Insider Buying: Primis Financial (NASDAQ:FRST) Director Acquires $19,837.20 in Stock

Primis Financial Corp. (NASDAQ:FRST) Director Robert Yates Clagett bought 1,830 shares of the firm’s stock in a transaction on Tuesday, November 11th. The shares were bought at an average cost of $10.84 per share, with a total value of $19,837.20. Following the purchase, the director directly owned 48,566 shares in the company, valued at approximately $526,455.44. This trade represents a 3.92% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Robert Yates Clagett also recently made the following trade(s):

• On Thursday, November 13th, Robert Yates Clagett purchased 2,268 shares of Primis Financial stock. The stock was bought at an average cost of $10.98 per share, for a total transaction of $24,902.64.

Primis Financial Price Performance

Shares of NASDAQ:FRST opened at $10.88 on Friday. The firm has a market cap of $268.13 million, a price-to-earnings ratio of 77.71 and a beta of 0.86. Primis Financial Corp. has a 1 year low of $7.59 and a 1 year high of $12.95. The company has a current ratio of 0.98, a quick ratio of 0.95 and a debt-to-equity ratio of 0.26. The business has a fifty day simple moving average of $10.59 and a 200 day simple moving average of $10.50.

Primis Financial (NASDAQ:FRST) last issued its earnings results on Thursday, October 23rd. The company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.04). Primis Financial had a net margin of 1.31% and a negative return on equity of 0.76%. The firm had revenue of $41.00 million during the quarter, compared to analysts’ expectations of $27.96 million. As a group, sell-side analysts predict that Primis Financial Corp. will post 1.4 earnings per share for the current fiscal year.

Primis Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 21st. Investors of record on Friday, November 7th will be issued a $0.10 dividend. The ex-dividend date is Friday, November 7th. This represents a $0.40 dividend on an annualized basis and a yield of 3.7%. Primis Financial’s dividend payout ratio is currently 285.71%.

Hedge Funds Weigh In On Primis Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FRST. Nuveen LLC bought a new position in Primis Financial in the 1st quarter worth $980,000. Curi RMB Capital LLC boosted its holdings in Primis Financial by 2.9% during the first quarter. Curi RMB Capital LLC now owns 893,536 shares of the company’s stock valued at $8,730,000 after acquiring an additional 25,000 shares during the period. Rhino Investment Partners Inc acquired a new stake in shares of Primis Financial in the first quarter valued at about $6,818,000. Segall Bryant & Hamill LLC bought a new position in shares of Primis Financial in the first quarter worth about $1,634,000. Finally, Martingale Asset Management L P acquired a new position in shares of Primis Financial during the 1st quarter worth about $325,000. Institutional investors and hedge funds own 74.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on FRST shares. Zacks Research upgraded shares of Primis Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, October 13th. Weiss Ratings restated a “hold (c-)” rating on shares of Primis Financial in a report on Friday, October 31st. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Primis Financial has an average rating of “Hold” and an average target price of $1.00.

About Primis Financial

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.