45,155 Shares in Primis Financial Corp. $FRST Bought by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC acquired 45,155 shares of Primis Financial Corp. for approximately $441,000, representing a 0.18% ownership stake in the company.
• Several institutional investors, including Royal Bank of Canada and Trexquant Investment LP, have increased their stakes in Primis Financial, with hedge funds now owning 74.96% of the company's stock.
• Primis Financial reported a net loss with earnings of $0.11 per share, missing estimates, while announcing a dividend of $0.10 per share with a yield of 3.7%.

Cubist Systematic Strategies LLC purchased a new stake in Primis Financial Corp. (NASDAQ:FRST - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 45,155 shares of the company's stock, valued at approximately $441,000. Cubist Systematic Strategies LLC owned about 0.18% of Primis Financial at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Royal Bank of Canada raised its position in Primis Financial by 12.6% in the 1st quarter. Royal Bank of Canada now owns 24,875 shares of the company's stock valued at $243,000 after buying an additional 2,790 shares during the last quarter. Trexquant Investment LP raised its position in Primis Financial by 19.8% in the 1st quarter. Trexquant Investment LP now owns 38,898 shares of the company's stock valued at $380,000 after buying an additional 6,430 shares during the last quarter. MetLife Investment Management LLC raised its position in Primis Financial by 13.9% in the 1st quarter. MetLife Investment Management LLC now owns 12,819 shares of the company's stock valued at $125,000 after buying an additional 1,562 shares during the last quarter. Rhino Investment Partners Inc purchased a new stake in Primis Financial in the 1st quarter valued at $6,818,000. Finally, Martingale Asset Management L P purchased a new stake in Primis Financial in the 1st quarter valued at $325,000. 74.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Wall Street Zen raised Primis Financial from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Primis Financial presently has an average rating of "Buy" and a consensus price target of $7.50.

Primis Financial Trading Down 0.4%

Shares of Primis Financial stock opened at $10.92 on Thursday. Primis Financial Corp. has a 1 year low of $7.59 and a 1 year high of $12.95. The firm has a market cap of $269.07 million, a PE ratio of -121.33 and a beta of 0.82. The stock has a fifty day moving average price of $11.27 and a 200-day moving average price of $10.09. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.98 and a quick ratio of 0.95.

Primis Financial (NASDAQ:FRST - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.13). Primis Financial had a negative net margin of 0.93% and a negative return on equity of 2.02%. The business had revenue of $42.36 million for the quarter, compared to analysts' expectations of $28.13 million. Equities research analysts anticipate that Primis Financial Corp. will post 1.4 EPS for the current year.

Primis Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $0.40 annualized dividend and a yield of 3.7%. Primis Financial's dividend payout ratio (DPR) is -444.44%.

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.

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