Primis Financial Corp. (NASDAQ:FRST) Sees Large Growth in Short Interest

Primis Financial Corp. (NASDAQ:FRST) saw a large growth in short interest in January. As of January 15th, there was short interest totaling 292,821 shares, a growth of 19.4% from the December 31st total of 245,184 shares. Based on an average daily trading volume, of 65,591 shares, the short-interest ratio is currently 4.5 days. Currently, 1.3% of the shares of the stock are short sold. Currently, 1.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 65,591 shares, the short-interest ratio is currently 4.5 days.

Primis Financial Stock Performance

Primis Financial stock opened at $14.31 on Thursday. The business has a 50 day moving average of $13.10 and a 200-day moving average of $11.65. The company has a market capitalization of $352.60 million, a P/E ratio of 7.41 and a beta of 0.77. Primis Financial has a 1 year low of $7.59 and a 1 year high of $14.55. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.02 and a quick ratio of 0.96.

Primis Financial (NASDAQ:FRST) last posted its earnings results on Thursday, January 29th. The company reported $0.10 earnings per share 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 the consensus estimate of $30.01 million. On average, equities research analysts predict that Primis Financial will post 1.4 earnings per share for the current year.

Primis Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Friday, February 13th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Friday, February 13th. Primis Financial’s dividend payout ratio is presently 20.73%.

Primis Financial declared that its Board of Directors has initiated a stock buyback program 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 shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

FRST has been the subject of a number of research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Primis Financial in a report on Monday, December 29th. Zacks Research upgraded shares of Primis Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. Finally, Wall Street Zen upgraded shares of Primis Financial from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $1.00.

Insider Buying and Selling at Primis Financial

In other Primis Financial news, EVP Matthew Alan Switzer acquired 2,500 shares of Primis Financial stock in a transaction that occurred on Tuesday, February 3rd. The shares were acquired 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 directly owned 96,226 shares of the company’s stock, valued at $1,352,937.56. This represents a 2.67% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders acquired 8,206 shares of company stock worth $99,733. 10.96% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Primis Financial

Several institutional investors and hedge funds have recently made changes to their positions in FRST. Raymond James Financial Inc. bought a new position in shares of Primis Financial during the second quarter worth about $25,000. Russell Investments Group Ltd. increased its position in Primis Financial by 290.2% during the 3rd 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. PNC Financial Services Group Inc. raised its holdings in 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 purchasing an additional 2,767 shares during the last quarter. CWM LLC raised its holdings in 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 purchasing an additional 4,262 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its position in shares of Primis Financial by 278.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 7,742 shares of the company’s stock worth $81,000 after purchasing an additional 5,695 shares during the period. Institutional investors and hedge funds own 74.96% of the company’s stock.

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.