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

Share on StockTwits

Northrim BanCorp, Inc. (NASDAQ:NRIM) was the recipient of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 39,200 shares, a growth of 26.0% from the July 31st total of 31,100 shares. Based on an average daily trading volume, of 14,000 shares, the days-to-cover ratio is currently 2.8 days. Approximately 0.6% of the shares of the company are short sold.

Several large investors have recently modified their holdings of the company. Renaissance Technologies LLC lifted its position in Northrim BanCorp by 11.4% during the 2nd quarter. Renaissance Technologies LLC now owns 186,100 shares of the financial services provider’s stock worth $6,636,000 after buying an additional 19,100 shares in the last quarter. Pacific Ridge Capital Partners LLC lifted its position in Northrim BanCorp by 21.3% during the 1st quarter. Pacific Ridge Capital Partners LLC now owns 90,271 shares of the financial services provider’s stock worth $3,107,000 after buying an additional 15,861 shares in the last quarter. Royce & Associates LP lifted its position in Northrim BanCorp by 3.9% during the 1st quarter. Royce & Associates LP now owns 375,905 shares of the financial services provider’s stock worth $12,939,000 after buying an additional 13,958 shares in the last quarter. AJO LP lifted its position in Northrim BanCorp by 15.6% during the 1st quarter. AJO LP now owns 67,218 shares of the financial services provider’s stock worth $2,314,000 after buying an additional 9,087 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its position in Northrim BanCorp by 8.6% during the 2nd quarter. Acadian Asset Management LLC now owns 73,597 shares of the financial services provider’s stock worth $2,625,000 after buying an additional 5,822 shares in the last quarter. Institutional investors own 71.11% of the company’s stock.

Shares of NASDAQ:NRIM traded up $0.79 on Friday, hitting $41.29. The stock had a trading volume of 11,819 shares, compared to its average volume of 14,159. Northrim BanCorp has a twelve month low of $29.66 and a twelve month high of $44.25. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.84 and a current ratio of 0.89. The firm’s 50 day moving average price is $36.58 and its 200-day moving average price is $35.66. The company has a market capitalization of $255.65 million, a price-to-earnings ratio of 14.44 and a beta of 0.78.

Northrim BanCorp (NASDAQ:NRIM) last issued its earnings results on Monday, July 29th. The financial services provider reported $0.62 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.70 by ($0.08). Northrim BanCorp had a net margin of 18.42% and a return on equity of 9.07%. The firm had revenue of $25.53 million during the quarter, compared to analyst estimates of $24.50 million. As a group, sell-side analysts predict that Northrim BanCorp will post 2.61 EPS for the current 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 paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 3.20%. The ex-dividend date is Wednesday, September 4th. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.30. Northrim BanCorp’s payout ratio is currently 46.15%.

Several brokerages have issued reports on NRIM. ValuEngine raised shares of Northrim BanCorp from a “hold” rating to a “buy” rating in a report on Tuesday. BidaskClub upgraded shares of Northrim BanCorp from a “hold” rating to a “buy” rating in a research note on Friday, August 2nd. Finally, Zacks Investment Research downgraded shares of Northrim BanCorp from a “hold” rating to a “sell” rating in a research note on Friday, August 9th.

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.

Read More: Strangles

Receive News & Ratings for Northrim BanCorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northrim BanCorp and related companies with MarketBeat.com's FREE daily email newsletter.