Northrim BanCorp, Inc. (NASDAQ:NRIM – Get Rating) declared a quarterly dividend on Friday, May 27th, Zacks reports. Investors 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 yield of 3.92%. The ex-dividend date of this dividend is Wednesday, June 8th.
Northrim BanCorp has increased its dividend payment by an average of 13.7% annually 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% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Northrim BanCorp to earn $6.41 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%.
Shares of NRIM stock opened at $41.82 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.82 and a current ratio of 0.84. The firm has a market cap of $243.39 million, a price-to-earnings ratio of 7.95 and a beta of 0.71. The firm’s 50-day simple moving average is $41.84 and its two-hundred day simple moving average is $43.26. Northrim BanCorp has a 52 week low of $38.42 and a 52 week high of $47.34.
In other news, Director David W. Karp purchased 2,500 shares of the stock in a transaction on Monday, February 28th. The stock was bought at an average price of $43.35 per share, with a total value of $108,375.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director David W. Karp acquired 2,000 shares of the business’s stock in a transaction dated Tuesday, May 10th. The stock was purchased at an average cost of $41.03 per share, for a total transaction of $82,060.00. Following the completion of the acquisition, the director now directly owns 9,686 shares of the company’s stock, valued at approximately $397,416.58. The disclosure for this purchase can be found here. Insiders have bought 5,910 shares of company stock worth $252,513 in the last 90 days. Insiders own 3.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. American Century Companies Inc. grew its holdings in Northrim BanCorp by 26.4% during the first quarter. American Century Companies Inc. now owns 25,852 shares of the financial services provider’s stock worth $1,126,000 after acquiring an additional 5,394 shares during the period. Parametric Portfolio Associates LLC boosted its position in Northrim BanCorp by 2.3% in the 4th quarter. Parametric Portfolio Associates LLC now owns 23,695 shares of the financial services provider’s stock worth $1,030,000 after purchasing an additional 534 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Northrim BanCorp by 23.1% during the 4th quarter. JPMorgan Chase & Co. now owns 17,099 shares of the financial services provider’s stock worth $743,000 after purchasing an additional 3,204 shares during the period. Millennium Management LLC increased its holdings in shares of Northrim BanCorp by 28.1% during the 3rd quarter. Millennium Management LLC now owns 15,752 shares of the financial services provider’s stock valued at $670,000 after purchasing an additional 3,455 shares in the last quarter. Finally, Ancora Advisors LLC lifted its stake in shares of Northrim BanCorp by 27.7% in the 1st quarter. Ancora Advisors LLC now owns 15,174 shares of the financial services provider’s stock valued at $645,000 after purchasing an additional 3,290 shares during the period. Institutional investors and hedge funds own 69.50% of the company’s stock.
A number of research analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Northrim BanCorp from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research report on Thursday. Janney Montgomery Scott raised shares of Northrim BanCorp from a “neutral” rating to a “buy” rating in a report on Friday, February 25th. Finally, StockNews.com began coverage on Northrim BanCorp in a report on Thursday, March 31st. They set a “buy” rating for the company.
Northrim BanCorp Company Profile (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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