Cubist Systematic Strategies LLC Buys New Stake in Primis Financial Corp. $FRST

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

A number of other hedge funds have also recently modified their holdings of FRST. Rhino Investment Partners Inc bought a new position in Primis Financial in the 1st quarter worth about $6,818,000. Segall Bryant & Hamill LLC bought a new position in Primis Financial in the 1st quarter worth about $1,634,000. Nuveen LLC bought a new position in Primis Financial in the 1st quarter worth about $980,000. Martingale Asset Management L P bought a new position in Primis Financial in the 1st quarter worth about $325,000. Finally, Citadel Advisors LLC grew its stake in Primis Financial by 53.1% in the 4th quarter. Citadel Advisors LLC now owns 72,326 shares of the company's stock worth $843,000 after acquiring an additional 25,086 shares in the last quarter. Institutional investors own 74.96% of the company's stock.

Primis Financial Stock Down 2.5%

Shares of NASDAQ FRST traded down $0.28 during midday trading on Tuesday, reaching $10.71. 74,530 shares of the company's stock traded hands, compared to its average volume of 57,854. The company has a quick ratio of 0.95, a current ratio of 0.98 and a debt-to-equity ratio of 0.26. The stock's 50 day simple moving average is $11.25 and its 200-day simple moving average is $10.10. Primis Financial Corp. has a one year low of $7.59 and a one year high of $12.95. The company has a market cap of $263.89 million, a price-to-earnings ratio of -119.00 and a beta of 0.82.

Primis Financial (NASDAQ:FRST - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 the consensus estimate of $28.13 million. On average, analysts predict that Primis Financial Corp. will post 1.4 EPS for the current fiscal year.

Primis Financial Dividend Announcement

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

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of Primis Financial from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Two analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $7.50.

Primis Financial Profile

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.