Northrim BanCorp Inc (NASDAQ:NRIM) Short Interest Update

Key Points

• Northrim BanCorp Inc experienced a significant increase in short interest of 43.4%, totaling 385,100 shares by the end of September.
• Hedge funds and institutional investors own about 65.99% of the company's stocks, with several firms notably increasing their positions recently.
• The company reported a quarterly earnings per share (EPS) of $0.72, exceeding analysts' estimates of $0.62, alongside revenues of $66.59 million compared to expectations of $50.60 million.

Northrim BanCorp Inc (NASDAQ:NRIM - Get Free Report) was the recipient of a significant increase in short interest in September. As of September 30th, there was short interest totaling 385,100 shares, an increase of 43.4% from the September 15th total of 268,500 shares. Based on an average trading volume of 187,200 shares, the short-interest ratio is currently 2.1 days. Based on an average trading volume of 187,200 shares, the short-interest ratio is currently 2.1 days.

Hedge Funds Weigh In On Northrim BanCorp

Hedge funds have recently bought and sold shares of the company. Federated Hermes Inc. lifted its position in shares of Northrim BanCorp by 388.6% during the first quarter. Federated Hermes Inc. now owns 342 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 272 shares in the last quarter. CWM LLC boosted its stake in shares of Northrim BanCorp by 286.6% in the 3rd quarter. CWM LLC now owns 1,616 shares of the financial services provider's stock worth $35,000 after buying an additional 1,198 shares during the last quarter. US Bancorp DE bought a new position in shares of Northrim BanCorp in the first quarter valued at approximately $37,000. Assetmark Inc. purchased a new stake in shares of Northrim BanCorp during the second quarter valued at approximately $43,000. Finally, Cullen Frost Bankers Inc. increased its position in shares of Northrim BanCorp by 159.9% during the second quarter. Cullen Frost Bankers Inc. now owns 486 shares of the financial services provider's stock valued at $45,000 after acquiring an additional 299 shares during the last quarter. 65.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on NRIM shares. Wall Street Zen downgraded Northrim BanCorp from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Weiss Ratings reissued a "buy (b-)" rating on shares of Northrim BanCorp in a research note on Tuesday, October 14th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $26.00.

Northrim BanCorp Trading Up 2.8%

Shares of NRIM stock traded up $0.58 during trading hours on Thursday, hitting $21.37. 28,192 shares of the company's stock traded hands, compared to its average volume of 189,013. The stock has a market cap of $471.95 million, a PE ratio of 10.68 and a beta of 0.94. The company has a quick ratio of 0.87, a current ratio of 0.91 and a debt-to-equity ratio of 0.25. Northrim BanCorp has a 12 month low of $15.92 and a 12 month high of $25.05. The stock's 50 day simple moving average is $22.16 and its 200 day simple moving average is $21.72.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last announced its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.10. The company had revenue of $66.59 million for the quarter, compared to the consensus estimate of $50.60 million. Northrim BanCorp had a return on equity of 16.35% and a net margin of 20.11%. On average, sell-side analysts anticipate that Northrim BanCorp will post 8.05 EPS for the current year.

Northrim BanCorp Cuts Dividend

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

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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