Primis Financial (NASDAQ:FRST) Issues Quarterly Earnings Results

Primis Financial (NASDAQ:FRST) released its earnings results on Thursday. The company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.01, Zacks reports. Primis Financial had a net margin of 18.78% and a return on equity of 3.99%. The business had revenue of $45.56 million during the quarter, compared to analysts’ expectations of $43.87 million.

Primis Financial Trading Up 2.4%

NASDAQ FRST traded up $0.34 during trading hours on Friday, hitting $14.26. The company’s stock had a trading volume of 945,046 shares, compared to its average volume of 123,205. Primis Financial has a twelve month low of $7.59 and a twelve month high of $14.55. The firm has a market capitalization of $353.22 million, a P/E ratio of 7.45 and a beta of 0.72. The company has a quick ratio of 0.98, a current ratio of 1.03 and a debt-to-equity ratio of 0.23. The stock has a fifty day moving average of $13.43 and a 200 day moving average of $12.59.

Primis Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 22nd. Shareholders of record on Friday, May 8th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Friday, May 8th. Primis Financial’s dividend payout ratio (DPR) is presently 20.73%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods assumed coverage on shares of Primis Financial in a research note on Monday. They set an “outperform” rating and a $17.00 price target for the company. Wall Street Zen downgraded Primis Financial from a “buy” rating to a “hold” rating in a research report on Sunday, February 8th. Finally, Weiss Ratings raised Primis Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, March 17th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Primis Financial currently has an average rating of “Moderate Buy” and an average target price of $9.00.

Insider Buying and Selling

In related news, EVP Matthew Alan Switzer bought 2,500 shares of Primis Financial stock in a transaction on Tuesday, February 3rd. The shares were purchased at an average price of $14.06 per share, for a total transaction of $35,150.00. Following the completion of the acquisition, the executive vice president owned 96,226 shares in the company, valued at approximately $1,352,937.56. This represents a 2.67% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders bought a total of 7,025 shares of company stock valued at $92,961 in the last ninety days. Corporate insiders own 10.87% of the company’s stock.

Institutional Investors Weigh In On Primis Financial

Several hedge funds have recently bought and sold shares of the company. Patriot Financial Partners GP II L.P. bought a new stake in shares of Primis Financial in the third quarter worth about $12,796,000. Alliancebernstein L.P. lifted its holdings in shares of Primis Financial by 44.5% during the 3rd quarter. Alliancebernstein L.P. now owns 1,091,037 shares of the company’s stock valued at $11,467,000 after purchasing an additional 336,149 shares in the last quarter. North Reef Capital Management LP grew its position in shares of Primis Financial by 23.5% in the 4th quarter. North Reef Capital Management LP now owns 1,203,604 shares of the company’s stock valued at $16,742,000 after purchasing an additional 228,734 shares during the period. Fourthstone LLC grew its position in shares of Primis Financial by 31.9% in the 4th quarter. Fourthstone LLC now owns 932,437 shares of the company’s stock valued at $12,970,000 after purchasing an additional 225,504 shares during the period. Finally, Mendon Capital Advisors Corp increased its stake in Primis Financial by 16.6% during the 2nd quarter. Mendon Capital Advisors Corp now owns 1,301,933 shares of the company’s stock worth $14,126,000 after purchasing an additional 185,083 shares in the last quarter. 74.96% of the stock is currently owned by institutional investors and hedge funds.

About Primis Financial

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.