Short Interest in Primis Financial Corp. (NASDAQ:FRST) Rises By 34.5%

Primis Financial Corp. (NASDAQ:FRST) saw a large growth in short interest during the month of December. As of December 15th, there was short interest totaling 276,066 shares, a growth of 34.5% from the November 30th total of 205,279 shares. Currently, 1.3% of the company’s stock are short sold. Based on an average daily trading volume, of 99,281 shares, the short-interest ratio is currently 2.8 days. Based on an average daily trading volume, of 99,281 shares, the short-interest ratio is currently 2.8 days. Currently, 1.3% of the company’s stock are short sold.

Analysts Set New Price Targets

FRST has been the topic of several research analyst reports. Zacks Research raised Primis Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Primis Financial in a research note on Monday. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Primis Financial has a consensus rating of “Hold” and an average target price of $1.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Mendon Capital Advisors Corp raised its stake in shares of Primis Financial by 16.6% during the second 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 during the last quarter. Patriot Financial Partners GP II L.P. acquired a new position in Primis Financial in the 3rd quarter valued at $12,796,000. Vanguard Group Inc. increased its stake in Primis Financial by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 1,210,031 shares of the company’s stock valued at $12,717,000 after buying an additional 17,712 shares during the period. Alliancebernstein L.P. raised its position in Primis Financial by 44.5% during the 3rd quarter. Alliancebernstein L.P. now owns 1,091,037 shares of the company’s stock worth $11,467,000 after buying an additional 336,149 shares during the last quarter. Finally, Curi Capital LLC lifted its stake in shares of Primis Financial by 12.2% in the 2nd quarter. Curi Capital LLC now owns 1,002,891 shares of the company’s stock worth $10,881,000 after acquiring an additional 109,355 shares during the period. 74.96% of the stock is currently owned by hedge funds and other institutional investors.

Primis Financial Stock Performance

NASDAQ:FRST traded up $0.81 during mid-day trading on Wednesday, reaching $13.91. 237,784 shares of the stock were exchanged, compared to its average volume of 87,656. The stock has a market capitalization of $342.74 million, a P/E ratio of 99.36 and a beta of 0.81. Primis Financial has a 1 year low of $7.59 and a 1 year high of $13.94. The company has a 50 day simple moving average of $11.70 and a 200-day simple moving average of $11.17. 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 (NASDAQ:FRST) last issued its quarterly earnings data on Thursday, October 23rd. The company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.04). The firm had revenue of $41.00 million during the quarter, compared to analysts’ expectations of $27.96 million. Primis Financial had a net margin of 1.31% and a negative return on equity of 0.75%. Analysts anticipate that Primis Financial will post 1.4 earnings per share for the current fiscal year.

Primis Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 21st. Shareholders of record on Friday, November 7th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Friday, November 7th. Primis Financial’s dividend payout ratio (DPR) is presently 285.71%.

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

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.