Northrim BanCorp, Inc. (NASDAQ:NRIM) to Issue Quarterly Dividend of $0.64

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 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% indicating that its dividend is sufficiently covered by earnings. 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

Shares of NASDAQ:NRIM opened at $82.12 on Wednesday. The stock’s 50 day moving average is $80.91 and its 200-day moving average is $72.90. 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 firm has a market capitalization of $451.66 million, a price-to-earnings ratio of 14.01 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 forecast that Northrim BanCorp will post 6.38 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Linda C. Thomas sold 2,550 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $79.00, for a total transaction of $201,450.00. Following the transaction, the director now directly owns 1,172 shares of the company’s stock, valued at $92,588. This trade represents a 68.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.10% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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