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

Northrim BanCorp, Inc. (NASDAQ:NRIM) was the target of a significant growth in short interest in April. As of April 15th, there was short interest totalling 71,800 shares, a growth of 23.4% from the March 31st total of 58,200 shares. Approximately 1.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 37,700 shares, the days-to-cover ratio is presently 1.9 days.

Analysts Set New Price Targets

Separately, Hovde Group upped their price target on Northrim BanCorp from $99.00 to $104.00 and gave the company an “outperform” rating in a research report on Monday, April 28th.

Northrim BanCorp Price Performance

Northrim BanCorp stock opened at $82.44 on Monday. The company has a current ratio of 0.85, a quick ratio of 0.81 and a debt-to-equity ratio of 0.09. The company has a 50-day moving average price of $74.47 and a 200 day moving average price of $77.94. Northrim BanCorp has a 12-month low of $49.86 and a 12-month high of $91.72. The stock has a market cap of $455.15 million, a P/E ratio of 12.45 and a beta of 0.73.

Northrim BanCorp (NASDAQ:NRIM) last announced its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.82. Northrim BanCorp had a net margin of 18.87% and a return on equity of 14.86%. The business had revenue of $45.50 million during the quarter, compared to the consensus estimate of $44.10 million. Sell-side analysts anticipate that Northrim BanCorp will post 8.05 earnings per share for the current year.

Insider Transactions at Northrim BanCorp

In related news, CEO Michael G. Huston sold 453 shares of the business’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $89.18, for a total transaction of $40,398.54. Following the transaction, the chief executive officer now directly owns 23,759 shares in the company, valued at approximately $2,118,827.62. The trade was a 1.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 3.90% of the company’s stock.

Institutional Investors Weigh In On Northrim BanCorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its position in shares of Northrim BanCorp by 16.6% during the 4th quarter. Bank of New York Mellon Corp now owns 49,272 shares of the financial services provider’s stock worth $3,840,000 after purchasing an additional 7,009 shares during the last quarter. Ritholtz Wealth Management increased its position in shares of 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 acquiring an additional 2,980 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Northrim BanCorp by 16.4% in the 4th quarter. American Century Companies Inc. now owns 122,173 shares of the financial services provider’s stock valued at $9,522,000 after acquiring an additional 17,240 shares during the period. Barclays PLC lifted its holdings in shares of Northrim BanCorp by 32.5% in the 3rd quarter. Barclays PLC now owns 20,689 shares of the financial services provider’s stock worth $1,474,000 after acquiring an additional 5,079 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Northrim BanCorp by 150.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,679 shares of the financial services provider’s stock worth $404,000 after purchasing an additional 3,411 shares during the period. Hedge funds and other institutional investors 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.