Primis Financial (NASDAQ:FRST) Stock Breaks Below 200-Day Moving Average - Should You Sell?

Key Points

• Primis Financial shares fell below their 200-day moving average, trading as low as $14.66 and last changing hands at $14.73, down 3.6%.
• Analysts remain broadly positive, with the stock carrying an average “Buy” rating and a $17.50 price target, despite Raymond James lowering its target to $18.00.
• The company missed quarterly expectations, reporting $0.35 in EPS versus $0.42 expected and revenue of $49.23 million versus $50.89 million projected. Primis also announced a quarterly dividend of $0.10 per share, implying a 2.7% yield.

Primis Financial Corp. (NASDAQ:FRST - Get Free Report)'s stock price crossed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $14.78 and traded as low as $14.66. Primis Financial shares last traded at $14.73, with a volume of 336,478 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Weiss Ratings restated a "buy (b)" rating on shares of Primis Financial in a research report on Wednesday, October 21st. Raymond James Financial cut their price target on Primis Financial from $19.00 to $18.00 and set a "strong-buy" rating for the company in a report on Tuesday, October 6th. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $17.50.

Primis Financial Trading Down 3.6%

The firm has a market cap of $365.30 million, a price-to-earnings ratio of 6.61 and a beta of 0.73. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 0.16. The business has a 50 day moving average price of $15.76 and a 200-day moving average price of $14.78.

Primis Financial (NASDAQ:FRST - Get Free Report) last issued its quarterly earnings data on Thursday, October 22nd. The company reported $0.35 EPS for the quarter, missing analysts' consensus estimates of $0.42 by ($0.07). The firm had revenue of $49.23 million during the quarter, compared to analyst estimates of $50.89 million. Primis Financial had a return on equity of 5.77% and a net margin of 19.27%. As a group, research analysts expect that Primis Financial Corp. will post 1.42 EPS for the current fiscal year.

Primis Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Friday, November 6th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Friday, November 6th. This represents a $0.40 annualized dividend and a dividend yield of 2.7%. Primis Financial's payout ratio is currently 17.94%.

Hedge Funds Weigh In On Primis Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Primis Financial in the 2nd quarter valued at about $40,288,000. Mendon Capital Advisors Corp increased its holdings in shares of Primis Financial by 0.6% during the 1st quarter. Mendon Capital Advisors Corp now owns 1,224,543 shares of the company's stock valued at $16,262,000 after acquiring an additional 7,216 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake 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 buying an additional 28,998 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Primis Financial during the second quarter valued at about $4,642,000. Finally, Algert Global LLC bought a new stake in Primis Financial during the 2nd quarter valued at approximately $3,462,000. 74.96% of the stock is currently owned by hedge funds and other institutional investors.

About Primis Financial

Primis Financial Corp. is a bank holding company headquartered in Glen Allen, Virginia. Its principal subsidiary, Primis Bank, provides banking and financial services to individuals, families, businesses and nonprofit organizations.

Primis Bank offers deposit products, residential and commercial real estate loans, consumer lending, business loans, treasury and cash-management services, mortgage banking and online and mobile banking. The bank also provides services designed to support small and middle-market businesses, including commercial lending and payment solutions.

The institution was formerly known as Sonabank and adopted the Primis name as part of a broader rebranding in 2020.

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