Northrim BanCorp, Inc. (NASDAQ:NRIM) Sees Significant Decline in Short Interest

Northrim BanCorp, Inc. (NASDAQ:NRIM) was the target of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 49,700 shares, a drop of 20.5% from the October 15th total of 62,500 shares. Based on an average daily trading volume, of 20,500 shares, the days-to-cover ratio is presently 2.4 days. Currently, 0.9% of the company’s stock are short sold.

Northrim BanCorp Stock Down 2.2 %

Shares of NASDAQ NRIM traded down $1.85 during mid-day trading on Friday, reaching $82.85. The company had a trading volume of 18,753 shares, compared to its average volume of 22,522. The firm has a 50 day simple moving average of $70.16 and a two-hundred day simple moving average of $63.23. Northrim BanCorp has a 52-week low of $43.92 and a 52-week high of $85.06. 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 stock has a market cap of $455.68 million, a P/E ratio of 14.14 and a beta of 0.73.

Northrim BanCorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, September 5th were given a dividend of $0.62 per share. This is a positive change from Northrim BanCorp’s previous quarterly dividend of $0.61. The ex-dividend date was Thursday, September 5th. This represents a $2.48 annualized dividend and a yield of 2.99%. Northrim BanCorp’s payout ratio is 42.32%.

Insider Activity

In other Northrim BanCorp news, Director Linda C. Thomas sold 2,550 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $79.00, for a total value of $201,450.00. Following the sale, the director now directly owns 1,172 shares in the company, valued at $92,588. This trade represents a 68.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Northrim BanCorp

Large investors have recently modified their holdings of the company. ClariVest Asset Management LLC purchased a new position in shares of Northrim BanCorp during the second quarter worth about $1,141,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Northrim BanCorp during the 3rd quarter worth approximately $824,000. Elizabeth Park Capital Advisors Ltd. lifted its position in Northrim BanCorp by 27.3% during the 2nd quarter. Elizabeth Park Capital Advisors Ltd. now owns 46,316 shares of the financial services provider’s stock worth $2,670,000 after acquiring an additional 9,919 shares during the period. State Street Corp grew its stake in shares of Northrim BanCorp by 8.0% in the 3rd quarter. State Street Corp now owns 107,568 shares of the financial services provider’s stock valued at $7,661,000 after purchasing an additional 8,012 shares during the last quarter. Finally, De Lisle Partners LLP increased its holdings in shares of Northrim BanCorp by 11.6% in the third quarter. De Lisle Partners LLP now owns 77,095 shares of the financial services provider’s stock valued at $5,476,000 after purchasing an additional 8,000 shares during the period. 65.99% of the stock is owned by institutional investors and hedge funds.

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.