Northrim BanCorp declared a quarterly cash dividend of $0.62 per share, payable on December 27, 2024.
Quiver AI Summary
Northrim BanCorp, Inc. has declared a quarterly cash dividend of $0.62 per share, set to be paid on December 27, 2024, to shareholders on record as of December 19, 2024. CEO Mike Huston expressed satisfaction in continuing to return value to shareholders, noting that the dividend corresponds to an annualized yield of 2.88% based on the stock price of $86.03 as of December 5, 2024. In its third quarter of 2024, Northrim reported a net income of $8.8 million, or $1.57 per diluted share, which shows a slight decrease from the previous quarter and a year-over-year increase. Northrim BanCorp operates Northrim Bank, a community bank in Alaska with 20 branches, along with subsidiaries focused on specialty finance and mortgage services.
Potential Positives
- The Board of Directors declared a regular quarterly cash dividend of $0.62 per share, demonstrating the company's commitment to returning value to shareholders.
- The announced dividend provides a yield of 2.88% on an annualized basis, which can be attractive to investors seeking income.
- The company reported solid net income of $8.8 million in the third quarter of 2024, reflecting strong financial performance compared to the previous year.
- Northrim BanCorp has a well-established presence in Alaska, with 20 branches and a focused service philosophy, positioning it uniquely in its market.
Potential Negatives
- Decline in net income from $9.0 million in Q2 2024 to $8.8 million in Q3 2024, indicating potential challenges in maintaining profitability.
- Annualized dividend yield of 2.88% may be considered low, especially if market expectations for dividends are higher, potentially disappointing investors.
- Comparison of diluted earnings per share shows a slight decrease from $1.62 to $1.57, signaling stagnation or slight deterioration in earnings performance.
FAQ
What is the latest dividend declared by Northrim BanCorp?
Northrim BanCorp announced a regular quarterly cash dividend of $0.62 per share.
When will the dividend be payable to shareholders?
The dividend will be payable on December 27, 2024, to shareholders of record at the close of business on December 19, 2024.
What is the annualized yield of the recent dividend?
The current dividend equates to an annualized yield of 2.88% based on a stock price of $86.03.
Who is the President and CEO of Northrim BanCorp?
Mike Huston is the President and CEO of Northrim BanCorp.
What were Northrim's net income results for Q3 2024?
Northrim reported a net income of $8.8 million, or $1.57 per diluted share, in Q3 2024.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$NRIM Insider Trading Activity
$NRIM insiders have traded $NRIM stock on the open market 14 times in the past 6 months. Of those trades, 13 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $NRIM stock by insiders over the last 6 months:
- LINDA C THOMAS sold 2,550 shares.
- JOSEPH MARUSHACK has traded it 13 times. They made 13 purchases, buying 493 shares and 0 sales.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$NRIM Hedge Fund Activity
We have seen 48 institutional investors add shares of $NRIM stock to their portfolio, and 41 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- INVESCO LTD. added 46,678 shares (+285.5%) to their portfolio in Q3 2024
- BLACKROCK, INC. added 28,983 shares (+4.0%) to their portfolio in Q3 2024
- HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC removed 23,270 shares (-19.4%) from their portfolio in Q3 2024
- AMERICAN CENTURY COMPANIES INC added 20,203 shares (+23.8%) to their portfolio in Q3 2024
- NUVEEN ASSET MANAGEMENT, LLC added 18,210 shares (+191.9%) to their portfolio in Q3 2024
- LSV ASSET MANAGEMENT removed 15,589 shares (-10.3%) from their portfolio in Q3 2024
- EAM INVESTORS, LLC added 13,059 shares (+inf%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
ANCHORAGE, Alaska, Dec. 06, 2024 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (NASDAQ: NRIM) today announced that the Board of Directors declared a regular quarterly cash dividend of $0.62 per share. The dividend will be payable on December 27, 2024, to shareholders of record at the close of business on December 19, 2024.
“We are pleased to announce a quarterly dividend of $0.62 per share, as we continue to provide returns to our shareholders,” said Mike Huston, President and CEO. At the stock price of $86.03 per share at the close of the market on December 5, 2024, the current dividend equates to a yield of 2.88% on an annualized basis.
On October 23, 2024, Northrim reported net income of $8.8 million, or $1.57 per diluted share, in the third quarter of 2024, compared to $9.0 million, or $1.62 per diluted share, in the second quarter of 2024, and $8.4 million, or $1.48 per diluted share, in the third quarter a year ago.
About Northrim BanCorp
Northrim BanCorp, Inc. is the holding company of Northrim Bank, an Alaska-based community bank with 20 branches throughout the state and differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. The bank has two wholly-owned subsidiaries, Sallyport Commercial Finance, LLC, a specialty finance company and Residential Mortgage Holding Company, LLC, a regional home mortgage company. Pacific Wealth Advisors, LLC is an affiliated company.
| Contact: | Mike Huston, President, CEO, and COO (907) 261-8750 Jed Ballard, Chief Financial Officer (907) 261-3539 |
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