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. Shareholders 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 dividend on an annualized basis and a yield of 3.12%. 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 raised its dividend payment by an average of 17.9% annually over the last three years and has increased its dividend every year for the last 15 years. Northrim BanCorp has a payout ratio of 29.5% indicating that its dividend is sufficiently covered by earnings. 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 Price Performance

NRIM traded down $1.13 on Tuesday, hitting $82.12. 42,736 shares of the company’s stock traded hands, compared to its average volume of 58,974. The firm has a market cap of $451.66 million, a price-to-earnings ratio of 14.01 and a beta of 0.82. The company’s 50 day simple moving average is $80.90 and its 200-day simple moving average is $72.75. The company has a current ratio of 0.85, a quick ratio of 0.81 and a debt-to-equity ratio of 0.09. Northrim BanCorp has a one year low of $43.92 and a one year high of $91.72.

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

Insider Buying and Selling at Northrim BanCorp

In related news, Director Linda C. Thomas sold 2,550 shares of the company’s stock in a transaction 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 sale, the director now owns 1,172 shares in the company, valued at $92,588. This represents a 68.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.10% of the company’s stock.

Analyst Ratings Changes

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

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.