Short Interest in Northrim BanCorp, Inc. (NASDAQ:NRIM) Expands By 26.0%

Northrim BanCorp, Inc. (NASDAQ:NRIM) was the target of a significant increase in short interest in August. As of August 31st, there was short interest totalling 39,200 shares, an increase of 26.0% from the July 31st total of 31,100 shares. Approximately 0.6% of the company’s shares are short sold. Based on an average trading volume of 14,000 shares, the short-interest ratio is presently 2.8 days.

Shares of Northrim BanCorp stock traded up $0.79 during trading on Friday, hitting $41.29. The stock had a trading volume of 11,819 shares, compared to its average volume of 14,159. The stock has a 50 day simple moving average of $36.58 and a 200 day simple moving average of $35.66. The company has a market capitalization of $255.65 million, a PE ratio of 14.44 and a beta of 0.78. The company has a quick ratio of 0.84, a current ratio of 0.89 and a debt-to-equity ratio of 0.16. Northrim BanCorp has a 1 year low of $29.66 and a 1 year high of $44.25.

Northrim BanCorp (NASDAQ:NRIM) last released its earnings results on Monday, July 29th. The financial services provider reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.08). The firm had revenue of $25.53 million during the quarter, compared to analysts’ expectations of $24.50 million. Northrim BanCorp had a return on equity of 9.07% and a net margin of 18.42%. As a group, equities analysts expect that Northrim BanCorp will post 2.61 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Thursday, September 5th will be given a $0.33 dividend. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a dividend yield of 3.20%. The ex-dividend date is Wednesday, September 4th. Northrim BanCorp’s dividend payout ratio (DPR) is 46.15%.

Several institutional investors have recently added to or reduced their stakes in the company. Royce & Associates LP boosted its holdings in shares of Northrim BanCorp by 3.9% during the first quarter. Royce & Associates LP now owns 375,905 shares of the financial services provider’s stock worth $12,939,000 after purchasing an additional 13,958 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Northrim BanCorp by 0.3% during the second quarter. Vanguard Group Inc. now owns 356,932 shares of the financial services provider’s stock worth $12,728,000 after purchasing an additional 1,067 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Northrim BanCorp by 11.4% during the second quarter. Renaissance Technologies LLC now owns 186,100 shares of the financial services provider’s stock worth $6,636,000 after purchasing an additional 19,100 shares during the period. Northern Trust Corp boosted its holdings in shares of Northrim BanCorp by 2.9% during the second quarter. Northern Trust Corp now owns 91,098 shares of the financial services provider’s stock worth $3,249,000 after purchasing an additional 2,605 shares during the period. Finally, Pacific Ridge Capital Partners LLC boosted its holdings in shares of Northrim BanCorp by 0.4% during the second quarter. Pacific Ridge Capital Partners LLC now owns 90,613 shares of the financial services provider’s stock worth $3,231,000 after purchasing an additional 342 shares during the period. 71.11% of the stock is currently owned by institutional investors and hedge funds.

NRIM has been the topic of several analyst reports. BidaskClub raised shares of Northrim BanCorp from a “hold” rating to a “buy” rating in a research report on Friday, August 2nd. Zacks Investment Research downgraded shares of Northrim BanCorp from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Finally, ValuEngine raised shares of Northrim BanCorp from a “hold” rating to a “buy” rating in a research report on Tuesday.

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 in Alaska. It operates in two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, money market deposit accounts, certificates of deposit, and courier noncash deposits.

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