Primis Financial (NASDAQ:FRST) Earns Buy Rating from Analysts at Maxim Group

Equities research analysts at Maxim Group assumed coverage on shares of Primis Financial (NASDAQ:FRST) in a research report issued on Monday,Benzinga reports. The firm set a “buy” rating and a $1.00 price target on the stock. Maxim Group’s target price points to a potential downside of 88.84% from the company’s current price.

Primis Financial Stock Performance

NASDAQ:FRST opened at $8.96 on Monday. The company has a current ratio of 0.99, a quick ratio of 0.86 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $221.52 million, a price-to-earnings ratio of -29.87 and a beta of 0.65. The firm’s fifty day simple moving average is $9.08 and its 200 day simple moving average is $10.69. Primis Financial has a twelve month low of $7.59 and a twelve month high of $13.52.

Primis Financial (NASDAQ:FRST) last released its earnings results on Tuesday, April 29th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.12). The company had revenue of $32.53 million during the quarter, compared to the consensus estimate of $26.90 million. Primis Financial had a negative return on equity of 2.05% and a negative net margin of 2.97%. As a group, equities research analysts expect that Primis Financial will post 1.4 earnings per share for the current fiscal year.

Insider Transactions at Primis Financial

In other news, Director John Fitzgerald Biagas purchased 10,000 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average price of $9.97 per share, for a total transaction of $99,700.00. Following the completion of the acquisition, the director now directly owns 88,469 shares of the company’s stock, valued at $882,035.93. The trade was a 12.74% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 10.89% of the company’s stock.

Institutional Trading of Primis Financial

Large investors have recently added to or reduced their stakes in the business. Rhumbline Advisers boosted its holdings in shares of Primis Financial by 94.3% during the 4th quarter. Rhumbline Advisers now owns 70,869 shares of the company’s stock worth $826,000 after buying an additional 34,394 shares during the period. Barclays PLC raised its stake in Primis Financial by 243.8% during the 3rd quarter. Barclays PLC now owns 27,441 shares of the company’s stock valued at $334,000 after purchasing an additional 19,460 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Primis Financial by 120.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 71,112 shares of the company’s stock valued at $866,000 after purchasing an additional 38,792 shares during the last quarter. Mendon Capital Advisors Corp raised its stake in Primis Financial by 11.3% during the 4th quarter. Mendon Capital Advisors Corp now owns 1,051,728 shares of the company’s stock valued at $12,263,000 after purchasing an additional 106,721 shares during the last quarter. Finally, PL Capital Advisors LLC raised its stake in Primis Financial by 1,066.0% during the 4th quarter. PL Capital Advisors LLC now owns 5,541,310 shares of the company’s stock valued at $64,612,000 after purchasing an additional 5,066,069 shares during the last quarter. 74.96% of the stock is owned by institutional investors.

Primis Financial Company Profile

Primis Financial Corp. operates as the bank holding company for Primis Bank that provides a range of financial services to individuals and small and medium sized businesses in the United States. Its deposit products include checking, NOW, savings, and money market accounts, as well as certificates of deposits.