Based on an average daily volume of 141,865 shares, the short-interest ratio is presently 2.9 days. Currently, 1.9% of the shares of the company are sold short. Currently, 1.9% of the shares of the company are sold short. Based on an average daily volume of 141,865 shares, the short-interest ratio is presently 2.9 days.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on NRIM. Wall Street Zen lowered Northrim BanCorp from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Northrim BanCorp in a research report on Wednesday, December 24th. Finally, Zacks Research downgraded Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $33.00.

Insider Activity

In related news, CEO Michael G. Huston purchased 1,500 shares of the stock in a transaction that occurred on Thursday, January 29th. The shares were bought at an average price of $22.80 per share, with a total value of $34,200.00. Following the acquisition, the chief executive officer owned 83,252 shares of the company’s stock, valued at $1,898,145.60. This trade represents a 1.83% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have purchased 2,790 shares of company stock worth $64,179. Company insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Northrim BanCorp

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Northrim BanCorp by 326.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,639,351 shares of the financial services provider’s stock valued at $35,508,000 after purchasing an additional 1,254,870 shares during the period. Dimensional Fund Advisors LP boosted its stake in Northrim BanCorp by 248.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,346,512 shares of the financial services provider’s stock worth $29,166,000 after purchasing an additional 960,299 shares during the period. Geode Capital Management LLC grew its holdings in Northrim BanCorp by 18.5% during the 4th quarter. Geode Capital Management LLC now owns 727,180 shares of the financial services provider’s stock valued at $19,353,000 after buying an additional 113,293 shares in the last quarter. American Century Companies Inc. grew its holdings in Northrim BanCorp by 344.3% during the 3rd quarter. American Century Companies Inc. now owns 665,888 shares of the financial services provider’s stock valued at $14,423,000 after buying an additional 516,030 shares in the last quarter. Finally, De Lisle Partners LLP increased its position in shares of Northrim BanCorp by 3.9% during the fourth quarter. De Lisle Partners LLP now owns 460,708 shares of the financial services provider’s stock valued at $12,268,000 after buying an additional 17,296 shares during the period. 65.99% of the stock is currently owned by hedge funds and other institutional investors.

Northrim BanCorp Stock Performance

NASDAQ NRIM opened at $22.75 on Tuesday. The firm has a market cap of $503.46 million, a P/E ratio of 7.93 and a beta of 0.93. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.25. The company’s 50 day moving average is $25.35 and its 200-day moving average is $24.24. Northrim BanCorp has a 12-month low of $16.17 and a 12-month high of $30.82.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings data 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 return on equity of 17.66% and a net margin of 25.17%.The business had revenue of $51.66 million during the quarter, compared to the consensus estimate of $52.70 million. Sell-side analysts predict that Northrim BanCorp will post 8.05 earnings per share for the current year.

Northrim BanCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Thursday, March 5th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Thursday, March 5th. Northrim BanCorp’s dividend payout ratio (DPR) is presently 22.30%.

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.