BlackRock Inc. Invests $40.29 Million in Primis Financial Corp. $FRST

Key Points

• BlackRock acquired a new 2.46 million-share stake in Primis Financial worth approximately $40.3 million, representing about 9.89% of the company. Institutional investors collectively own 74.96% of FRST.
• Analyst sentiment remains broadly positive, with Primis Financial holding a consensus “Buy” rating and an average price target of $18.00, compared with the reported share price of $15.63.
• The company reported quarterly EPS of $0.23, below the $0.38 consensus estimate, although revenue of $55.79 million exceeded expectations. Primis also paid a $0.10 quarterly dividend, equivalent to a 2.6% annualized yield.

BlackRock Inc. bought a new stake in Primis Financial Corp. (NASDAQ:FRST - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,461,114 shares of the company's stock, valued at approximately $40,288,000. BlackRock Inc. owned about 9.89% of Primis Financial at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in FRST. Patriot Financial Partners GP II L.P. bought a new stake in Primis Financial in the 3rd quarter worth about $12,796,000. Alliancebernstein L.P. lifted its position in shares of Primis Financial by 44.5% during the 3rd quarter. Alliancebernstein L.P. now owns 1,091,037 shares of the company's stock worth $11,467,000 after buying an additional 336,149 shares in the last quarter. North Reef Capital Management LP boosted its stake in shares of Primis Financial by 23.5% in the 4th quarter. North Reef Capital Management LP now owns 1,203,604 shares of the company's stock worth $16,742,000 after buying an additional 228,734 shares during the last quarter. Fourthstone LLC boosted its stake in shares of Primis Financial by 31.9% in the 4th quarter. Fourthstone LLC now owns 932,437 shares of the company's stock worth $12,970,000 after buying an additional 225,504 shares during the last quarter. Finally, Mendon Capital Advisors Corp grew its holdings in shares of Primis Financial by 16.6% in the second quarter. Mendon Capital Advisors Corp now owns 1,301,933 shares of the company's stock valued at $14,126,000 after acquiring an additional 185,083 shares in the last quarter. 74.96% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on FRST shares. Wall Street Zen downgraded shares of Primis Financial from a "buy" rating to a "hold" rating in a report on Sunday, May 17th. Raymond James Financial assumed coverage on shares of Primis Financial in a report on Thursday, June 25th. They set a "strong-buy" rating and a $19.00 price objective for the company. Finally, Weiss Ratings raised shares of Primis Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, Primis Financial currently has a consensus rating of "Buy" and an average price target of $18.00.

Primis Financial Trading Down 1.7%

Shares of FRST opened at $15.63 on Wednesday. Primis Financial Corp. has a fifty-two week low of $9.55 and a fifty-two week high of $16.88. The business has a 50-day moving average of $16.07 and a 200 day moving average of $14.73. The firm has a market cap of $387.62 million, a P/E ratio of 7.24 and a beta of 0.73. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.96 and a current ratio of 1.02.

Primis Financial (NASDAQ:FRST - Get Free Report) last issued its 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 business had revenue of $55.79 million for the quarter, compared to the consensus estimate of $48.77 million. Primis Financial had a return on equity of 5.49% and a net margin of 19.19%. As a group, research analysts forecast that Primis Financial Corp. will post 1.38 EPS for the current year.

Primis Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 7th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Friday, August 7th. Primis Financial's payout ratio is currently 18.52%.

About Primis Financial

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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