Primis Financial (NASDAQ:FRST) Releases Earnings Results, Beats Estimates By $0.01 EPS

Primis Financial (NASDAQ:FRST) issued its earnings results on Thursday. The company reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.01, Zacks reports. Primis Financial had a return on equity of 3.99% and a net margin of 18.78%.The company had revenue of $45.56 million for the quarter, compared to analysts’ expectations of $43.87 million.

Primis Financial Stock Up 0.4%

Shares of NASDAQ:FRST traded up $0.06 during mid-day trading on Friday, hitting $13.98. 33,031 shares of the company traded hands, compared to its average volume of 123,128. The stock has a market cap of $346.16 million, a P/E ratio of 7.23 and a beta of 0.72. The company has a current ratio of 1.03, a quick ratio of 0.98 and a debt-to-equity ratio of 0.23. Primis Financial has a 12-month low of $7.59 and a 12-month high of $14.55. The stock has a 50-day moving average price of $13.43 and a two-hundred day moving average price of $12.59.

Primis Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Friday, May 8th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, May 8th. This represents a $0.40 annualized dividend and a dividend yield of 2.9%. Primis Financial’s payout ratio is presently 20.73%.

Insider Activity

In related news, EVP Matthew Alan Switzer bought 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were bought 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 approximately $1,352,937.56. This represents a 2.67% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders purchased a total of 7,025 shares of company stock worth $92,961 over the last 90 days. 10.87% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. First Trust Advisors LP boosted its position in Primis Financial by 8.6% in the second quarter. First Trust Advisors LP now owns 16,623 shares of the company’s stock worth $180,000 after purchasing an additional 1,313 shares during the last quarter. Barclays PLC boosted its position in Primis Financial by 4.2% in the fourth quarter. Barclays PLC now owns 32,660 shares of the company’s stock worth $454,000 after purchasing an additional 1,331 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Primis Financial by 11.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,072 shares of the company’s stock worth $128,000 after purchasing an additional 1,370 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Primis Financial by 4.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 42,768 shares of the company’s stock worth $595,000 after purchasing an additional 1,667 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Primis Financial by 290.2% in 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 last quarter. Hedge funds and other institutional investors own 74.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Keefe, Bruyette & Woods assumed coverage on Primis Financial in a report on Monday. They issued an “outperform” rating and a $17.00 target price on the stock. Wall Street Zen cut Primis Financial from a “buy” rating to a “hold” rating in a research report on Sunday, February 8th. Finally, Weiss Ratings raised Primis Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, March 17th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $9.00.

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.