Northrim BanCorp Inc
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Financials : Banks | Small Cap Blend
Company profile

Northrim BanCorp, Inc. is a bank holding company. The Company operates through two segments: Community Banking and Home Mortgage Lending. The Community Banking segment's principal business focuses on the offering of loan and deposit products to business and consumer customers in its primary market areas. The Home Mortgage lending segment's principal business focuses on the origination and sale of mortgage loans for one- to four-family residential properties. The deposit services include business and personal noninterest-bearing checking accounts and interest-bearing time deposits, checking accounts, savings accounts, and individual retirement accounts. Its loan products include short and medium-term commercial loans, commercial credit lines, construction and real estate loans, and consumer loans. It also offers convenience services including mobile web and text banking, consumer online account opening, personal finance, online documents, consumer debit cards and business debit cards.

Closing Price
$44.30
Day's Change
2.28 (5.43%)
Bid
--
Ask
--
B/A Size
--
Day's High
44.39
Day's Low
42.60
Volume
(Above Average)
Volume:
13,394

10-day average volume:
11,559
13,394

Analysts upbeat on Tilray's U.S. prospects after MedMen deal

11:22 am ET August 18, 2021 (MarketWatch)
Print

Steve Gelsi

Tilray stock rallies after Alliance Global's Grey said the deal, at a 'reasonable price,' positions company for stronger growth

Shares of Tilray Inc. rallied Wednesday, on the heels of mostly positive analyst comments on the Canadian cannabis company's announcement to buy a 21% stake in MedMen Enterprises Inc. through the purchase of notes and warrants, to increase its U.S. presence.

Gotham Green Partners, a backer of MedMen, is the seller on the deal.

Tilray's stock (TLRY) shot up 4.7% in morning trading, paring earlier intraday gains of as much as 7.2%. Shares of MedMen (MMNFF), which trade over the counter, climbed 25.2%.

Don't miss: Tilray eyes U.S. cannabis market with MedMen deal, stock gains (https://www.marketwatch.com/story/tilray-eyes-u-s-cannabis-market-with-medmen-move-stock-gains-in-late-trading-11629234651).

Analyst Aaron Grey of Alliance Global Partners said the transaction could open up an opportunity for Tilray to purchase the remaining portions of MedMen and position it for stronger growth if federal legalization of adult use cannabis takes place. MedMen's current footprint includes dispensaries in New York and California.

"While an equity interest in a larger multi-state operator (MSO) would have provided TLRY with greater exposure to current U.S. cannabis markets, given the debt overhang on MMEN, TLRY was able to create its position at a more reasonable price," Grey wrote in a research note.

He maintained his neutral rating on Tilray.

Also read: Tilray and Aphria merger closes and creates world's biggest week company by revenue (https://www.marketwatch.com/story/tilray-and-aphria-merger-closes-and-creates-worlds-biggest-weed-company-by-revenue-11620064759).

Meanwhile, Oppenheimer & Co.'s Rupesh Parikh reiterated a perform rating on Tilray and said the company recently disclosed a fiscal 2024 revenue target of $4 billion, including a "meaningful" contribution from the U.S. market.

"We continue to look favorably upon management's efforts to build out a global cannabis platform, but nearer-term we remain sidelined driven by a continued challenging industry backdrop," Parikh said."

Tilray's stock has lost 11.8% over the past three months but has run up 66.3% year to date. In comparison, the Cannabis ETF (THCX) has gained 14.0% this year while the S&P 500 index has advanced 18.3%.

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(END) Dow Jones Newswires

August 18, 2021 11:22 ET (15:22 GMT)

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