Primis Financial Corp. $FRST is Mendon Capital Advisors Corp's 3rd Largest Position

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 grew its position in Primis Financial Corp. (NASDAQ:FRST - Free Report) by 6.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,116,850 shares of the company's stock after acquiring an additional 65,122 shares during the period. Primis Financial accounts for approximately 5.3% of Mendon Capital Advisors Corp's investment portfolio, making the stock its 3rd biggest position. Mendon Capital Advisors Corp owned 4.52% of Primis Financial worth $10,912,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of FRST. Rhino Investment Partners Inc bought a new position in shares of Primis Financial in the 1st quarter valued at $6,818,000. Segall Bryant & Hamill LLC bought a new position in shares of Primis Financial in the 1st quarter worth about $1,634,000. Goldman Sachs Group Inc. raised its position in shares of Primis Financial by 170.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 248,639 shares of the company's stock worth $2,429,000 after acquiring an additional 156,703 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Primis Financial in the 1st quarter valued at about $980,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Primis Financial in the 1st quarter valued at about $441,000. 74.96% of the stock is currently owned by institutional investors.

Primis Financial Stock Performance

FRST stock traded up $0.05 during midday trading on Monday, reaching $10.98. 51,195 shares of the company's stock traded hands, compared to its average volume of 91,962. The company has a 50-day moving average price of $11.26 and a two-hundred day moving average price of $10.09. 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 Corp. has a 52 week low of $7.59 and a 52 week high of $12.95. The firm has a market capitalization of $270.55 million, a PE ratio of -122.00 and a beta of 0.82.

Primis Financial (NASDAQ:FRST - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $0.11 EPS for the quarter, missing analysts' consensus estimates 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, equities analysts anticipate that Primis Financial Corp. will post 1.4 EPS for the current year.

Primis Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were given a $0.10 dividend. The ex-dividend date was Friday, August 8th. This represents a $0.40 annualized dividend and a yield of 3.6%. Primis Financial's payout ratio is -444.44%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded Primis Financial from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Primis Financial currently has an average rating of "Buy" and an average 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.