Connor Clark & Lunn Investment Management Ltd. Takes $4.64 Million Position in Primis Financial Corp. $FRST

Key Points

• Connor Clark & Lunn Investment Management acquired 283,551 Primis Financial shares worth approximately $4.64 million, giving it a 1.14% stake. Institutional investors and hedge funds collectively own 74.96% of the company.
• Analyst sentiment is broadly positive: Primis Financial has an average “Buy” rating and an $18.00 average price target, including a “Strong Buy” rating and $19.00 target from Raymond James.
• FRST recently traded near $15.93, while its latest quarterly results missed EPS estimates ($0.23 versus $0.38) but exceeded revenue expectations. The company also pays a quarterly dividend of $0.10 per share, representing a 2.5% yield.

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Primis Financial Corp. (NASDAQ:FRST - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 283,551 shares of the company's stock, valued at approximately $4,642,000. Connor Clark & Lunn Investment Management Ltd. owned about 1.14% of Primis Financial at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in FRST. GSA Capital Partners LLP acquired a new position in Primis Financial in the 2nd quarter valued at approximately $1,268,000. Pinnacle Holdings LLC bought a new position in Primis Financial during the 2nd quarter worth $1,114,000. Segall Bryant & Hamill LLC bought a new position in Primis Financial during the 1st quarter worth $1,303,000. Maltese Capital Management LLC lifted its holdings in Primis Financial by 4.0% during the 4th quarter. Maltese Capital Management LLC now owns 1,026,500 shares of the company's stock worth $14,279,000 after buying an additional 39,582 shares during the period. Finally, BlackRock Inc. acquired a new position in Primis Financial during the 2nd quarter worth about $40,288,000. 74.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Weiss Ratings raised Primis Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, July 23rd. Wall Street Zen lowered shares of Primis Financial from a "buy" rating to a "hold" rating in a report on Sunday, May 17th. Finally, Raymond James Financial initiated coverage on shares of Primis Financial in a research report on Thursday, June 25th. They issued a "strong-buy" rating and a $19.00 price target on the stock. One 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. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $18.00.

Primis Financial Stock Performance

FRST stock opened at $15.93 on Friday. The firm has a market cap of $395.06 million, a PE ratio of 7.37 and a beta of 0.73. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.16. The stock has a 50-day moving average price of $16.05 and a 200-day moving average price of $14.69. Primis Financial Corp. has a 1-year low of $9.55 and a 1-year high of $16.88.

Primis Financial (NASDAQ:FRST - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.15). The business had revenue of $55.79 million for the quarter, compared to analyst estimates of $48.77 million. Primis Financial had a return on equity of 5.49% and a net margin of 19.19%. As a group, equities research analysts expect 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 annualized dividend and a dividend yield of 2.5%. Primis Financial's dividend payout ratio (DPR) is 18.52%.

Primis Financial 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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