Northrim BanCorp, Inc. (NASDAQ:NRIM) Declares Dividend Increase – $0.64 Per Share

Northrim BanCorp, Inc. (NASDAQ:NRIM) announced a quarterly dividend on Tuesday, January 28th,Wall Street Journal reports. Stockholders of record on Thursday, March 6th will be paid a dividend of 0.64 per share by the financial services provider on Friday, March 14th. This represents a $2.56 annualized dividend and a dividend yield of 3.09%. The ex-dividend date is Thursday, March 6th. This is a boost from Northrim BanCorp’s previous quarterly dividend of $0.62.

Northrim BanCorp has increased its dividend payment by an average of 17.9% annually over the last three years and has raised its dividend annually for the last 15 consecutive years. Northrim BanCorp has a dividend payout ratio of 29.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Northrim BanCorp to earn $7.96 per share next year, which means the company should continue to be able to cover its $2.48 annual dividend with an expected future payout ratio of 31.2%.

Northrim BanCorp Trading Up 0.8 %

Shares of NRIM stock opened at $82.81 on Thursday. The company has a 50 day moving average of $80.93 and a 200-day moving average of $72.97. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. Northrim BanCorp has a 12-month low of $43.92 and a 12-month high of $91.72. The firm has a market cap of $455.46 million, a P/E ratio of 14.13 and a beta of 0.82.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings data on Friday, January 24th. The financial services provider reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.72. Northrim BanCorp had a net margin of 17.79% and a return on equity of 13.31%. Sell-side analysts anticipate that Northrim BanCorp will post 6.38 earnings per share for the current year.

Insider Activity at Northrim BanCorp

In related news, Director Linda C. Thomas sold 2,550 shares of Northrim BanCorp stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $79.00, for a total value of $201,450.00. Following the completion of the transaction, the director now directly owns 1,172 shares in the company, valued at approximately $92,588. The trade was a 68.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.10% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

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

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.