Martingale Asset Management L P Takes $325,000 Position in Primis Financial Corp. $FRST

Key Points

• Martingale Asset Management L P has acquired a new position in Primis Financial Corp. by purchasing 33,260 shares worth approximately $325,000, representing 0.13% of the company's stock.
• Primis Financial recently reported quarterly earnings of $0.11 EPS, missing analysts' estimates, and the company also declared a quarterly dividend of $0.10 with a yield of 3.6%.
• Equities analysts have given Primis Financial a consensus rating of "Buy" with a target price of $7.50, despite the company's challenges such as a negative return on equity and earnings miss.

Martingale Asset Management L P purchased a new position in shares of Primis Financial Corp. (NASDAQ:FRST - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 33,260 shares of the company's stock, valued at approximately $325,000. Martingale Asset Management L P owned approximately 0.13% of Primis Financial at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. BNP Paribas Financial Markets purchased a new stake in shares of Primis Financial during the 4th quarter worth $51,000. GAMMA Investing LLC lifted its stake in shares of Primis Financial by 3,268.0% during the 1st quarter. GAMMA Investing LLC now owns 6,096 shares of the company's stock worth $624,000 after purchasing an additional 5,915 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of Primis Financial by 25.7% during the 4th quarter. Wells Fargo & Company MN now owns 12,639 shares of the company's stock worth $147,000 after purchasing an additional 2,585 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Primis Financial during the 4th quarter worth $148,000. Finally, Oxford Asset Management LLP purchased a new stake in shares of Primis Financial during the 4th quarter worth $162,000. 74.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Wall Street Zen upgraded Primis Financial from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Maxim Group assumed coverage on Primis Financial in a research note on Monday, May 12th. They set a "buy" rating and a $1.00 price objective for the company. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $7.50.

Primis Financial Stock Up 3.0%

NASDAQ:FRST traded up $0.33 during mid-day trading on Friday, hitting $11.45. 117,197 shares of the company's stock traded hands, compared to its average volume of 104,048. The company has a fifty day moving average of $11.20 and a 200 day moving average of $10.07. Primis Financial Corp. has a twelve month low of $7.59 and a twelve month high of $12.95. The company has a market capitalization of $282.13 million, a P/E ratio of -127.22 and a beta of 0.82. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.95 and a current ratio of 0.98.

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 analyst estimates of $28.13 million. On average, analysts forecast that Primis Financial Corp. will post 1.4 EPS for the current year.

Primis Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Friday, August 8th. Primis Financial's dividend payout ratio is currently -444.44%.

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.