Short Interest in Primis Financial Corp. (NASDAQ:FRST) Drops By 13.2%

Primis Financial Corp. (NASDAQ:FRST) was the recipient of a large drop in short interest in February. As of February 27th, there was short interest totaling 182,984 shares, a drop of 13.2% from the February 12th total of 210,723 shares. Currently, 0.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 96,408 shares, the days-to-cover ratio is currently 1.9 days. Based on an average daily trading volume, of 96,408 shares, the days-to-cover ratio is currently 1.9 days. Currently, 0.8% of the shares of the stock are sold short.

Insider Activity

In related news, EVP Matthew Alan Switzer bought 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was bought at an average cost of $14.06 per share, for a total transaction of $35,150.00. Following the completion of the transaction, the executive vice president owned 96,226 shares of the company’s stock, valued at approximately $1,352,937.56. The trade was a 2.67% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders have acquired 7,025 shares of company stock worth $92,961. Insiders own 10.96% of the company’s stock.

Institutional Investors Weigh In On Primis Financial

Several institutional investors have recently added to or reduced their stakes in FRST. Empowered Funds LLC raised its position in shares of Primis Financial by 5.0% in the 4th quarter. Empowered Funds LLC now owns 42,768 shares of the company’s stock valued at $595,000 after purchasing an additional 2,018 shares during the last quarter. Oxford Asset Management LLP purchased a new stake in shares of Primis Financial in the fourth quarter valued at about $202,000. Millennium Management LLC increased its stake in Primis Financial by 41.8% during the fourth quarter. Millennium Management LLC now owns 87,504 shares of the company’s stock worth $1,217,000 after acquiring an additional 25,803 shares during the last quarter. First Manhattan CO. LLC. raised its position in Primis Financial by 6.4% in the fourth quarter. First Manhattan CO. LLC. now owns 166,901 shares of the company’s stock valued at $2,322,000 after purchasing an additional 10,000 shares during the period. Finally, AQR Capital Management LLC lifted its stake in shares of Primis Financial by 19.9% in the 4th quarter. AQR Capital Management LLC now owns 96,779 shares of the company’s stock valued at $1,346,000 after purchasing an additional 16,055 shares during the last quarter. Institutional investors and hedge funds own 74.96% of the company’s stock.

Primis Financial Stock Performance

FRST traded down $0.01 during trading on Tuesday, hitting $12.80. The company’s stock had a trading volume of 38,639 shares, compared to its average volume of 94,762. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 0.47. Primis Financial has a one year low of $7.59 and a one year high of $14.55. The business’s 50 day simple moving average is $13.55 and its 200-day simple moving average is $12.10. The firm has a market cap of $315.49 million, a PE ratio of 6.63 and a beta of 0.75.

Primis Financial (NASDAQ:FRST) last posted its quarterly earnings data on Thursday, January 29th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $30.01 million. As a group, sell-side analysts predict that Primis Financial will post 1.4 EPS for the current fiscal year.

Primis Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 13th were paid a dividend of $0.10 per share. The ex-dividend date was Friday, February 13th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.1%. Primis Financial’s dividend payout ratio (DPR) is currently 20.73%.

Primis Financial announced that its Board of Directors has authorized a stock buyback plan on Thursday, December 18th that permits the company to repurchase $750,000.00 in shares. This repurchase authorization permits the company to repurchase up to 0.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have recently issued reports on FRST shares. Wall Street Zen cut Primis Financial from a “buy” rating to a “hold” rating in a research note on Sunday, February 8th. Weiss Ratings reaffirmed 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 given a Hold rating to the company. Based on data from MarketBeat.com, Primis Financial has an average rating of “Hold” and a consensus price target of $1.00.

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.