Primis Financial (NASDAQ:FRST) Rating Lowered to “Hold” at Wall Street Zen

Primis Financial (NASDAQ:FRST) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Sunday.

Several other brokerages also recently issued reports on FRST. Zacks Research raised shares of Primis Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, October 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Primis Financial in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $1.00.

Primis Financial Stock Performance

NASDAQ:FRST opened at $14.10 on Friday. The firm has a market capitalization of $347.42 million, a PE ratio of 7.31 and a beta of 0.77. The stock’s fifty day moving average is $13.28 and its 200 day moving average is $11.70. Primis Financial has a fifty-two week low of $7.59 and a fifty-two week high of $14.55. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.96 and a current ratio of 1.02.

Primis Financial (NASDAQ:FRST) last announced its earnings results on Thursday, January 29th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.24). Primis Financial had a net margin of 18.78% and a return on equity of 4.11%. The firm had revenue of $80.87 million during the quarter, compared to analysts’ expectations of $30.01 million. On average, sell-side analysts anticipate that Primis Financial will post 1.4 earnings per share for the current year.

Primis Financial declared that its board has initiated a share repurchase program on Thursday, December 18th that permits the company to buyback $750,000.00 in outstanding shares. This buyback authorization permits the company to reacquire up to 0.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Primis Financial

In other Primis Financial news, EVP Matthew Alan Switzer acquired 2,500 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The stock was bought at an average cost of $14.06 per share, with a total value of $35,150.00. Following the completion of the purchase, the executive vice president directly owned 96,226 shares in the company, valued at $1,352,937.56. The trade was a 2.67% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders bought 6,376 shares of company stock valued at $79,895 in the last ninety days. Insiders own 10.96% of the company’s stock.

Institutional Investors Weigh In On Primis Financial

Several large investors have recently modified their holdings of FRST. Russell Investments Group Ltd. increased its holdings in Primis Financial by 290.2% during the third quarter. Russell Investments Group Ltd. now owns 2,345 shares of the company’s stock valued at $25,000 after buying an additional 1,744 shares during the period. Raymond James Financial Inc. bought a new stake in Primis Financial during the 2nd quarter valued at $25,000. PNC Financial Services Group Inc. increased its holdings in shares of Primis Financial by 154.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 4,555 shares of the company’s stock valued at $49,000 after acquiring an additional 2,767 shares during the period. CWM LLC raised its position in shares of Primis Financial by 135.7% in the 3rd quarter. CWM LLC now owns 7,402 shares of the company’s stock worth $78,000 after acquiring an additional 4,262 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in shares of Primis Financial by 278.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 7,742 shares of the company’s stock worth $81,000 after purchasing an additional 5,695 shares during the last quarter. Institutional investors own 74.96% of the company’s stock.

Primis Financial Company Profile

Primis Financial Corporation is a bank holding company headquartered in Waycross, Georgia, operating through its wholly owned subsidiary, Primis Bank. The company offers a full suite of commercial and retail banking services tailored to meet the needs of individuals, small businesses, and agricultural clients across its service area. Primis Bank focuses on building relationships within the communities it serves, positioning itself as a local financial partner for deposit-taking, lending, and treasury management solutions.

Primis Bank maintains a network of branch offices throughout southeastern Georgia, serving a combination of rural and suburban markets.