Northrim BanCorp Inc (NASDAQ:NRIM) Sees Significant Growth in Short Interest

Northrim BanCorp Inc (NASDAQ:NRIM) saw a significant growth in short interest in March. As of March 31st, there was short interest totaling 566,084 shares, a growth of 25.5% from the March 15th total of 450,911 shares. Currently, 2.7% of the shares of the company are short sold. Based on an average daily volume of 171,247 shares, the short-interest ratio is presently 3.3 days.

Insiders Place Their Bets

In related news, CEO Michael G. Huston bought 1,500 shares of the stock in a transaction that occurred on Thursday, January 29th. The shares were bought at an average cost of $22.80 per share, for a total transaction of $34,200.00. Following the completion of the transaction, the chief executive officer owned 83,252 shares of the company’s stock, valued at approximately $1,898,145.60. This trade represents a 1.83% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders acquired 2,790 shares of company stock worth $64,179 in the last quarter. 3.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Northrim BanCorp

Large investors have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in shares of Northrim BanCorp by 314.2% in the third quarter. JPMorgan Chase & Co. now owns 191,908 shares of the financial services provider’s stock worth $4,157,000 after purchasing an additional 145,578 shares during the last quarter. Alaska Wealth Advisors grew its position in Northrim BanCorp by 300.0% in the third quarter. Alaska Wealth Advisors now owns 97,791 shares of the financial services provider’s stock worth $2,118,000 after acquiring an additional 73,343 shares in the last quarter. LSV Asset Management grew its position in Northrim BanCorp by 185.8% in the third quarter. LSV Asset Management now owns 255,360 shares of the financial services provider’s stock worth $5,531,000 after acquiring an additional 166,020 shares in the last quarter. Farther Finance Advisors LLC grew its position in Northrim BanCorp by 307.9% in the third quarter. Farther Finance Advisors LLC now owns 31,076 shares of the financial services provider’s stock worth $673,000 after acquiring an additional 23,457 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd grew its position in Northrim BanCorp by 1,280.1% in the third quarter. Y Intercept Hong Kong Ltd now owns 65,858 shares of the financial services provider’s stock worth $1,426,000 after acquiring an additional 61,086 shares in the last quarter. 65.99% of the stock is owned by institutional investors.

Analysts Set New Price Targets

NRIM has been the topic of several analyst reports. Zacks Research downgraded Northrim BanCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. Wall Street Zen downgraded Northrim BanCorp from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Northrim BanCorp in a research report on Wednesday, December 24th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $33.00.

Northrim BanCorp Price Performance

NASDAQ:NRIM traded up $0.78 on Friday, reaching $25.05. 137,119 shares of the company’s stock traded hands, compared to its average volume of 143,872. Northrim BanCorp has a 12 month low of $17.90 and a 12 month high of $30.82. 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 stock has a 50-day simple moving average of $23.92 and a 200-day simple moving average of $24.35. The firm has a market cap of $557.11 million, a PE ratio of 8.74 and a beta of 0.91.

Northrim BanCorp (NASDAQ:NRIM) last issued its earnings results on Friday, January 23rd. The financial services provider reported $0.54 earnings per share (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 firm had revenue of $51.66 million during the quarter, compared to the consensus estimate of $52.70 million. Equities research analysts forecast that Northrim BanCorp will post 8.05 earnings per share for the current year.

Northrim BanCorp Dividend Announcement

The company also recently announced 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 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend was Thursday, March 5th. Northrim BanCorp’s payout ratio is 22.30%.

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.