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

Northrim BanCorp, Inc. (NASDAQ:NRIM - Get Free Report) was the target of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 52,000 shares, an increase of 29.7% from the February 28th total of 40,100 shares. Based on an average trading volume of 49,400 shares, the days-to-cover ratio is presently 1.1 days. Currently, 1.0% of the company's shares are sold short.

Insider Buying and Selling

In other Northrim BanCorp news, CEO Michael G. Huston sold 453 shares of the stock in a transaction on Friday, February 7th. The shares were sold at an average price of $89.18, for a total transaction of $40,398.54. Following the completion of the sale, the chief executive officer now owns 23,759 shares of the company's stock, valued at $2,118,827.62. This represents a 1.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 4.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Segall Bryant & Hamill LLC bought a new stake in shares of Northrim BanCorp during the fourth quarter valued at approximately $2,111,000. Raymond James Financial Inc. bought a new stake in shares of Northrim BanCorp during the 4th quarter valued at $1,794,000. American Century Companies Inc. increased its stake in shares of Northrim BanCorp by 16.4% in the 4th quarter. American Century Companies Inc. now owns 122,173 shares of the financial services provider's stock worth $9,522,000 after acquiring an additional 17,240 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Northrim BanCorp by 202.7% in the 4th quarter. JPMorgan Chase & Co. now owns 17,193 shares of the financial services provider's stock worth $1,340,000 after acquiring an additional 11,514 shares in the last quarter. Finally, Martingale Asset Management L P boosted its stake in Northrim BanCorp by 140.2% during the fourth quarter. Martingale Asset Management L P now owns 16,736 shares of the financial services provider's stock worth $1,304,000 after acquiring an additional 9,769 shares in the last quarter. Hedge funds and other institutional investors own 65.99% of the company's stock.

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Northrim BanCorp Trading Down 9.0 %

Shares of Northrim BanCorp stock traded down $6.73 during midday trading on Thursday, reaching $67.87. 34,545 shares of the company's stock traded hands, compared to its average volume of 28,224. The stock has a 50 day moving average of $79.70 and a 200-day moving average of $77.22. Northrim BanCorp has a 12 month low of $43.92 and a 12 month high of $91.72. The company has a market cap of $374.71 million, a PE ratio of 10.25 and a beta of 0.82. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.85.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last issued its quarterly earnings data on Friday, January 24th. The financial services provider reported $1.95 EPS for the quarter, topping the consensus estimate of $1.23 by $0.72. Northrim BanCorp had a net margin of 18.87% and a return on equity of 14.86%. As a group, equities analysts expect that Northrim BanCorp will post 8.05 EPS for the current fiscal year.

Northrim BanCorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Thursday, March 6th were issued a $0.64 dividend. The ex-dividend date was Thursday, March 6th. This is a positive change from Northrim BanCorp's previous quarterly dividend of $0.62. This represents a $2.56 annualized dividend and a yield of 3.77%. Northrim BanCorp's dividend payout ratio (DPR) is 38.67%.

Analyst Ratings Changes

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

Northrim BanCorp Company Profile

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.