Northrim BanCorp, Inc. (NASDAQ:NRIM) Plans Quarterly Dividend of $0.41

Northrim BanCorp, Inc. (NASDAQ:NRIMGet Rating) declared a quarterly dividend on Friday, May 27th, Zacks reports. Stockholders of record on Thursday, June 9th will be given a dividend of 0.41 per share by the financial services provider on Friday, June 17th. This represents a $1.64 annualized dividend and a dividend yield of 3.92%. The ex-dividend date is Wednesday, June 8th.

Northrim BanCorp has increased its dividend by an average of 13.7% per year over the last three years and has raised its dividend every year for the last 13 years. Northrim BanCorp has a payout ratio of 25.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Northrim BanCorp to earn $6.40 per share next year, which means the company should continue to be able to cover its $1.64 annual dividend with an expected future payout ratio of 25.6%.

Northrim BanCorp stock opened at $41.82 on Friday. The company’s fifty day simple moving average is $41.84 and its 200-day simple moving average is $43.27. The company has a quick ratio of 0.82, a current ratio of 0.84 and a debt-to-equity ratio of 0.11. Northrim BanCorp has a 12 month low of $38.42 and a 12 month high of $47.34. The stock has a market cap of $243.27 million, a P/E ratio of 7.95 and a beta of 0.71.

Northrim BanCorp (NASDAQ:NRIMGet Rating) last posted its quarterly earnings results on Thursday, April 28th. The financial services provider reported $1.20 EPS for the quarter, beating the consensus estimate of $0.98 by $0.22. Northrim BanCorp had a net margin of 24.81% and a return on equity of 13.81%. The business had revenue of $30.13 million for the quarter, compared to analysts’ expectations of $29.50 million. On average, equities research analysts expect that Northrim BanCorp will post 4.57 earnings per share for the current fiscal year.

Several research firms recently issued reports on NRIM. StockNews.com began coverage on shares of Northrim BanCorp in a research note on Thursday, March 31st. They issued a “buy” rating for the company. Zacks Investment Research raised shares of Northrim BanCorp from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Thursday. Finally, Janney Montgomery Scott raised shares of Northrim BanCorp from a “neutral” rating to a “buy” rating in a research note on Friday, February 25th.

In other news, Director David W. Karp bought 2,000 shares of the business’s stock in a transaction on Tuesday, May 10th. The stock was purchased at an average price of $41.03 per share, with a total value of $82,060.00. Following the transaction, the director now directly owns 9,686 shares in the company, valued at $397,416.58. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director David W. Karp bought 2,500 shares of the business’s stock in a transaction on Monday, February 28th. The shares were purchased at an average cost of $43.35 per share, with a total value of $108,375.00. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 5,910 shares of company stock valued at $252,513. 3.50% of the stock is owned by company insiders.

Institutional investors have recently modified their holdings of the business. Citigroup Inc. grew its stake in Northrim BanCorp by 112.1% during the fourth quarter. Citigroup Inc. now owns 1,512 shares of the financial services provider’s stock worth $66,000 after buying an additional 799 shares during the last quarter. BNP Paribas Arbitrage SA grew its stake in shares of Northrim BanCorp by 78.6% during the third quarter. BNP Paribas Arbitrage SA now owns 1,704 shares of the financial services provider’s stock valued at $72,000 after purchasing an additional 750 shares during the last quarter. UBS Group AG grew its stake in shares of Northrim BanCorp by 40.5% during the first quarter. UBS Group AG now owns 3,162 shares of the financial services provider’s stock valued at $138,000 after purchasing an additional 912 shares during the last quarter. MetLife Investment Management LLC grew its stake in shares of Northrim BanCorp by 57.0% during the first quarter. MetLife Investment Management LLC now owns 3,484 shares of the financial services provider’s stock valued at $152,000 after purchasing an additional 1,265 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Northrim BanCorp by 24.2% during the fourth quarter. Bank of America Corp DE now owns 10,089 shares of the financial services provider’s stock valued at $439,000 after purchasing an additional 1,966 shares during the last quarter. 69.50% of the stock is currently owned by hedge funds and other institutional investors.

About Northrim BanCorp (Get Rating)

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 in 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.

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Dividend History for Northrim BanCorp (NASDAQ:NRIM)

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