Northrim BanCorp, Inc. (NASDAQ:NRIM) was the recipient of a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 89,000 shares, an increase of 38.6% from the September 15th total of 64,200 shares. Currently, 1.4% of the shares of the company are short sold. Based on an average daily volume of 16,700 shares, the days-to-cover ratio is presently 5.3 days.
A number of institutional investors have recently added to or reduced their stakes in NRIM. Rhumbline Advisers grew its stake in shares of Northrim BanCorp by 8.5% in the 3rd quarter. Rhumbline Advisers now owns 10,290 shares of the financial services provider’s stock worth $408,000 after purchasing an additional 806 shares during the last quarter. AdvisorNet Financial Inc acquired a new position in shares of Northrim BanCorp in the 3rd quarter worth approximately $81,000. Meeder Asset Management Inc. grew its stake in shares of Northrim BanCorp by 33.8% in the 3rd quarter. Meeder Asset Management Inc. now owns 7,837 shares of the financial services provider’s stock worth $310,000 after purchasing an additional 1,979 shares during the last quarter. Dalton Greiner Hartman Maher & Co. grew its stake in shares of Northrim BanCorp by 9.2% in the 3rd quarter. Dalton Greiner Hartman Maher & Co. now owns 94,895 shares of the financial services provider’s stock worth $3,764,000 after purchasing an additional 7,975 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Northrim BanCorp by 0.3% in the 2nd quarter. Vanguard Group Inc. now owns 356,932 shares of the financial services provider’s stock worth $12,728,000 after purchasing an additional 1,067 shares during the last quarter. 71.26% of the stock is currently owned by hedge funds and other institutional investors.
Northrim BanCorp stock traded up $0.15 during trading hours on Monday, hitting $37.53. 14,000 shares of the company traded hands, compared to its average volume of 14,723. The firm has a market cap of $251.78 million, a P/E ratio of 13.12 and a beta of 0.82. The company has a quick ratio of 0.84, a current ratio of 0.89 and a debt-to-equity ratio of 0.16. The firm’s 50-day simple moving average is $38.96 and its two-hundred day simple moving average is $36.28. Northrim BanCorp has a 1-year low of $29.66 and a 1-year high of $42.28.
Northrim BanCorp (NASDAQ:NRIM) last released its earnings results on Monday, July 29th. The financial services provider reported $0.62 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.70 by ($0.08). The company had revenue of $25.53 million for the quarter, compared to analyst estimates of $24.50 million. Northrim BanCorp had a net margin of 18.42% and a return on equity of 9.07%. On average, equities research analysts predict that Northrim BanCorp will post 2.61 earnings per share for the current year.
NRIM has been the topic of several recent research reports. BidaskClub downgraded shares of Northrim BanCorp from a “buy” rating to a “hold” rating in a research report on Tuesday, October 15th. Zacks Investment Research upgraded shares of Northrim BanCorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 9th. Finally, ValuEngine cut shares of Northrim BanCorp from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd.
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 in Alaska. It operates in two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, money market deposit accounts, certificates of deposit, and courier noncash deposits.
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