Primis Financial Corp. (NASDAQ:FRST) Short Interest Up 19.4% in January

Primis Financial Corp. (NASDAQ:FRST) was the recipient of a large increase in short interest in January. As of January 15th, there was short interest totaling 292,821 shares, an increase of 19.4% from the December 31st total of 245,184 shares. Based on an average daily trading volume, of 65,591 shares, the days-to-cover ratio is currently 4.5 days. Currently, 1.3% of the shares of the stock are short sold. Currently, 1.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 65,591 shares, the days-to-cover ratio is currently 4.5 days.

Primis Financial Trading Up 1.4%

Shares of FRST traded up $0.20 during trading hours on Wednesday, hitting $14.34. The stock had a trading volume of 50,802 shares, compared to its average volume of 76,140. Primis Financial has a 12-month low of $7.59 and a 12-month high of $14.55. The firm has a market cap of $353.34 million, a P/E ratio of 7.40 and a beta of 0.77. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.96 and a current ratio of 1.02. The company’s fifty day simple moving average is $13.04 and its 200 day simple moving average is $11.64.

Primis Financial (NASDAQ:FRST) last announced its quarterly earnings results on Thursday, January 29th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.24). Primis Financial had a return on equity of 4.11% and a net margin of 18.78%.The firm had revenue of $80.87 million for the quarter, compared to analyst estimates of $30.01 million. Equities research analysts forecast that Primis Financial will post 1.4 EPS for the current fiscal year.

Primis Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Stockholders of record on Friday, February 13th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, February 13th. Primis Financial’s dividend payout ratio (DPR) is currently 20.73%.

Primis Financial declared that its board has approved a stock repurchase plan on Thursday, December 18th that authorizes the company to repurchase $750,000.00 in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 0.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Primis Financial in a research report on Monday, December 29th. Wall Street Zen upgraded Primis Financial from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Zacks Research raised Primis Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $1.00.

Insider Activity at Primis Financial

In related news, EVP Matthew Alan Switzer acquired 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was purchased at an average price of $14.06 per share, for a total transaction of $35,150.00. Following the transaction, the executive vice president owned 96,226 shares in the company, valued at $1,352,937.56. This trade represents a 2.67% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders acquired a total of 8,206 shares of company stock worth $99,733 over the last quarter. 10.96% of the stock is owned by company insiders.

Institutional Investors Weigh In On Primis Financial

Hedge funds have recently modified their holdings of the stock. CSM Advisors LLC acquired a new stake in Primis Financial during the 2nd quarter valued at $4,108,000. Fourthstone LLC boosted its position in Primis Financial by 219.5% in the 2nd quarter. Fourthstone LLC now owns 576,260 shares of the company’s stock valued at $6,252,000 after buying an additional 395,924 shares during the last quarter. Kennedy Capital Management LLC grew its stake in shares of Primis Financial by 7.1% during the second quarter. Kennedy Capital Management LLC now owns 527,416 shares of the company’s stock valued at $5,722,000 after acquiring an additional 34,950 shares in the last quarter. Prudential Financial Inc. increased its position in shares of Primis Financial by 18.0% during the second quarter. Prudential Financial Inc. now owns 149,477 shares of the company’s stock worth $1,622,000 after acquiring an additional 22,797 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of Primis Financial by 154.8% during the second quarter. PNC Financial Services Group Inc. now owns 4,555 shares of the company’s stock worth $49,000 after acquiring an additional 2,767 shares during the last quarter. 74.96% of the stock is currently owned by hedge funds and other institutional investors.

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.