Primis Financial (NASDAQ:FRST) Downgraded to Hold Rating by Wall Street Zen

Wall Street Zen cut shares of Primis Financial (NASDAQ:FRST) from a buy rating to a hold rating in a report released on Sunday morning.

Several other brokerages have also recently issued reports on FRST. Zacks Research raised Primis Financial from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Primis Financial in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Primis Financial presently has a consensus rating of “Hold” and an average price target of $1.00.

Primis Financial Stock Up 0.8%

NASDAQ:FRST opened at $14.26 on Friday. The firm has a market capitalization of $351.37 million, a P/E ratio of 7.39 and a beta of 0.77. Primis Financial has a 1-year low of $7.59 and a 1-year high of $14.55. The company’s fifty day moving average price is $13.22 and its 200-day moving average price is $11.68. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.02 and a quick ratio of 0.96.

Primis Financial (NASDAQ:FRST) last posted its earnings results on Thursday, January 29th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.24). Primis Financial had a net margin of 18.78% and a return on equity of 4.11%. The business had revenue of $80.87 million for the quarter, compared to analyst estimates of $30.01 million. As a group, equities research analysts anticipate that Primis Financial will post 1.4 EPS for the current year.

Primis Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Stockholders of record on Friday, February 13th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, February 13th. Primis Financial’s dividend payout ratio is presently 20.73%.

Primis Financial declared that its board has authorized a share buyback program on Thursday, December 18th that authorizes the company to buyback $750,000.00 in shares. This buyback authorization authorizes the company to purchase up to 0.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Insider Activity

In related news, EVP Matthew Alan Switzer bought 2,500 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The stock was acquired at an average price of $14.06 per share, with a total value of $35,150.00. Following the completion of the purchase, the executive vice president directly owned 96,226 shares of the company’s stock, valued at approximately $1,352,937.56. This trade represents a 2.67% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have bought a total of 8,206 shares of company stock valued at $99,733 in the last quarter. 10.96% of the stock is owned by company insiders.

Institutional Investors Weigh In On Primis Financial

Institutional investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. increased its stake in Primis Financial by 27.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 5,786 shares of the company’s stock worth $61,000 after buying an additional 1,231 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Primis Financial by 8.6% in the second quarter. First Trust Advisors LP now owns 16,623 shares of the company’s stock worth $180,000 after acquiring an additional 1,313 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Primis Financial by 11.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,072 shares of the company’s stock worth $128,000 after acquiring an additional 1,370 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Primis Financial by 290.2% during the third quarter. Russell Investments Group Ltd. now owns 2,345 shares of the company’s stock worth $25,000 after purchasing an additional 1,744 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Primis Financial in the 2nd quarter valued at $25,000. 74.96% of the stock is currently owned by institutional investors and hedge funds.

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.