Northrim BanCorp Inc (NASDAQ:NRIM) Short Interest Up 311.8% in September

Key Points

• Northrim BanCorp Inc experienced a dramatic increase in short interest, rising by 311.8% in September to a total of 268,500 shares.
• The company's stock is currently down 1.1% and has a market capitalization of $473.39 million, with shares opening at $21.43.
• Northrim BanCorp recently declared a quarterly dividend of $0.16 per share, yielding 3.0%, while the company's payout ratio stands at 32.00%.

Northrim BanCorp Inc (NASDAQ:NRIM - Get Free Report) was the target of a significant increase in short interest in September. As of September 15th, there was short interest totaling 268,500 shares, an increase of 311.8% from the August 31st total of 65,200 shares. Based on an average trading volume of 218,000 shares, the short-interest ratio is currently 1.2 days. Based on an average trading volume of 218,000 shares, the short-interest ratio is currently 1.2 days.

Northrim BanCorp Stock Down 1.1%

NRIM stock opened at $21.43 on Thursday. Northrim BanCorp has a fifty-two week low of $15.92 and a fifty-two week high of $25.05. The company has a market capitalization of $473.39 million, a price-to-earnings ratio of 10.73 and a beta of 0.94. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.91. The stock has a fifty day moving average of $22.19 and a 200-day moving average of $21.45.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.04). The company had revenue of $50.23 million during the quarter, compared to analysts' expectations of $48.80 million. Northrim BanCorp had a net margin of 20.11% and a return on equity of 16.35%. As a group, equities research analysts predict that Northrim BanCorp will post 8.05 earnings per share for the current year.

Northrim BanCorp Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Thursday, September 4th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Thursday, September 4th. Northrim BanCorp's payout ratio is 32.00%.

Institutional Investors Weigh In On Northrim BanCorp

A number of institutional investors and hedge funds have recently made changes to their positions in NRIM. Federated Hermes Inc. raised its holdings in shares of Northrim BanCorp by 388.6% in the 1st quarter. Federated Hermes Inc. now owns 342 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 272 shares in the last quarter. US Bancorp DE purchased a new stake in Northrim BanCorp in the first quarter valued at approximately $37,000. Assetmark Inc. bought a new stake in Northrim BanCorp during the second quarter valued at approximately $43,000. Cullen Frost Bankers Inc. grew its stake in Northrim BanCorp by 159.9% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 486 shares of the financial services provider's stock worth $45,000 after buying an additional 299 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Northrim BanCorp by 34.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 538 shares of the financial services provider's stock worth $50,000 after buying an additional 138 shares during the last quarter. Hedge funds and other institutional investors own 65.99% of the company's stock.

Analyst Ratings Changes

Separately, Wall Street Zen cut Northrim BanCorp from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $26.00.

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.

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