Pinnacle Holdings LLC Acquires Shares of 68,048 Primis Financial Corp. $FRST

Key Points

• Pinnacle Holdings LLC acquired 68,048 shares of Primis Financial, valued at approximately $1.11 million, representing about 0.27% of the company. Institutional investors collectively own 74.96% of FRST.
• Primis Financial reported quarterly EPS of $0.23, missing the $0.38 consensus estimate, although revenue of $55.79 million exceeded expectations. The company maintains a $0.10 quarterly dividend, equivalent to a 2.5% annual yield.
• Analysts hold a consensus “Buy” rating with an average price target of $18, compared with the stock’s reported opening price of $16.15.

Pinnacle Holdings LLC acquired a new stake in shares of Primis Financial Corp. (NASDAQ:FRST - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 68,048 shares of the company's stock, valued at approximately $1,114,000. Pinnacle Holdings LLC owned approximately 0.27% of Primis Financial as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Raymond James Financial Inc. bought a new position in Primis Financial during the second quarter valued at approximately $25,000. Russell Investments Group Ltd. increased its stake in Primis Financial by 290.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,345 shares of the company's stock worth $25,000 after acquiring an additional 1,744 shares during the last quarter. Commonwealth Retirement Investments LLC purchased a new stake in shares of Primis Financial during the 4th quarter worth approximately $82,000. Public Employees Retirement System of Ohio raised its holdings in shares of Primis Financial by 141.9% during the 4th quarter. Public Employees Retirement System of Ohio now owns 6,733 shares of the company's stock worth $94,000 after acquiring an additional 3,950 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of Primis Financial by 278.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 7,742 shares of the company's stock valued at $81,000 after acquiring an additional 5,695 shares during the last quarter. 74.96% of the stock is owned by institutional investors.

Primis Financial Stock Performance

NASDAQ FRST opened at $16.15 on Monday. The business's 50 day moving average price is $15.99 and its 200-day moving average price is $14.64. Primis Financial Corp. has a fifty-two week low of $9.55 and a fifty-two week high of $16.88. The company has a market cap of $400.52 million, a P/E ratio of 7.48 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 quarterly earnings results on Thursday, July 23rd. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.38 by ($0.15). The company had revenue of $55.79 million during 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%. Sell-side analysts predict that Primis Financial Corp. will post 1.38 earnings per share for the current year.

Primis Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 7th were paid a $0.10 dividend. 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 is currently 18.52%.

Analyst Ratings Changes

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

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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