By otakuyassine3@gmail.com 
Northrim BanCorp, Inc. (NASDAQ:NRIM – Get Free Report) was the recipient of a significant decline in short interest in the month of January. As of January 15th, there was short interest totalling 35,200 shares, a decline of 20.2% from the December 31st total of 44,100 shares. Based on an average trading volume of 38,400 shares, the short-interest ratio is presently 0.9 days. Approximately 0.7% of the company’s shares are short sold.
Analysts Set New Price Targets
Separately, Hovde Group started coverage on Northrim BanCorp in a research report on Friday, December 20th. They issued an “outperform” rating and a $96.50 target price for the company.
View Our Latest Report on NRIM
Insider Buying and Selling at Northrim BanCorp
In other news, Director Linda C. Thomas sold 2,550 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $79.00, for a total value of $201,450.00. Following the completion of the sale, the director now owns 1,172 shares of the company’s stock, valued at $92,588. This represents a 68.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.10% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the business. State Street Corp lifted its stake in shares of Northrim BanCorp by 8.0% in the third quarter. State Street Corp now owns 107,568 shares of the financial services provider’s stock worth $7,661,000 after acquiring an additional 8,012 shares in the last quarter. Ritholtz Wealth Management raised its stake in Northrim BanCorp by 94.0% during the fourth quarter. Ritholtz Wealth Management now owns 6,151 shares of the financial services provider’s stock valued at $479,000 after buying an additional 2,980 shares in the last quarter. Barclays PLC raised its stake in Northrim BanCorp by 32.5% during the third quarter. Barclays PLC now owns 20,689 shares of the financial services provider’s stock valued at $1,474,000 after buying an additional 5,079 shares in the last quarter. FMR LLC raised its stake in Northrim BanCorp by 13.1% during the third quarter. FMR LLC now owns 1,731 shares of the financial services provider’s stock valued at $123,000 after buying an additional 201 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Northrim BanCorp by 1.7% during the third quarter. Geode Capital Management LLC now owns 126,898 shares of the financial services provider’s stock valued at $9,040,000 after buying an additional 2,133 shares in the last quarter. Institutional investors and hedge funds own 65.99% of the company’s stock.
Northrim BanCorp Stock Up 2.4 %
Shares of NASDAQ NRIM traded up $2.02 on Friday, hitting $85.13. The company had a trading volume of 66,081 shares, compared to its average volume of 51,979. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. Northrim BanCorp has a 12-month low of $43.92 and a 12-month high of $91.72. The business has a 50 day moving average of $80.82 and a two-hundred day moving average of $73.28. The firm has a market capitalization of $468.22 million, a P/E ratio of 12.86 and a beta of 0.82.
Northrim BanCorp (NASDAQ:NRIM – Get Free Report) last released its quarterly earnings results on Friday, January 24th. The financial services provider reported $1.95 EPS for the quarter, topping the consensus estimate of $1.23 by $0.72. Northrim BanCorp had a return on equity of 14.86% and a net margin of 18.87%. As a group, equities research analysts forecast that Northrim BanCorp will post 7.96 earnings per share for the current fiscal year.
Northrim BanCorp Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Thursday, March 6th will be paid a $0.64 dividend. This is a boost from Northrim BanCorp’s previous quarterly dividend of $0.62. The ex-dividend date is Thursday, March 6th. This represents a $2.56 annualized dividend and a dividend yield of 3.01%. Northrim BanCorp’s payout ratio is 37.46%.
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. 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.
Further Reading
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