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

Primis Financial Corp. (NASDAQ:FRST) was the target of a significant drop in short interest during the month of February. As of February 13th, there was short interest totaling 210,723 shares, a drop of 19.5% from the January 29th total of 261,657 shares. Currently, 1.0% of the company’s shares are sold short. Based on an average daily volume of 145,595 shares, the short-interest ratio is presently 1.4 days. Based on an average daily volume of 145,595 shares, the short-interest ratio is presently 1.4 days. Currently, 1.0% of the company’s shares are sold short.

Insider Activity

In other Primis Financial news, EVP Matthew Alan Switzer purchased 2,500 shares of Primis Financial stock in a transaction dated Tuesday, February 3rd. The shares were purchased at an average cost of $14.06 per share, for a total transaction of $35,150.00. Following the completion of the acquisition, the executive vice president owned 96,226 shares in the company, valued at $1,352,937.56. This represents a 2.67% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 10.96% of the stock is owned by company insiders.

Hedge Funds Weigh In On Primis Financial

A number of hedge funds have recently made changes to their positions in FRST. PNC Financial Services Group Inc. lifted its position in shares of Primis Financial by 27.0% in the third quarter. PNC Financial Services Group Inc. now owns 5,786 shares of the company’s stock valued at $61,000 after acquiring an additional 1,231 shares in the last quarter. First Trust Advisors LP lifted its holdings in Primis Financial by 8.6% in the 2nd quarter. First Trust Advisors LP now owns 16,623 shares of the company’s stock valued at $180,000 after purchasing an additional 1,313 shares in the last quarter. Barclays PLC boosted its stake in Primis Financial by 4.2% during the 4th quarter. Barclays PLC now owns 32,660 shares of the company’s stock worth $454,000 after purchasing an additional 1,331 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Primis Financial by 11.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,072 shares of the company’s stock worth $128,000 after buying an additional 1,370 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Primis Financial by 4.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 42,768 shares of the company’s stock worth $595,000 after buying an additional 1,667 shares in the last quarter. Institutional investors and hedge funds own 74.96% of the company’s stock.

Primis Financial Stock Up 1.7%

Shares of FRST stock traded up $0.23 during mid-day trading on Wednesday, hitting $13.48. 76,005 shares of the stock traded hands, compared to its average volume of 96,911. Primis Financial has a 52-week low of $7.59 and a 52-week high of $14.55. The stock has a market cap of $332.15 million, a P/E ratio of 6.98 and a beta of 0.75. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.02 and a quick ratio of 0.96. The stock’s fifty day moving average is $13.61 and its two-hundred day moving average is $11.97.

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

Primis Financial declared that its Board of Directors has initiated a share repurchase program on Thursday, December 18th that allows the company to buyback $750,000.00 in outstanding shares. This buyback authorization allows the company to reacquire up to 0.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Primis Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Friday, February 13th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $0.40 dividend on an annualized basis and a yield of 3.0%. Primis Financial’s payout ratio is presently 20.73%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FRST. Weiss Ratings reiterated a “hold (c)” rating on shares of Primis Financial in a report on Monday, December 29th. Wall Street Zen lowered Primis Financial from a “buy” rating to a “hold” rating in a research report on Sunday, February 8th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Primis Financial presently has a consensus rating of “Hold” and an average price target of $1.00.

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.