Primis Financial Corp. (NASDAQ:FRST) Short Interest Update
by Danessa Lincoln · The Markets DailyPrimis Financial Corp. (NASDAQ:FRST – Get Free Report) saw 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. 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 stock are short sold. Currently, 1.0% of the company’s stock are short sold. Based on an average daily volume of 145,595 shares, the short-interest ratio is presently 1.4 days.
Insider Activity
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 acquired at an average price of $14.06 per share, with a total value of $35,150.00. Following the completion of the transaction, the executive vice president directly owned 96,226 shares in the company, valued at $1,352,937.56. This trade represents a 2.67% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 10.96% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of FRST. Russell Investments Group Ltd. lifted its position in 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 during the period. Raymond James Financial Inc. bought a new stake in shares of Primis Financial during the 2nd quarter worth approximately $25,000. PNC Financial Services Group Inc. lifted its holdings in shares of Primis Financial by 154.8% during the 2nd 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 boosted its position in shares of Primis Financial by 135.7% during the 3rd quarter. CWM LLC now owns 7,402 shares of the company’s stock worth $78,000 after acquiring an additional 4,262 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its stake in 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 acquiring an additional 5,695 shares during the last quarter. Institutional investors own 74.96% of the company’s stock.
Primis Financial Stock Performance
NASDAQ:FRST traded down $0.11 during mid-day trading on Tuesday, reaching $13.25. 108,207 shares of the company’s stock were exchanged, compared to its average volume of 97,439. Primis Financial has a one year low of $7.59 and a one year high of $14.55. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.96 and a current ratio of 1.02. The business’s fifty day simple moving average is $13.60 and its two-hundred day simple moving average is $11.96. The firm has a market capitalization of $326.53 million, a PE ratio of 6.87 and a beta of 0.77.
Primis Financial (NASDAQ:FRST – Get Free Report) last announced 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 return on equity of 4.11% and a net margin of 18.78%.The business had revenue of $80.87 million for the quarter, compared to analyst estimates of $30.01 million. Analysts anticipate that Primis Financial will post 1.4 earnings per share for the current fiscal year.
Primis Financial Dividend Announcement
The business 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 annualized dividend and a yield of 3.0%. Primis Financial’s payout ratio is currently 20.73%.
Primis Financial announced that its board has authorized a share repurchase plan on Thursday, December 18th that authorizes the company to buyback $750,000.00 in shares. This buyback authorization authorizes the company to repurchase up to 0.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.
Analyst Ratings Changes
Several brokerages have commented on FRST. Wall Street Zen cut shares of Primis Financial from a “buy” rating to a “hold” rating in a research report on Sunday, February 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Primis Financial in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Primis Financial has a consensus rating of “Hold” and a consensus target price of $1.00.
Check Out Our Latest Stock Analysis on Primis Financial
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.