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

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 given a dividend of 0.64 per share by the financial services provider on Friday, June 13th. This represents a $2.56 annualized dividend and a yield of 2.92%.

Northrim BanCorp has raised its dividend payment by an average of 17.9% annually over the last three years and has raised its dividend every year for the last 16 years. Northrim BanCorp has a dividend payout ratio of 26.5% indicating that its dividend is sufficiently covered by earnings. Research 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 0.2%

Northrim BanCorp stock traded up $0.18 during mid-day trading on Friday, hitting $87.53. The company's stock had a trading volume of 12,056 shares, compared to its average volume of 30,791. The stock's fifty day moving average is $77.29 and its two-hundred day moving average is $79.67. The company has a current ratio of 0.85, a quick ratio of 0.81 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $483.23 million, a PE ratio of 13.24 and a beta of 0.93. Northrim BanCorp has a 1 year low of $51.50 and a 1 year high of $91.72.

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. Northrim BanCorp had a net margin of 18.87% and a return on equity of 14.86%. The business had revenue of $45.50 million during the quarter, compared to analyst estimates of $44.10 million. On average, analysts anticipate that Northrim BanCorp will post 8.05 EPS for the current year.

Wall Street Analyst Weigh In

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

Institutional Trading of Northrim BanCorp

Several institutional investors and hedge funds have recently bought and sold shares of the business. Cubist Systematic Strategies LLC acquired a new stake in shares of Northrim BanCorp in the 1st quarter worth $210,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised 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 purchasing an additional 156 shares in the last quarter. Jane Street Group LLC purchased a new stake in Northrim BanCorp in the 1st quarter valued at approximately $413,000. AQR Capital Management LLC lifted its holdings in shares of Northrim BanCorp by 171.3% in the 1st quarter. AQR Capital Management LLC now owns 13,352 shares of the financial services provider's stock valued at $978,000 after buying an additional 8,431 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Northrim BanCorp by 30.2% in the first quarter. Goldman Sachs Group Inc. now owns 28,470 shares of the financial services provider's stock valued at $2,085,000 after buying an additional 6,599 shares in the last quarter. Hedge funds and other institutional investors own 65.99% of the company's stock.

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.

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