Bank of New York Mellon Corp Takes $2.26 Million Position in Primis Financial Corp. $FRST

Key Points

• Bank of New York Mellon acquired 138,086 shares of Primis Financial in the second quarter, valued at approximately $2.26 million and representing about 0.56% of the company. Institutional investors collectively own 74.96% of FRST.
• Primis Financial reported second-quarter earnings of $0.23 per share, missing the $0.38 analyst consensus, although revenue of $55.79 million exceeded estimates. The stock recently traded at $16.38, near its 12-month high of $16.88.
• The company paid a quarterly dividend of $0.10 per share, equivalent to an annualized yield of approximately 2.4%. Analysts maintain an overall “Buy” rating with an $18.00 consensus price target, including a $19.00 target from Raymond James.

Bank of New York Mellon Corp acquired a new stake in Primis Financial Corp. (NASDAQ:FRST - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 138,086 shares of the company's stock, valued at approximately $2,260,000. Bank of New York Mellon Corp owned about 0.56% of Primis Financial as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Strs Ohio raised its stake in Primis Financial by 2.6% in the 1st quarter. Strs Ohio now owns 44,000 shares of the company's stock valued at $584,000 after purchasing an additional 1,100 shares during the last quarter. First Trust Advisors LP boosted its stake in Primis Financial by 8.6% during the 2nd 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 grew its holdings in shares of Primis Financial by 4.2% during the fourth quarter. Barclays PLC now owns 32,660 shares of the company's stock worth $454,000 after buying an additional 1,331 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Primis Financial by 11.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,072 shares of the company's stock worth $128,000 after buying an additional 1,370 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in Primis Financial by 4.1% in the 4th 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 in the last quarter. 74.96% of the stock is owned by hedge funds and other institutional investors.

Primis Financial Stock Performance

NASDAQ FRST opened at $16.38 on Tuesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.02 and a quick ratio of 0.96. The stock has a market capitalization of $406.22 million, a P/E ratio of 7.58 and a beta of 0.73. The firm's 50-day moving average is $16.08 and its two-hundred day moving average is $14.79. Primis Financial Corp. has a 12 month low of $9.55 and a 12 month high of $16.88.

Primis Financial (NASDAQ:FRST - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.23 earnings per share for the quarter, missing analysts' consensus estimates of $0.38 by ($0.15). The company had revenue of $55.79 million for the quarter, compared to analyst estimates of $48.77 million. Primis Financial had a net margin of 19.19% and a return on equity of 5.49%. On average, sell-side analysts anticipate that Primis Financial Corp. will post 1.38 earnings per share for the current year.

Primis Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 7th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.4%. Primis Financial's payout ratio is currently 18.52%.

Wall Street Analyst Weigh In

FRST has been the topic of several recent research reports. Weiss Ratings upgraded Primis Financial from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, July 23rd. Wall Street Zen downgraded Primis Financial from a "buy" rating to a "hold" rating in a research note on Sunday, May 17th. Finally, Raymond James Financial started coverage on Primis Financial in a report on Thursday, June 25th. They set a "strong-buy" rating and a $19.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, Primis Financial has an average rating of "Buy" and a consensus price target of $18.00.

Primis Financial Company Profile

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.

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