North Reef Capital Management LP Has $15.08 Million Position in Primis Financial Corp. $FRST

Key Points

• North Reef Capital Management trimmed its stake in Primis Financial by 5.7% in the first quarter, though it still held 1.14 million shares worth about $15.1 million and represented 4.58% of the company.
• Primis Financial reported better-than-expected revenue of $55.79 million, but EPS missed estimates at $0.23 versus consensus around $0.38 to $0.41, which may be pressuring the stock.
• The company declared a quarterly dividend of $0.10 per share, payable August 21, implying a 2.6% annualized yield and signaling continued shareholder returns.

North Reef Capital Management LP cut its position in shares of Primis Financial Corp. (NASDAQ:FRST - Free Report) by 5.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,135,281 shares of the company's stock after selling 68,323 shares during the quarter. North Reef Capital Management LP owned 4.58% of Primis Financial worth $15,077,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of FRST. Arrowstreet Capital Limited Partnership boosted its position in Primis Financial by 15.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 171,309 shares of the company's stock worth $2,275,000 after acquiring an additional 22,793 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Primis Financial by 2.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,185,793 shares of the company's stock worth $15,747,000 after purchasing an additional 28,998 shares in the last quarter. Strs Ohio lifted its position in shares of Primis Financial by 2.6% in the first quarter. Strs Ohio now owns 44,000 shares of the company's stock worth $584,000 after purchasing an additional 1,100 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in Primis Financial during the first quarter worth $179,000. Finally, Empowered Funds LLC boosted its holdings in Primis Financial by 5.0% during the fourth quarter. Empowered Funds LLC now owns 42,768 shares of the company's stock worth $595,000 after purchasing an additional 2,018 shares during the last quarter. Institutional investors and hedge funds own 74.96% of the company's stock.

Primis Financial Stock Performance

NASDAQ FRST opened at $15.34 on Friday. The firm has a market capitalization of $381.66 million, a P/E ratio of 7.10 and a beta of 0.72. 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 firm's fifty day moving average price is $15.35 and its two-hundred day moving average price is $14.25. Primis Financial Corp. has a 1 year low of $9.55 and a 1 year high of $16.77.

Primis Financial (NASDAQ:FRST - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.23 EPS for the quarter, missing analysts' consensus estimates of $0.38 by ($0.15). The firm had revenue of $55.79 million during the quarter, compared to the consensus estimate of $48.77 million. Primis Financial had a net margin of 19.19% and a return on equity of 5.56%. As a group, research analysts anticipate that Primis Financial Corp. will post 1.59 EPS for the current year.

Primis Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Friday, August 7th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.6%. The ex-dividend date is Friday, August 7th. Primis Financial's dividend payout ratio (DPR) is 18.52%.

Primis Financial News Summary

Here are the key news stories impacting Primis Financial this week:

• Positive Sentiment: Primis reported stronger second-quarter results, with net income available to common shareholders rising to $9.4 million, or $0.38 per diluted share, from $2.4 million, or $0.10 per share a year ago, and management also declared a $0.10 quarterly dividend. Article: Primis Financial Corp. Reports Strong Results for the Second Quarter of 2026
• Positive Sentiment: Revenue for the quarter came in above estimates at $55.79 million versus consensus of $48.77 million, showing better-than-expected top-line performance. Article: Primis Financial earnings report and conference call
• Neutral Sentiment: The company reaffirmed shareholder returns by setting a quarterly cash dividend of $0.10 per share, payable on August 21 to shareholders of record on August 7. Article: Dividend announcement
• Negative Sentiment: Earnings per share missed analyst estimates, with Primis posting $0.23 per share versus the consensus forecast of $0.38 to $0.41, which appears to be weighing on the stock. Article: Primis Financial (FRST) Lags Q2 Earnings Estimates

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Weiss Ratings upgraded shares of Primis Financial from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday. Raymond James Financial assumed coverage on Primis Financial in a research report on Thursday, June 25th. They issued a "strong-buy" rating and a $19.00 target price on the stock. Keefe, Bruyette & Woods began coverage on Primis Financial in a research report on Monday, April 20th. They set an "outperform" rating and a $17.00 price target for the company. Finally, Wall Street Zen downgraded Primis Financial from a "buy" rating to a "hold" rating in a research note on Sunday, May 17th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $18.00.

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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