Primis Financial (NASDAQ:FRST) Stock Gets Downgrade from Zacks Research

Key Points

• Zacks Research downgraded Primis Financial from “hold” to “strong sell,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $17.50.
• Primis Financial’s latest quarterly results fell short of expectations, reporting $0.35 in EPS versus a $0.42 estimate and revenue of $49.23 million versus $50.89 million expected.
• Shares opened at $14.82 and have traded between $10.35 and $16.88 over the past year; institutional investors and hedge funds own approximately 74.96% of the stock.

Primis Financial (NASDAQ:FRST - Get Free Report) was downgraded by Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Tuesday, Zacks reports.

Other research analysts have also issued research reports about the stock. Weiss Ratings restated a "buy (b)" rating on shares of Primis Financial in a research report on Wednesday, October 21st. Raymond James Financial cut their price target 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 given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Primis Financial has an average rating of "Moderate Buy" and an average target price of $17.50.

Primis Financial Trading Down 0.1%

FRST stock opened at $14.82 on Tuesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.96 and a current ratio of 1.02. The company's 50-day simple moving average is $15.69 and its 200 day simple moving average is $14.80. Primis Financial has a 52 week low of $10.35 and a 52 week high of $16.88. The company has a market capitalization of $367.52 million, a PE ratio of 6.65 and a beta of 0.73.

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FRST. State of Wyoming acquired a new stake in Primis Financial in the third quarter valued at about $69,000. Susquehanna International Group LLP grew its position in Primis Financial by 55.4% in the second quarter. Susquehanna International Group LLP now owns 17,820 shares of the company's stock valued at $292,000 after acquiring an additional 6,350 shares during the last quarter. Empowered Funds LLC acquired a new position in Primis Financial during the second quarter worth about $824,000. Public Employees Retirement System of Ohio acquired a new position in Primis Financial during the second quarter worth about $179,000. Finally, Bank of America Corp DE acquired a new position in Primis Financial during the second quarter worth about $441,000. 74.96% of the stock is currently owned by institutional investors and hedge funds.

Primis Financial Company Profile

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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