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

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

Northrim BanCorp Stock Performance

Shares of NASDAQ NRIM opened at $70.05 on Monday. Northrim BanCorp has a 1 year low of $38.25 and a 1 year high of $74.34. The firm has a market cap of $385.28 million, a P/E ratio of 13.65 and a beta of 0.71. The stock has a fifty day moving average price of $66.87 and a two-hundred day moving average price of $57.68. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.79 and a current ratio of 0.83.

Northrim BanCorp (NASDAQ:NRIM) last released its earnings results on Wednesday, July 24th. The financial services provider reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.31. Northrim BanCorp had a return on equity of 13.61% and a net margin of 18.41%. The firm had revenue of $46.49 million for the quarter, compared to analyst estimates of $35.00 million. Research analysts forecast that Northrim BanCorp will post 5.83 EPS for the current fiscal year.

Northrim BanCorp Increases Dividend

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

Insider Activity at Northrim BanCorp

In related news, Director Joseph Marushack bought 493 shares of the stock in a transaction on Wednesday, August 7th. The shares were purchased at an average price of $60.22 per share, with a total value of $29,688.46. Following the purchase, the director now owns 2,768 shares in the company, valued at $166,688.96. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.10% of the company’s stock.

Institutional Trading of Northrim BanCorp

A number of large investors have recently added to or reduced their stakes in the business. Rhumbline Advisers increased its holdings in shares of Northrim BanCorp by 2.6% in the second quarter. Rhumbline Advisers now owns 6,703 shares of the financial services provider’s stock valued at $386,000 after buying an additional 169 shares in the last quarter. Huber Capital Management LLC lifted its holdings in shares of Northrim BanCorp by 0.4% during the first quarter. Huber Capital Management LLC now owns 56,079 shares of the financial services provider’s stock valued at $2,833,000 after purchasing an additional 200 shares during the last quarter. Sei Investments Co. lifted its holdings in shares of Northrim BanCorp by 15.0% during the second quarter. Sei Investments Co. now owns 4,598 shares of the financial services provider’s stock valued at $265,000 after purchasing an additional 600 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Northrim BanCorp by 2.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 47,275 shares of the financial services provider’s stock valued at $2,725,000 after purchasing an additional 1,149 shares during the period. Finally, Empowered Funds LLC increased its stake in Northrim BanCorp by 8.1% in the 1st quarter. Empowered Funds LLC now owns 18,499 shares of the financial services provider’s stock worth $934,000 after purchasing an additional 1,390 shares in the last quarter. 65.99% of the stock is currently owned by institutional investors.

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.