Northrim BanCorp, Inc. (NASDAQ:NRIM) Sees Significant Decline in Short Interest

Northrim BanCorp, Inc. (NASDAQ:NRIM - Get Free Report) was the target of a large drop in short interest in January. As of January 15th, there was short interest totalling 35,200 shares, a drop of 20.2% from the December 31st total of 44,100 shares. Currently, 0.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 38,400 shares, the days-to-cover ratio is currently 0.9 days.

Analysts Set New Price Targets

Separately, Hovde Group assumed coverage on Northrim BanCorp in a report on Friday, December 20th. They issued an "outperform" rating and a $96.50 target price for the company.

Northrim BanCorp Stock Performance

NASDAQ:NRIM traded down $0.22 during mid-day trading on Wednesday, reaching $88.41. 102,013 shares of the stock were exchanged, compared to its average volume of 56,291. The company has a 50 day simple moving average of $80.84 and a 200-day simple moving average of $73.58. Northrim BanCorp has a 1 year low of $43.92 and a 1 year high of $91.72. The stock has a market capitalization of $486.43 million, a P/E ratio of 13.37 and a beta of 0.83. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.09.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last released its quarterly earnings results on Friday, January 24th. The financial services provider reported $1.95 earnings per share for the quarter, topping analysts' consensus estimates of $1.23 by $0.72. Northrim BanCorp had a return on equity of 14.86% and a net margin of 18.87%. Analysts anticipate that Northrim BanCorp will post 7.96 earnings per share for the current fiscal year.

Northrim BanCorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Thursday, March 6th will be paid a $0.64 dividend. This is a boost from Northrim BanCorp's previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $2.56 annualized dividend and a dividend yield of 2.90%. Northrim BanCorp's payout ratio is 38.67%.

Insider Buying and Selling at Northrim BanCorp

In other Northrim BanCorp news, Director Linda C. Thomas sold 2,550 shares of Northrim BanCorp stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $79.00, for a total value of $201,450.00. Following the transaction, the director now owns 1,172 shares in the company, valued at $92,588. The trade was a 68.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.10% of the company's stock.

Institutional Trading of Northrim BanCorp

Institutional investors and hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC raised its holdings in Northrim BanCorp by 27.2% during the second quarter. Renaissance Technologies LLC now owns 27,100 shares of the financial services provider's stock valued at $1,562,000 after buying an additional 5,800 shares in the last quarter. Sei Investments Co. boosted its stake in shares of Northrim BanCorp by 15.0% during the 2nd quarter. Sei Investments Co. now owns 4,598 shares of the financial services provider's stock worth $265,000 after buying an additional 600 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Northrim BanCorp in the 3rd quarter valued at about $142,000. Fulton Bank N.A. bought a new position in Northrim BanCorp in the 3rd quarter valued at about $214,000. Finally, Ritholtz Wealth Management bought a new position in shares of Northrim BanCorp during the third quarter worth approximately $226,000. 65.99% of the stock is currently owned by institutional investors and hedge funds.

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.