Northrim BanCorp, Inc. (NASDAQ:NRIM) Raises Dividend to $0.64 Per Share

Northrim BanCorp, Inc. (NASDAQ:NRIM) declared a quarterly dividend on Thursday, January 23rd, Wall Street Journal reports. Shareholders of record on Thursday, March 6th will be given a dividend of 0.64 per share by the financial services provider on Friday, March 14th. This represents a $2.56 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date is Thursday, March 6th. This is a positive change from Northrim BanCorp’s previous quarterly dividend of $0.62.

Northrim BanCorp has increased its dividend by an average of 17.9% annually over the last three years and has raised its dividend every year for the last 16 years. Northrim BanCorp has a dividend payout ratio of 30.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Northrim BanCorp to earn $8.45 per share next year, which means the company should continue to be able to cover its $2.56 annual dividend with an expected future payout ratio of 30.3%.

Northrim BanCorp Trading Down 1.7 %

NRIM stock opened at $80.89 on Tuesday. The company has a market cap of $445.06 million, a P/E ratio of 12.22 and a beta of 0.83. Northrim BanCorp has a twelve month low of $43.92 and a twelve month high of $91.72. 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 business has a fifty day moving average of $81.02 and a 200-day moving average of $76.07.

Northrim BanCorp (NASDAQ:NRIM) last announced its earnings results on Friday, January 24th. The financial services provider reported $1.95 EPS for the quarter, topping the consensus estimate of $1.23 by $0.72. Northrim BanCorp had a net margin of 18.87% and a return on equity of 14.86%. As a group, equities research analysts expect that Northrim BanCorp will post 8.05 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Hovde Group began coverage on shares of Northrim BanCorp in a research report on Friday, December 20th. They issued an “outperform” rating and a $96.50 price objective on the stock.

Insider Buying and Selling at Northrim BanCorp

In other news, CEO Michael G. Huston sold 453 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $89.18, for a total transaction of $40,398.54. Following the completion of the sale, the chief executive officer now owns 23,759 shares of the company’s stock, valued at approximately $2,118,827.62. This represents a 1.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.10% of the company’s stock.

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.