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

Northrim BanCorp, Inc. (NASDAQ:NRIM) announced a quarterly dividend on Tuesday, January 28th,Wall Street Journal reports. Investors 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 annualized dividend and a yield of 3.12%. The ex-dividend date of this dividend is Thursday, March 6th. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.62.

Northrim BanCorp has increased its dividend payment by an average of 17.9% per year 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. 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 stock opened at $82.12 on Wednesday. The company has a market capitalization of $451.66 million, a P/E ratio of 14.01 and a beta of 0.82. The company has a fifty day moving average price of $80.91 and a 200-day moving average price of $72.90. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.85. Northrim BanCorp has a 52-week low of $43.92 and a 52-week high of $91.72.

Northrim BanCorp (NASDAQ:NRIM) last released its quarterly earnings results on Friday, January 24th. The financial services provider reported $1.95 EPS for the quarter, beating 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, equities analysts expect that Northrim BanCorp will post 6.38 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Hovde Group initiated coverage on shares of Northrim BanCorp in a research report on Friday, December 20th. They set an “outperform” rating and a $96.50 target price for the company.

Insider Buying and Selling

In other Northrim BanCorp news, Director Linda C. Thomas sold 2,550 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $79.00, for a total transaction of $201,450.00. Following the completion of the sale, the director now directly owns 1,172 shares in the company, valued at approximately $92,588. This trade represents a 68.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 4.10% of the stock is owned by insiders.

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.