Mendon Capital Advisors Corp Grows Holdings in Primis Financial Corp. $FRST

Key Points

• Mendon Capital Advisors Corp has increased its holdings in Primis Financial Corp. by 6.2%, making it the company's 3rd largest position, with approximately 4.52% of shares valued at $10.91 million.
• Several institutional investors have also shown increased interest, with notable increases like GAMMA Investing LLC growing its position by 3,268% during the first quarter.
• Primis Financial's stock recently received an upgrade from a "sell" to a "hold" by Wall Street Zen, and has an average target price of $7.50 despite a recent decline of 1.8% in share price.

Mendon Capital Advisors Corp increased its stake in Primis Financial Corp. (NASDAQ:FRST - Free Report) by 6.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,116,850 shares of the company's stock after purchasing an additional 65,122 shares during the period. Primis Financial makes up approximately 5.3% of Mendon Capital Advisors Corp's portfolio, making the stock its 3rd biggest holding. Mendon Capital Advisors Corp owned approximately 4.52% of Primis Financial worth $10,912,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Curi RMB Capital LLC increased its position in shares of Primis Financial by 2.9% in the first quarter. Curi RMB Capital LLC now owns 893,536 shares of the company's stock worth $8,730,000 after purchasing an additional 25,000 shares during the last quarter. Rhino Investment Partners Inc bought a new position in shares of Primis Financial in the first quarter worth approximately $6,818,000. Goldman Sachs Group Inc. increased its position in shares of Primis Financial by 170.4% in the first quarter. Goldman Sachs Group Inc. now owns 248,639 shares of the company's stock worth $2,429,000 after purchasing an additional 156,703 shares during the last quarter. Segall Bryant & Hamill LLC bought a new position in shares of Primis Financial in the first quarter worth approximately $1,634,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Primis Financial by 7.4% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 155,206 shares of the company's stock worth $1,516,000 after purchasing an additional 10,724 shares during the last quarter. 74.96% of the stock is currently owned by institutional investors.

Primis Financial Stock Down 0.3%

Primis Financial stock traded down $0.03 on Friday, hitting $10.93. 70,288 shares of the stock traded hands, compared to its average volume of 55,986. The company has a current ratio of 0.98, a quick ratio of 0.95 and a debt-to-equity ratio of 0.26. The firm has a market cap of $269.32 million, a P/E ratio of -121.44 and a beta of 0.82. The business's fifty day simple moving average is $11.26 and its 200 day simple moving average is $10.10. Primis Financial Corp. has a 1 year low of $7.59 and a 1 year high of $12.95.

Primis Financial (NASDAQ:FRST - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.13). The firm had revenue of $42.36 million for the quarter, compared to analysts' expectations of $28.13 million. Primis Financial had a negative net margin of 0.93% and a negative return on equity of 2.02%. As a group, sell-side analysts forecast that Primis Financial Corp. will post 1.4 earnings per share for the current year.

Primis Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Friday, August 8th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Friday, August 8th. Primis Financial's payout ratio is currently -444.44%.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of Primis Financial from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $7.50.

Primis Financial Company 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.