Pinnacle Holdings LLC Buys Shares of 68,048 Primis Financial Corp. $FRST

Pinnacle Holdings LLC bought a new stake in shares of Primis Financial Corp. (NASDAQ:FRST) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 68,048 shares of the company’s stock, valued at approximately $1,114,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Russell Investments Group Ltd. lifted its holdings in 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 buying an additional 1,744 shares in the last quarter. Raymond James Financial Inc. bought a new position in Primis Financial in the 2nd quarter worth about $25,000. BNP Paribas Financial Markets grew its stake in Primis Financial by 278.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 7,742 shares of the company’s stock worth $81,000 after acquiring an additional 5,695 shares in the last quarter. Commonwealth Retirement Investments LLC purchased a new position in shares of Primis Financial during the fourth quarter worth approximately $82,000. Finally, Public Employees Retirement System of Ohio increased its position in shares of Primis Financial by 141.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 6,733 shares of the company’s stock worth $94,000 after acquiring an additional 3,950 shares during the period. 74.96% of the stock is currently owned by hedge funds and other institutional investors.

Primis Financial Stock Performance

Shares of FRST stock opened at $16.15 on Monday. The stock has a market cap of $400.52 million, a PE ratio of 7.48 and a beta of 0.73. The business has a 50-day simple moving average of $15.99 and a 200-day simple moving average of $14.64. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 0.16. Primis Financial Corp. has a 52-week low of $9.55 and a 52-week high of $16.88.

Primis Financial (NASDAQ:FRST) last posted its earnings results on Thursday, July 23rd. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.15). The company had revenue of $55.79 million for the quarter, compared to analyst estimates of $48.77 million. Primis Financial had a return on equity of 5.49% and a net margin of 19.19%. On average, equities analysts expect that Primis Financial Corp. will post 1.38 EPS for the current year.

Primis Financial Announces Dividend

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

Analysts Set New Price Targets

Several research firms have recently weighed in on FRST. Raymond James Financial assumed coverage on shares of Primis Financial in a research note on Thursday, June 25th. They set a “strong-buy” rating and a $19.00 price target for the company. Weiss Ratings upgraded Primis Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, July 23rd. Finally, Wall Street Zen lowered 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 assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target 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.