Geode Capital Management LLC Cuts Stake in Primis Financial Corp. (NASDAQ:FRST)

Geode Capital Management LLC reduced its holdings in shares of Primis Financial Corp. (NASDAQ:FRST - Free Report) by 6.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 436,049 shares of the company's stock after selling 30,163 shares during the period. Geode Capital Management LLC owned approximately 1.76% of Primis Financial worth $5,085,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in FRST. PL Capital Advisors LLC raised its holdings in shares of Primis Financial by 1,066.0% in the fourth quarter. PL Capital Advisors LLC now owns 5,541,310 shares of the company's stock worth $64,612,000 after acquiring an additional 5,066,069 shares during the last quarter. State Street Corp lifted its stake in Primis Financial by 2.6% during the third quarter. State Street Corp now owns 423,407 shares of the company's stock valued at $5,157,000 after buying an additional 10,923 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Primis Financial by 15.6% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 144,482 shares of the company's stock worth $1,685,000 after buying an additional 19,454 shares during the period. JPMorgan Chase & Co. increased its stake in Primis Financial by 40.6% in the 4th quarter. JPMorgan Chase & Co. now owns 99,999 shares of the company's stock valued at $1,166,000 after buying an additional 28,887 shares during the period. Finally, Victory Capital Management Inc. lifted its position in shares of Primis Financial by 12.8% during the 4th quarter. Victory Capital Management Inc. now owns 88,000 shares of the company's stock worth $1,026,000 after buying an additional 10,000 shares during the period. Institutional investors and hedge funds own 74.96% of the company's stock.

Primis Financial Trading Up 4.1 %

FRST stock traded up $0.34 during midday trading on Thursday, reaching $8.58. The company's stock had a trading volume of 40,993 shares, compared to its average volume of 72,083. The company has a quick ratio of 0.86, a current ratio of 0.99 and a debt-to-equity ratio of 0.24. Primis Financial Corp. has a 52 week low of $7.59 and a 52 week high of $13.52. The business's 50-day simple moving average is $9.30 and its 200-day simple moving average is $10.87. The stock has a market cap of $212.12 million, a PE ratio of -28.57 and a beta of 0.59.

Primis Financial (NASDAQ:FRST - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.12). The company had revenue of $32.53 million for the quarter, compared to analyst estimates of $26.90 million. Primis Financial had a negative return on equity of 2.05% and a negative net margin of 2.97%. As a group, sell-side analysts expect that Primis Financial Corp. will post 1.4 EPS for the current year.

Primis Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 28th. Shareholders of record on Wednesday, May 14th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 4.66%. The ex-dividend date of this dividend is Wednesday, May 14th. Primis Financial's dividend payout ratio (DPR) is currently -137.93%.

Insider Activity

In other Primis Financial news, Director John Fitzgerald Biagas purchased 10,000 shares of the firm's stock in a transaction on Wednesday, March 12th. The stock was acquired at an average price of $9.97 per share, for a total transaction of $99,700.00. Following the purchase, the director now owns 88,469 shares of the company's stock, valued at $882,035.93. This trade represents a 12.74 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders have purchased 12,025 shares of company stock worth $122,058. Company insiders own 10.89% of the company's stock.

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.