Northrim BanCorp, Inc. (NASDAQ:NRIM) Declares Dividend Increase – $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 annualized dividend and a dividend yield of 3.65%. The ex-dividend date of this dividend is Thursday, September 5th. This is a boost from Northrim BanCorp’s previous quarterly dividend of $0.61.

Northrim BanCorp has increased its dividend payment 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 payout ratio of 44.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Northrim BanCorp to earn $5.62 per share next year, which means the company should continue to be able to cover its $2.48 annual dividend with an expected future payout ratio of 44.1%.

Northrim BanCorp Trading Down 1.5 %

NRIM opened at $67.91 on Wednesday. Northrim BanCorp has a 12-month low of $38.25 and a 12-month high of $74.34. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.83 and a quick ratio of 0.79. The stock has a market capitalization of $373.51 million, a PE ratio of 13.24 and a beta of 0.73. The firm’s fifty day moving average price is $63.65 and its 200 day moving average price is $55.24.

Northrim BanCorp (NASDAQ:NRIM) last posted its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.31. The business had revenue of $46.49 million during the quarter, compared to the consensus estimate of $35.00 million. Northrim BanCorp had a return on equity of 13.61% and a net margin of 18.41%. As a group, research analysts expect that Northrim BanCorp will post 5.83 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In related news, Director Joseph Marushack bought 493 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was bought at an average cost of $60.22 per share, for a total transaction of $29,688.46. Following the completion of the purchase, the director now directly owns 2,768 shares in the company, valued at approximately $166,688.96. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.10% of the stock is owned by company insiders.

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.