Short Interest in Northrim BanCorp, Inc. (NASDAQ:NRIM) Grows By 23.4%

Northrim BanCorp, Inc. (NASDAQ:NRIM - Get Free Report) saw 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. Based on an average daily volume of 37,700 shares, the short-interest ratio is presently 1.9 days. Approximately 1.3% of the company's shares are sold short.

Analyst Ratings Changes

Separately, Hovde Group increased their target price on shares of Northrim BanCorp from $99.00 to $104.00 and gave the stock an "outperform" rating in a report on Monday, April 28th.

Northrim BanCorp Stock Down 0.4 %

NASDAQ NRIM traded down $0.36 during trading hours on Tuesday, hitting $82.72. 16,099 shares of the company were exchanged, compared to its average volume of 29,733. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. The firm has a market cap of $456.70 million, a price-to-earnings ratio of 12.50 and a beta of 0.93. The company has a 50 day moving average of $74.51 and a two-hundred day moving average of $78.02. Northrim BanCorp has a 52-week low of $49.86 and a 52-week high of $91.72.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last released its earnings results on Wednesday, April 23rd. The financial services provider reported $2.38 earnings per share 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 firm had revenue of $45.50 million for the quarter, compared to analyst estimates of $44.10 million. Equities research analysts anticipate that Northrim BanCorp will post 8.05 earnings per share for the current year.

Insiders Place Their Bets

In other Northrim BanCorp 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 sale, the chief executive officer now directly owns 23,759 shares in the company, valued at $2,118,827.62. This represents a 1.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Northrim BanCorp

A number of institutional investors and hedge funds have recently modified their holdings of NRIM. Vanguard Group Inc. lifted its holdings in Northrim BanCorp by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 301,117 shares of the financial services provider's stock worth $23,469,000 after buying an additional 2,802 shares during the last quarter. American Century Companies Inc. lifted its stake in Northrim BanCorp by 16.4% during the fourth quarter. American Century Companies Inc. now owns 122,173 shares of the financial services provider's stock worth $9,522,000 after purchasing an additional 17,240 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Northrim BanCorp by 16.6% in the fourth quarter. Bank of New York Mellon Corp now owns 49,272 shares of the financial services provider's stock valued at $3,840,000 after purchasing an additional 7,009 shares in the last quarter. Zacks Investment Management increased its stake in Northrim BanCorp by 1.7% in the fourth quarter. Zacks Investment Management now owns 44,952 shares of the financial services provider's stock valued at $3,504,000 after purchasing an additional 744 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Northrim BanCorp by 28.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 36,120 shares of the financial services provider's stock worth $2,815,000 after buying an additional 7,961 shares during the last quarter. Institutional investors and hedge funds 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.