Northrim BanCorp, Inc. to Issue Quarterly Dividend of $0.64 (NASDAQ:NRIM)

Northrim BanCorp, Inc. (NASDAQ:NRIM - Get Free Report) declared a quarterly dividend on Friday, May 23rd, RTT News reports. Shareholders of record on Thursday, June 5th will be paid a dividend of 0.64 per share by the financial services provider on Friday, June 13th. This represents a $2.56 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date is Thursday, June 5th.

Northrim BanCorp has increased its dividend by an average of 17.9% annually over the last three years and has increased its dividend every year for the last 16 years. Northrim BanCorp has a dividend payout ratio of 26.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Northrim BanCorp to earn $8.45 per share next year, which means the company should continue to be able to cover its $2.56 annual dividend with an expected future payout ratio of 30.3%.

Northrim BanCorp Trading Up 0.4%

Shares of NRIM traded up $0.38 during trading on Wednesday, reaching $90.61. 90,694 shares of the company traded hands, compared to its average volume of 31,482. The stock has a 50-day simple moving average of $78.19 and a 200-day simple moving average of $80.04. The stock has a market cap of $500.23 million, a PE ratio of 13.66 and a beta of 0.93. Northrim BanCorp has a twelve month low of $52.10 and a twelve month high of $91.72. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.09.

Northrim BanCorp (NASDAQ:NRIM - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $2.38 EPS for the quarter, beating the consensus estimate of $1.56 by $0.82. The business had revenue of $45.50 million during the quarter, compared to analyst estimates of $44.10 million. Northrim BanCorp had a net margin of 18.87% and a return on equity of 14.86%. On average, analysts anticipate that Northrim BanCorp will post 8.05 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in NRIM. Cubist Systematic Strategies LLC purchased a new stake in Northrim BanCorp in the 1st quarter valued at approximately $210,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Northrim BanCorp by 5.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,182 shares of the financial services provider's stock worth $233,000 after acquiring an additional 156 shares during the period. Jane Street Group LLC acquired a new position in Northrim BanCorp during the first quarter worth $413,000. AQR Capital Management LLC raised its position in Northrim BanCorp by 171.3% in the first quarter. AQR Capital Management LLC now owns 13,352 shares of the financial services provider's stock worth $978,000 after acquiring an additional 8,431 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Northrim BanCorp by 30.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 28,470 shares of the financial services provider's stock valued at $2,085,000 after purchasing an additional 6,599 shares in the last quarter. 65.99% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Hovde Group increased their price target on Northrim BanCorp from $99.00 to $104.00 and gave the stock an "outperform" rating in a report on Monday, April 28th.

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.