Northrim BanCorp, Inc. (NASDAQ:NRIM) Short Interest Update

Northrim BanCorp, Inc. (NASDAQ:NRIM) was the target of a significant growth in short interest during the month of June. As of June 30th, there was short interest totalling 51,800 shares, a growth of 23.6% from the May 30th total of 41,900 shares. Approximately 0.8% of the shares of the stock are sold short. Based on an average trading volume of 13,200 shares, the days-to-cover ratio is presently 3.9 days.

Several hedge funds have recently bought and sold shares of NRIM. BlackRock Inc. grew its position in Northrim BanCorp by 5.4% in the fourth quarter. BlackRock Inc. now owns 556,173 shares of the financial services provider’s stock worth $18,281,000 after acquiring an additional 28,573 shares during the period. Pacific Ridge Capital Partners LLC grew its position in Northrim BanCorp by 21.3% in the first quarter. Pacific Ridge Capital Partners LLC now owns 90,271 shares of the financial services provider’s stock worth $3,107,000 after acquiring an additional 15,861 shares during the period. Royce & Associates LP grew its position in Northrim BanCorp by 3.9% in the first quarter. Royce & Associates LP now owns 375,905 shares of the financial services provider’s stock worth $12,939,000 after acquiring an additional 13,958 shares during the period. AJO LP grew its position in Northrim BanCorp by 15.6% in the first quarter. AJO LP now owns 67,218 shares of the financial services provider’s stock worth $2,314,000 after acquiring an additional 9,087 shares during the period. Finally, Bailard Inc. purchased a new position in Northrim BanCorp in the first quarter worth approximately $307,000. Institutional investors and hedge funds own 71.83% of the company’s stock.

A number of equities research analysts have recently issued reports on NRIM shares. BidaskClub upgraded Northrim BanCorp from a “sell” rating to a “hold” rating in a research report on Tuesday, May 7th. Zacks Investment Research lowered Home Bancshares from a “hold” rating to a “sell” rating in a research report on Friday, June 7th.

Shares of NRIM stock traded up $0.75 during trading hours on Friday, reaching $36.60. The company had a trading volume of 24,200 shares, compared to its average volume of 14,126. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.87 and a quick ratio of 0.85. The stock has a fifty day simple moving average of $34.58. The firm has a market cap of $245.85 million, a P/E ratio of 12.80 and a beta of 0.74. Northrim BanCorp has a 12-month low of $29.66 and a 12-month high of $45.40.

Northrim BanCorp (NASDAQ:NRIM) last posted its quarterly earnings results on Monday, April 29th. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.01). The company had revenue of $23.30 million during the quarter, compared to analysts’ expectations of $23.10 million. Northrim BanCorp had a net margin of 20.56% and a return on equity of 9.91%. As a group, analysts anticipate that Northrim BanCorp will post 2.81 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Thursday, June 6th were given a $0.30 dividend. The ex-dividend date was Wednesday, June 5th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.28%. Northrim BanCorp’s dividend payout ratio (DPR) is presently 41.96%.

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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