Northrim BanCorp, Inc. (NASDAQ:NRIM) Short Interest Down 17.0% in September

Northrim BanCorp, Inc. (NASDAQ:NRIM) was the target of a large drop in short interest during the month of September. As of September 15th, there was short interest totalling 59,400 shares, a drop of 17.0% from the August 31st total of 71,600 shares. Approximately 1.1% of the shares of the company are sold short. Based on an average daily trading volume, of 21,400 shares, the days-to-cover ratio is presently 2.8 days.

Northrim BanCorp Stock Performance

Shares of Northrim BanCorp stock traded up $0.14 during midday trading on Friday, hitting $70.05. The company had a trading volume of 21,539 shares, compared to its average volume of 16,348. Northrim BanCorp has a 1-year low of $38.25 and a 1-year high of $74.34. The business’s 50 day simple moving average is $66.87 and its two-hundred day simple moving average is $57.54. The stock has a market cap of $385.28 million, a PE ratio of 13.65 and a beta of 0.71. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.83 and a quick ratio of 0.79.

Northrim BanCorp (NASDAQ:NRIM) last posted its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.31. Northrim BanCorp had a net margin of 18.41% and a return on equity of 13.61%. The company had revenue of $46.49 million for the quarter, compared to the consensus estimate of $35.00 million. As a group, equities analysts predict that Northrim BanCorp will post 5.83 EPS for the current fiscal year.

Northrim BanCorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, September 5th were issued a $0.62 dividend. This is a boost from Northrim BanCorp’s previous quarterly dividend of $0.61. The ex-dividend date was Thursday, September 5th. This represents a $2.48 annualized dividend and a yield of 3.54%. Northrim BanCorp’s dividend payout ratio is 48.34%.

Insider Activity at Northrim BanCorp

In other Northrim BanCorp news, Director Joseph Marushack acquired 493 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were acquired at an average cost of $60.22 per share, for a total transaction of $29,688.46. Following the completion of the purchase, the director now owns 2,768 shares of the company’s stock, valued at approximately $166,688.96. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 4.10% of the stock is currently owned by company insiders.

Institutional Trading of Northrim BanCorp

Institutional investors have recently modified their holdings of the company. Sei Investments Co. boosted its position 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 valued at $265,000 after acquiring an additional 600 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in Northrim BanCorp by 30.0% during the fourth quarter. BNP Paribas Financial Markets now owns 6,143 shares of the financial services provider’s stock valued at $351,000 after purchasing an additional 1,417 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Northrim BanCorp by 2.6% in the 2nd quarter. Rhumbline Advisers now owns 6,703 shares of the financial services provider’s stock valued at $386,000 after purchasing an additional 169 shares in the last quarter. Los Angeles Capital Management LLC grew its holdings in shares of Northrim BanCorp by 19.1% in the 2nd quarter. Los Angeles Capital Management LLC now owns 9,741 shares of the financial services provider’s stock worth $561,000 after purchasing an additional 1,561 shares during the last quarter. Finally, Empowered Funds LLC lifted its holdings in Northrim BanCorp by 8.1% during the 1st quarter. Empowered Funds LLC now owns 18,499 shares of the financial services provider’s stock valued at $934,000 after purchasing an additional 1,390 shares during the last quarter. Institutional investors and hedge funds own 65.99% of the company’s stock.

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.