Northrim BanCorp Inc (NASDAQ:NRIM) Raises Dividend to $0.17 Per Share

Northrim BanCorp Inc (NASDAQ:NRIM) announced a quarterly dividend on Friday, August 28th. Stockholders of record on Thursday, September 10th will be paid a dividend of 0.17 per share by the financial services provider on Friday, September 18th. This represents a c) annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Thursday, September 10th. This is a 6.3% increase from Northrim BanCorp’s previous quarterly dividend of $0.16.

Northrim BanCorp has increased its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 16 consecutive years. Northrim BanCorp has a payout ratio of 6.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Northrim BanCorp to earn $2.65 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 24.2%.

Northrim BanCorp Stock Down 0.6%

Shares of NASDAQ:NRIM opened at $25.65 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.91 and a debt-to-equity ratio of 0.23. Northrim BanCorp has a 12 month low of $19.60 and a 12 month high of $30.82. The company has a 50-day moving average price of $26.86 and a 200 day moving average price of $25.15. The company has a market cap of $570.71 million, a price-to-earnings ratio of 8.44 and a beta of 0.88.

Northrim BanCorp (NASDAQ:NRIM) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.07. The company had revenue of $53.79 million for the quarter, compared to analysts’ expectations of $51.80 million. Northrim BanCorp had a return on equity of 17.33% and a net margin of 26.03%. As a group, equities research analysts predict that Northrim BanCorp will post 2.57 earnings per share for the current year.

Northrim BanCorp Company Profile

Northrim BanCorp is the bank holding company for Northrim Bank, a community bank headquartered in Anchorage, Alaska. The company offers a comprehensive suite of personal and commercial banking products and services, including checking and savings accounts, consumer and commercial loans, mortgage financing, and treasury and cash management solutions.

With branches located across Alaska’s major population centers—such as Anchorage, Fairbanks and Juneau—Northrim serves both urban and rural communities.