Northrim (NRIM) Surges 7.9%: Is This an Indication of Further Gains?

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. For ...