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Northrim (NRIM) Surges 7.9%: Is This an Indication of Further Gains?
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Northrim BanCorp (NRIM - Free Report) shares ended the last trading session 7.9% higher at $66.85. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 11.2% gain over the past four weeks.
Shares of Northrim BanCorp rallied for the fifth straight trading session and touched a 52-week high of 67.59. Encouraging inflation numbers and cooling employment data have increased the chances of the Federal Reserve cutting the interest rates as early as during the September FOMC meeting. As the rates come down, banks’ funding costs will stabilize or move lower eventually. Also, demand for loans is expected to improve. Hence, the investors turned bullish on banking sector stocks, driving NRIM higher.
This holding company for Northrim Bank is expected to post quarterly earnings of $1.31 per share in its upcoming report, which represents a year-over-year change of +33.7%. Revenues are expected to be $35 million, up 9% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Northrim, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on NRIM going forward to see if this recent jump can turn into more strength down the road.
Northrim is part of the Zacks Banks - West industry. Zions (ZION - Free Report) , another stock in the same industry, closed the last trading session 4.1% higher at $50.22. ZION has returned 16.9% in the past month.
For Zions, the consensus EPS estimate for the upcoming report has changed -0.5% over the past month to $1.10. This represents a change of -0.9% from what the company reported a year ago. Zions currently has a Zacks Rank of #3 (Hold).
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Northrim (NRIM) Surges 7.9%: Is This an Indication of Further Gains?
Northrim BanCorp (NRIM - Free Report) shares ended the last trading session 7.9% higher at $66.85. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 11.2% gain over the past four weeks.
Shares of Northrim BanCorp rallied for the fifth straight trading session and touched a 52-week high of 67.59. Encouraging inflation numbers and cooling employment data have increased the chances of the Federal Reserve cutting the interest rates as early as during the September FOMC meeting. As the rates come down, banks’ funding costs will stabilize or move lower eventually. Also, demand for loans is expected to improve. Hence, the investors turned bullish on banking sector stocks, driving NRIM higher.
This holding company for Northrim Bank is expected to post quarterly earnings of $1.31 per share in its upcoming report, which represents a year-over-year change of +33.7%. Revenues are expected to be $35 million, up 9% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Northrim, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on NRIM going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Northrim is part of the Zacks Banks - West industry. Zions (ZION - Free Report) , another stock in the same industry, closed the last trading session 4.1% higher at $50.22. ZION has returned 16.9% in the past month.
For Zions, the consensus EPS estimate for the upcoming report has changed -0.5% over the past month to $1.10. This represents a change of -0.9% from what the company reported a year ago. Zions currently has a Zacks Rank of #3 (Hold).