Primis Financial (NASDAQ:FRST) Price Target Cut to $17.00 by Analysts at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods lowered Primis Financial’s price target from $18 to $17 while maintaining an “outperform” rating, implying approximately 13.33% upside.
• Analyst sentiment remains mixed but leans positive: MarketBeat reports a consensus “Moderate Buy” rating and a $17.50 target, despite Zacks downgrading the stock to “strong sell.”
• Primis Financial recently missed quarterly expectations, reporting $0.35 in EPS versus the $0.42 consensus and revenue of $49.23 million versus $50.89 million expected.

Primis Financial (NASDAQ:FRST - Get Free Report) had its target price reduced by analysts at Keefe, Bruyette & Woods from $18.00 to $17.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Keefe, Bruyette & Woods's target price points to a potential upside of 13.33% from the stock's current price.

FRST has been the subject of several other reports. Zacks Research downgraded shares of Primis Financial from a "hold" rating to a "strong sell" rating in a research note on Tuesday, October 27th. Weiss Ratings reissued a "buy (b)" rating on shares of Primis Financial in a research report on Wednesday, October 21st. Finally, Raymond James Financial reduced their target price on Primis Financial from $19.00 to $18.00 and set a "strong-buy" rating for the company in a research note on Tuesday, October 6th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Primis Financial currently has a consensus rating of "Moderate Buy" and a consensus target price of $17.50.

Primis Financial Stock Performance

Shares of Primis Financial stock opened at $15.00 on Tuesday. The company has a 50 day moving average price of $15.62 and a 200 day moving average price of $14.82. The firm has a market capitalization of $371.99 million, a P/E ratio of 6.73 and a beta of 0.73. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 0.16. Primis Financial has a 52 week low of $10.50 and a 52 week high of $16.88.

Primis Financial (NASDAQ:FRST - Get Free Report) last released its earnings results on Thursday, October 22nd. The company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.07). Primis Financial had a return on equity of 5.77% and a net margin of 19.27%. The company had revenue of $49.23 million for the quarter, compared to analysts' expectations of $50.89 million. Sell-side analysts expect that Primis Financial will post 1.38 EPS for the current year.

Institutional Trading of Primis Financial

Several large investors have recently made changes to their positions in FRST. State of Wyoming purchased a new position in shares of Primis Financial during the 3rd quarter valued at about $69,000. Susquehanna International Group LLP grew its holdings in Primis Financial by 55.4% during the second quarter. Susquehanna International Group LLP now owns 17,820 shares of the company's stock worth $292,000 after acquiring an additional 6,350 shares during the period. Empowered Funds LLC purchased a new position in Primis Financial during the second quarter valued at approximately $824,000. Public Employees Retirement System of Ohio purchased a new position in Primis Financial during the second quarter valued at approximately $179,000. Finally, Bank of America Corp DE purchased a new position in Primis Financial during the second quarter valued at approximately $441,000. 74.96% of the stock is owned by hedge funds and other institutional investors.

About Primis Financial

Primis Financial Corp. is a bank holding company headquartered in Glen Allen, Virginia. Its principal subsidiary, Primis Bank, provides banking and financial services to individuals, families, businesses and nonprofit organizations.

Primis Bank offers deposit products, residential and commercial real estate loans, consumer lending, business loans, treasury and cash-management services, mortgage banking and online and mobile banking. The bank also provides services designed to support small and middle-market businesses, including commercial lending and payment solutions.

The institution was formerly known as Sonabank and adopted the Primis name as part of a broader rebranding in 2020.

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