Man Group plc Invests $852,000 in Primis Financial Corp. $FRST

Man Group plc bought a new stake in Primis Financial Corp. (NASDAQ:FRST) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 52,062 shares of the company’s stock, valued at approximately $852,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Legal & General Group Plc bought a new position in Primis Financial in the second quarter worth $36,000. Raymond James Financial Inc. bought a new stake in Primis Financial in the second quarter valued at about $25,000. Russell Investments Group Ltd. increased its stake in Primis Financial by 290.2% in the third quarter. Russell Investments Group Ltd. now owns 2,345 shares of the company’s stock valued at $25,000 after acquiring an additional 1,744 shares during the period. Fiduciary Financial Advisors acquired a new position in shares of Primis Financial in the 2nd quarter worth approximately $90,000. Finally, Commonwealth Retirement Investments LLC bought a new position in shares of Primis Financial during the fourth quarter valued at $82,000. 74.96% of the stock is owned by institutional investors and hedge funds.

Primis Financial Trading Up 0.7%

Shares of NASDAQ:FRST opened at $16.11 on Friday. Primis Financial Corp. has a 52-week low of $9.55 and a 52-week high of $16.88. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.96 and a current ratio of 1.02. The company has a market capitalization of $399.53 million, a P/E ratio of 7.46 and a beta of 0.73. The company has a 50-day simple moving average of $16.08 and a 200 day simple moving average of $14.76.

Primis Financial (NASDAQ:FRST) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.15). Primis Financial had a net margin of 19.19% and a return on equity of 5.49%. The business had revenue of $55.79 million during the quarter, compared to analyst estimates of $48.77 million. Sell-side analysts forecast that Primis Financial Corp. will post 1.38 earnings per share for the current year.

Primis Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 7th were paid a $0.10 dividend. The ex-dividend date was Friday, August 7th. This represents a $0.40 dividend on an annualized basis and a yield of 2.5%. Primis Financial’s dividend payout ratio is 18.52%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FRST. Raymond James Financial assumed coverage on shares of Primis Financial in a research report on Thursday, June 25th. They set a “strong-buy” rating and a $19.00 target price on the stock. Weiss Ratings raised shares of Primis Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, July 23rd. Finally, Wall Street Zen cut Primis Financial from a “buy” rating to a “hold” rating in a research report on Sunday, May 17th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $18.00.

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.