Primis Financial Corp. (NASDAQ:FRST) Short Interest Update

Primis Financial Corp. (NASDAQ:FRST) was the target of a large increase in short interest in March. As of March 13th, there was short interest totaling 265,141 shares, an increase of 44.9% from the February 26th total of 182,984 shares. Approximately 1.2% of the company’s stock are short sold. Based on an average daily volume of 94,088 shares, the short-interest ratio is currently 2.8 days.

Primis Financial Stock Down 1.3%

Shares of NASDAQ:FRST traded down $0.17 during midday trading on Friday, reaching $13.07. The company had a trading volume of 63,750 shares, compared to its average volume of 105,723. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.03 and a quick ratio of 0.98. The stock’s fifty day moving average price is $13.48 and its 200-day moving average price is $12.20. The stock has a market capitalization of $322.83 million, a P/E ratio of 6.77 and a beta of 0.75. Primis Financial has a one year low of $7.59 and a one year high of $14.55.

Primis Financial (NASDAQ:FRST) last posted its quarterly earnings data on Thursday, January 29th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.24). The company had revenue of $80.87 million for the quarter, compared to the consensus estimate of $30.01 million. Primis Financial had a net margin of 18.78% and a return on equity of 3.99%. Equities research analysts expect that Primis Financial will post 1.4 earnings per share for the current fiscal year.

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

Primis Financial Dividend Announcement

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

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Wall Street Zen downgraded Primis Financial from a “buy” rating to a “hold” rating in a research note on Sunday, February 8th. Weiss Ratings upgraded Primis Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, March 17th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Primis Financial presently has an average rating of “Moderate Buy” and a consensus price target of $1.00.

Insider Transactions at Primis Financial

In other news, EVP Matthew Alan Switzer purchased 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were purchased at an average price of $14.06 per share, with a total value of $35,150.00. Following the purchase, the executive vice president directly owned 96,226 shares of the company’s stock, valued at approximately $1,352,937.56. This represents a 2.67% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Over the last quarter, insiders have acquired 7,025 shares of company stock worth $92,961. Insiders own 10.96% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. raised its position in shares of Primis Financial by 290.2% during the 3rd 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 in the last quarter. Raymond James Financial Inc. bought a new stake in Primis Financial during the second quarter valued at $25,000. PNC Financial Services Group Inc. increased its stake in Primis Financial by 154.8% during the second quarter. PNC Financial Services Group Inc. now owns 4,555 shares of the company’s stock valued at $49,000 after purchasing an additional 2,767 shares during the last quarter. CWM LLC raised its holdings in shares of Primis Financial by 135.7% during the third quarter. CWM LLC now owns 7,402 shares of the company’s stock worth $78,000 after purchasing an additional 4,262 shares during the period. Finally, BNP Paribas Financial Markets raised its holdings in shares of Primis Financial by 278.2% during the third 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 period. Institutional investors and hedge funds own 74.96% of the company’s stock.

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.