Northrim BanCorp, Inc. (NASDAQ:NRIM - Get Free Report) was the target of a large decrease in short interest during the month of September. As of September 15th, there was short interest totalling 59,400 shares, a decrease of 17.0% from the August 31st total of 71,600 shares. Based on an average daily trading volume, of 21,400 shares, the short-interest ratio is presently 2.8 days. Approximately 1.1% of the shares of the company are short sold.
Insider Activity at Northrim BanCorp
In related news, Director Joseph Marushack acquired 493 shares of Northrim BanCorp stock in a transaction that occurred on Wednesday, August 7th. The stock was acquired at an average price of $60.22 per share, for a total transaction of $29,688.46. Following the transaction, the director now directly owns 2,768 shares of the company's stock, valued at approximately $166,688.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 4.10% of the company's stock.
Institutional Trading of Northrim BanCorp
Several hedge funds and other institutional investors have recently modified their holdings of NRIM. ClariVest Asset Management LLC bought a new stake in shares of Northrim BanCorp in the 2nd quarter valued at approximately $1,141,000. Elizabeth Park Capital Advisors Ltd. lifted its stake in Northrim BanCorp by 27.3% in the second quarter. Elizabeth Park Capital Advisors Ltd. now owns 46,316 shares of the financial services provider's stock valued at $2,670,000 after acquiring an additional 9,919 shares during the last quarter. Renaissance Technologies LLC grew its position in Northrim BanCorp by 27.2% in the second quarter. Renaissance Technologies LLC now owns 27,100 shares of the financial services provider's stock worth $1,562,000 after acquiring an additional 5,800 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Northrim BanCorp by 7.3% during the 2nd quarter. American Century Companies Inc. now owns 84,730 shares of the financial services provider's stock worth $4,884,000 after purchasing an additional 5,794 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Northrim BanCorp by 0.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 468,780 shares of the financial services provider's stock worth $26,819,000 after purchasing an additional 3,053 shares during the last quarter. 65.99% of the stock is currently owned by hedge funds and other institutional investors.
Northrim BanCorp Stock Performance
Shares of NASDAQ NRIM traded up $0.14 during midday trading on Friday, reaching $70.05. 21,539 shares of the company traded hands, compared to its average volume of 16,348. The stock has a 50-day moving average price of $66.87 and a 200 day moving average price of $57.54. The company has a market cap of $385.28 million, a price-to-earnings ratio of 13.65 and a beta of 0.71. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.83 and a quick ratio of 0.79. Northrim BanCorp has a 52 week low of $38.25 and a 52 week high of $74.34.
Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last announced its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $1.62 EPS for the quarter, topping analysts' consensus estimates of $1.31 by $0.31. The firm had revenue of $46.49 million during the quarter, compared to analyst estimates of $35.00 million. Northrim BanCorp had a return on equity of 13.61% and a net margin of 18.41%. Sell-side analysts anticipate that Northrim BanCorp will post 5.83 earnings per share for the current fiscal year.
Northrim BanCorp Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, September 5th were paid a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 3.54%. The ex-dividend date of this dividend was Thursday, September 5th. This is a positive change from Northrim BanCorp's previous quarterly dividend of $0.61. Northrim BanCorp's dividend payout ratio is currently 48.34%.
About Northrim BanCorp
(
Get Free Report)
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.
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