Northrim BanCorp, Inc. (NRIM) to Issue Dividend Increase – $0.27 Per Share
Northrim BanCorp, Inc. (NASDAQ:NRIM) declared a quarterly dividend on Friday, August 24th, NASDAQ reports. Stockholders of record on Thursday, September 6th will be given a dividend of 0.27 per share by the financial services provider on Friday, September 14th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend is Wednesday, September 5th. This is an increase from Northrim BanCorp’s previous quarterly dividend of $0.24.
Northrim BanCorp has increased its dividend by an average of 7.1% per year over the last three years and has raised its dividend every year for the last 8 years. Northrim BanCorp has a payout ratio of 37.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Northrim BanCorp to earn $2.90 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 37.2%.
Northrim BanCorp stock opened at $44.10 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.82 and a current ratio of 0.86. Northrim BanCorp has a 1 year low of $29.25 and a 1 year high of $45.15. The stock has a market capitalization of $300.35 million, a PE ratio of 21.62 and a beta of 0.76.
Several brokerages recently weighed in on NRIM. BidaskClub downgraded shares of Northrim BanCorp from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, May 22nd. Zacks Investment Research upgraded shares of Northrim BanCorp from a “hold” rating to a “strong-buy” rating and set a $42.00 price objective on the stock in a research report on Tuesday, May 8th.
In other news, Director John C. Swalling acquired 625 shares of the business’s stock in a transaction that occurred on Friday, August 3rd. The shares were purchased at an average cost of $41.38 per share, for a total transaction of $25,862.50. Following the transaction, the director now directly owns 4,726 shares in the company, valued at approximately $195,561.88. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David W. Karp acquired 620 shares of the business’s stock in a transaction that occurred on Wednesday, August 1st. The stock was purchased at an average price of $40.50 per share, for a total transaction of $25,110.00. Following the completion of the transaction, the director now owns 2,436 shares in the company, valued at $98,658. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 2,490 shares of company stock worth $100,830. 2.90% of the stock is currently 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 professionals in Alaska. The company operates in two segments, Community Banking and Home Mortgage Lending. It offers various deposit products, including noninterest-bearing checking accounts and interest-bearing time deposits, checking accounts, and savings accounts, as well as money market deposit accounts, certificates of deposit, and courier noncash deposits.
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