Short Interest in Northrim BanCorp, Inc. (NASDAQ:NRIM) Rises By 23.4%

Northrim BanCorp, Inc. (NASDAQ:NRIM) saw a large increase in short interest in July. As of July 15th, there was short interest totalling 74,300 shares, an increase of 23.4% from the June 30th total of 60,200 shares. Currently, 1.4% of the company’s stock are sold short. Based on an average trading volume of 20,100 shares, the short-interest ratio is presently 3.7 days.

Insiders Place Their Bets

In related news, Director David J. Mccambridge bought 550 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were acquired at an average price of $53.93 per share, for a total transaction of $29,661.50. Following the purchase, the director now owns 10,112 shares in the company, valued at approximately $545,340.16. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 4.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Northrim BanCorp

A number of institutional investors have recently bought and sold shares of the stock. Principal Securities Inc. acquired a new position in shares of Northrim BanCorp in the fourth quarter worth about $28,000. Tower Research Capital LLC TRC boosted its stake in Northrim BanCorp by 161.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 873 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 539 shares during the period. SG Americas Securities LLC purchased a new position in Northrim BanCorp during the 4th quarter worth approximately $170,000. Teton Advisors Inc. acquired a new stake in Northrim BanCorp during the 4th quarter valued at $240,000. Finally, SeaCrest Wealth Management LLC acquired a new stake in Northrim BanCorp during the 4th quarter valued at $247,000. Hedge funds and other institutional investors own 65.99% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded Northrim BanCorp from a “buy” rating to a “hold” rating in a report on Tuesday, May 21st.

Northrim BanCorp Stock Performance

NRIM stock traded down $0.15 during mid-day trading on Friday, reaching $71.31. The company had a trading volume of 18,900 shares, compared to its average volume of 29,124. Northrim BanCorp has a one year low of $38.25 and a one year high of $74.34. The stock has a market capitalization of $392.21 million, a P/E ratio of 13.90 and a beta of 0.73. The company has a quick ratio of 0.79, a current ratio of 0.81 and a debt-to-equity ratio of 0.10. The stock’s 50-day simple moving average is $57.93 and its two-hundred day simple moving average is $52.60.

Northrim BanCorp (NASDAQ:NRIM) last issued its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.31. The firm had revenue of $46.49 million for the quarter, compared to the consensus estimate of $35.00 million. Northrim BanCorp had a net margin of 18.41% and a return on equity of 13.82%. Research analysts anticipate that Northrim BanCorp will post 5.57 EPS for the current year.

Northrim BanCorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Thursday, June 6th were given a $0.61 dividend. The ex-dividend date was Thursday, June 6th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 3.42%. Northrim BanCorp’s dividend payout ratio (DPR) is 47.56%.

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.