Northrim BanCorp, Inc. (NASDAQ:NRIM) Increases Dividend to $0.62 Per Share

Northrim BanCorp, Inc. (NASDAQ:NRIM) declared a quarterly dividend on Friday, August 23rd, Zacks reports. Stockholders of record on Thursday, September 5th will be given a dividend of 0.62 per share by the financial services provider on Friday, September 13th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.66%. The ex-dividend date is Thursday, September 5th. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.61.

Northrim BanCorp has increased its dividend by an average of 20.3% per year over the last three years and has raised its dividend every year for the last 15 years. Northrim BanCorp has a dividend payout ratio of 43.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Northrim BanCorp to earn $5.62 per share next year, which means the company should continue to be able to cover its $2.44 annual dividend with an expected future payout ratio of 43.4%.

Northrim BanCorp Stock Performance

NASDAQ:NRIM opened at $67.82 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.79 and a debt-to-equity ratio of 0.10. Northrim BanCorp has a 1 year low of $38.25 and a 1 year high of $74.34. The firm’s fifty day simple moving average is $61.87 and its 200 day simple moving average is $54.22. The firm has a market capitalization of $373.01 million, a PE ratio of 13.22 and a beta of 0.73.

Northrim BanCorp (NASDAQ:NRIM) last posted its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.31. The business had revenue of $46.49 million during the quarter, compared to analysts’ expectations of $35.00 million. Northrim BanCorp had a return on equity of 13.82% and a net margin of 18.41%. On average, sell-side analysts anticipate that Northrim BanCorp will post 5.57 EPS for the current year.

Insiders Place Their Bets

In related news, Director Joseph Marushack acquired 493 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was acquired at an average price of $60.22 per share, with a total value of $29,688.46. Following the completion of the transaction, the director now owns 2,768 shares of the company’s stock, valued at $166,688.96. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.10% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com cut Northrim BanCorp from a “buy” rating to a “hold” rating in a research report on Tuesday, May 21st.

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.