Primis Financial Corp. (NASDAQ:FRST) Short Interest Up 44.9% in March

Primis Financial Corp. (NASDAQ:FRST) was the recipient of a significant increase in short interest during the month of 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. Currently, 1.2% of the shares of the company are sold short. Based on an average daily trading volume, of 94,088 shares, the short-interest ratio is currently 2.8 days.

Wall Street Analysts Forecast Growth

FRST has been the topic of several recent research reports. Weiss Ratings raised shares of Primis Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, March 17th. Wall Street Zen cut Primis Financial from a “buy” rating to a “hold” rating in a report on Sunday, February 8th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1.00.

Insiders Place Their Bets

In other Primis Financial news, EVP Matthew Alan Switzer acquired 2,500 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The shares were purchased at an average price of $14.06 per share, for a total transaction 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 $1,352,937.56. The trade was a 2.67% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have purchased 7,025 shares of company stock valued at $92,961. 10.96% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Russell Investments Group Ltd. grew its stake in Primis Financial by 290.2% in 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 during the period. Raymond James Financial Inc. acquired a new position in Primis Financial during the second quarter worth $25,000. PNC Financial Services Group Inc. raised its position 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 worth $49,000 after acquiring an additional 2,767 shares during the period. CWM LLC lifted its holdings in Primis Financial by 135.7% during the third quarter. CWM LLC now owns 7,402 shares of the company’s stock valued at $78,000 after purchasing an additional 4,262 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its position in shares of Primis Financial by 278.2% in the third quarter. BNP Paribas Financial Markets now owns 7,742 shares of the company’s stock valued at $81,000 after purchasing an additional 5,695 shares during the period. 74.96% of the stock is owned by institutional investors and hedge funds.

Primis Financial Stock Performance

Shares of NASDAQ:FRST traded down $0.17 during trading on Friday, hitting $13.07. 63,750 shares of the stock traded hands, compared to its average volume of 105,723. The company has a quick ratio of 0.98, a current ratio of 1.03 and a debt-to-equity ratio of 0.23. The company has a fifty day moving average price of $13.48 and a two-hundred day moving average price of $12.19. Primis Financial has a 52-week low of $7.59 and a 52-week high of $14.55. The company has a market cap of $322.83 million, a price-to-earnings ratio of 6.77 and a beta of 0.75.

Primis Financial (NASDAQ:FRST) last announced its quarterly 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 return on equity of 3.99% and a net margin of 18.78%.The firm had revenue of $80.87 million for the quarter, compared to analysts’ expectations of $30.01 million. As a group, equities analysts predict that Primis Financial will post 1.4 EPS for the current year.

Primis Financial Announces Dividend

The firm also recently announced 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 was Friday, February 13th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.1%. Primis Financial’s dividend payout ratio (DPR) is 20.73%.

Primis Financial announced that its Board of Directors has approved a stock repurchase plan on Thursday, December 18th that allows the company to repurchase $750,000.00 in outstanding shares. This repurchase authorization allows the company to repurchase up to 0.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Primis Financial Company Profile

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.