Short Interest in Northrim BanCorp, Inc. (NASDAQ:NRIM) Rises By 29.7%

Northrim BanCorp, Inc. (NASDAQ:NRIM - Get Free Report) was the recipient of a significant 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 daily volume of 49,400 shares, the short-interest ratio is currently 1.1 days. Currently, 1.0% of the shares of the company are short sold.

Insider Buying and Selling at Northrim BanCorp

In other news, CEO Michael G. Huston sold 453 shares of the business's stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $89.18, for a total value 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 approximately $2,118,827.62. The trade was a 1.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 4.10% of the company's stock.

Institutional Trading of Northrim BanCorp

Institutional investors and hedge funds have recently modified their holdings of the business. Tower Research Capital LLC TRC raised its stake in Northrim BanCorp by 57.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 366 shares of the financial services provider's stock worth $29,000 after acquiring an additional 133 shares in the last quarter. DecisionPoint Financial LLC bought a new stake in shares of Northrim BanCorp during the 4th quarter valued at approximately $39,000. Quantbot Technologies LP acquired a new position in Northrim BanCorp during the 4th quarter worth approximately $112,000. FMR LLC lifted its stake in Northrim BanCorp by 13.1% in the 3rd quarter. FMR LLC now owns 1,731 shares of the financial services provider's stock valued at $123,000 after purchasing an additional 201 shares during the last quarter. Finally, SG Americas Securities LLC boosted its position in Northrim BanCorp by 25.8% in the fourth quarter. SG Americas Securities LLC now owns 2,501 shares of the financial services provider's stock valued at $195,000 after buying an additional 513 shares in the last quarter. 65.99% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Northrim BanCorp Price Performance

NASDAQ NRIM traded up $0.44 during midday trading on Friday, hitting $68.31. The company had a trading volume of 36,019 shares, compared to its average volume of 28,343. The company has a market capitalization of $377.14 million, a PE ratio of 10.32 and a beta of 0.82. Northrim BanCorp has a twelve month low of $43.92 and a twelve month high of $91.72. The company has a current ratio of 0.85, a quick ratio of 0.81 and a debt-to-equity ratio of 0.09. The firm has a 50-day moving average price of $79.46 and a 200-day moving average price of $77.22.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last posted its quarterly earnings data on Friday, January 24th. The financial services provider reported $1.95 earnings per share 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, analysts anticipate that Northrim BanCorp will post 8.05 earnings per share for the current fiscal year.

Northrim BanCorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, March 6th were paid a $0.64 dividend. This is a positive change from Northrim BanCorp's previous quarterly dividend of $0.62. The ex-dividend date was Thursday, March 6th. This represents a $2.56 annualized dividend and a dividend yield of 3.75%. Northrim BanCorp's dividend payout ratio (DPR) is presently 38.67%.

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.