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

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

Analyst Ratings Changes

Several analysts have weighed in on the company. Wall Street Zen downgraded Primis Financial from a “buy” rating to a “hold” rating in a research note on Sunday, February 8th. Weiss Ratings upgraded Primis Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, March 17th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Primis Financial has an average rating of “Moderate Buy” and an average price target of $1.00.

Primis Financial Stock Performance

NASDAQ FRST traded up $0.04 on Monday, reaching $13.11. 59,963 shares of the company’s stock traded hands, compared to its average volume of 98,085. Primis Financial has a fifty-two week low of $7.59 and a fifty-two week high of $14.55. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.98 and a current ratio of 1.03. The firm has a market cap of $323.73 million, a price-to-earnings ratio of 6.79 and a beta of 0.75. The stock has a 50 day moving average price of $13.48 and a 200-day moving average price of $12.21.

Primis Financial (NASDAQ:FRST) last announced its quarterly earnings results on Thursday, January 29th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.24). The company had revenue of $80.87 million for the quarter, compared to analyst estimates of $30.01 million. Primis Financial had a return on equity of 3.99% and a net margin of 18.78%. Equities research analysts predict that Primis Financial will post 1.4 EPS for the current fiscal year.

Primis Financial declared that its board has authorized a stock repurchase plan on Thursday, December 18th that permits the company to buyback $750,000.00 in shares. This buyback authorization permits the company to repurchase up to 0.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Primis Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 27th. Investors of record on Friday, February 13th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.1%. The ex-dividend date was Friday, February 13th. Primis Financial’s dividend payout ratio (DPR) is currently 20.73%.

Insider Buying and Selling at Primis Financial

In related news, EVP Matthew Alan Switzer bought 2,500 shares of the stock in a transaction dated Tuesday, February 3rd. The stock was purchased at an average cost of $14.06 per share, with a total value of $35,150.00. Following the completion of the purchase, the executive vice president owned 96,226 shares of the company’s stock, valued at $1,352,937.56. This trade represents a 2.67% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders acquired 7,025 shares of company stock worth $92,961 in the last ninety days. 10.96% of the stock is currently owned by company insiders.

Institutional Trading of Primis Financial

Several institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. grew its position in shares of Primis Financial by 290.2% in the third quarter. Russell Investments Group Ltd. now owns 2,345 shares of the company’s stock valued at $25,000 after purchasing an additional 1,744 shares during the period. Raymond James Financial Inc. purchased a new position in Primis Financial in the 2nd quarter valued at about $25,000. PNC Financial Services Group Inc. lifted its stake in Primis Financial by 154.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 4,555 shares of the company’s stock valued at $49,000 after buying an additional 2,767 shares in the last quarter. CWM LLC boosted its holdings in Primis Financial by 135.7% in the 3rd quarter. CWM LLC now owns 7,402 shares of the company’s stock worth $78,000 after buying an additional 4,262 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its stake in Primis Financial by 278.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 7,742 shares of the company’s stock worth $81,000 after buying an additional 5,695 shares in the last quarter. 74.96% of the stock is 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.