Northrim BanCorp Inc (NASDAQ:NRIM) Plans Dividend Increase – $0.17 Per Share

Northrim BanCorp Inc (NASDAQ:NRIM) declared a quarterly dividend on Friday, August 28th. Investors 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) dividend on an annualized basis and a yield of 2.7%. The ex-dividend date 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%per year over the last three years and has raised its dividend annually for the last 16 consecutive years. Northrim BanCorp has a dividend payout ratio of 6.6% indicating that its dividend is sufficiently covered by earnings. 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%

NRIM stock traded down $0.15 during trading on Friday, hitting $25.65. 123,646 shares of the stock traded hands, compared to its average volume of 160,326. The stock has a market cap of $570.58 million, a price-to-earnings ratio of 8.44 and a beta of 0.88. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.94 and a quick ratio of 0.91. Northrim BanCorp has a 1 year low of $19.60 and a 1 year high of $30.82. The firm’s 50 day moving average is $26.86 and its two-hundred day moving average is $25.15.

Northrim BanCorp (NASDAQ:NRIM) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.07. Northrim BanCorp had a net margin of 26.03% and a return on equity of 17.33%. The business had revenue of $53.79 million during the quarter, compared to analysts’ expectations of $51.80 million. On average, sell-side analysts anticipate that Northrim BanCorp will post 2.57 EPS 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.