Primis Financial (NASDAQ:FRST) Stock Crosses Below 200 Day Moving Average Following Analyst Downgrade

Key Points

• Primis Financial shares fell below their 200-day moving average, trading as low as $14.79 and last at $14.82, after Keefe, Bruyette & Woods cut its price target from $18 to $17 while maintaining an outperform rating.
• Analyst views remain mixed, but the consensus rating is Moderate Buy with an average price target of $17.50; one analyst rates the stock Strong Buy, two Buy, and one Sell.
• The company’s latest quarter missed estimates, reporting EPS of $0.35 versus $0.42 expected and revenue of $49.23 million versus $50.89 million expected. Primis also declared a quarterly dividend of $0.10 per share, equivalent to a 2.7% yield.

Primis Financial Corp. (NASDAQ:FRST - Get Free Report)'s stock price passed below its 200-day moving average during trading on Tuesday after Keefe, Bruyette & Woods lowered their price target on the stock from $18.00 to $17.00. The stock has a 200-day moving average of $14.83 and traded as low as $14.79. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Primis Financial shares last traded at $14.82, with a volume of 124,122 shares traded.

Several other equities analysts have also recently commented on FRST. Weiss Ratings reiterated a "buy (b)" rating on shares of Primis Financial in a research note on Wednesday, October 21st. Zacks Research lowered shares of Primis Financial from a "hold" rating to a "strong sell" rating in a research report on Tuesday, October 27th. Finally, Raymond James Financial dropped their price objective on shares of Primis Financial from $19.00 to $18.00 and set a "strong-buy" rating on the stock in a report on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $17.50.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of FRST. Legal & General Group Plc acquired a new stake in Primis Financial in the 2nd quarter valued at approximately $36,000. State of Wyoming bought a new position in shares of Primis Financial during the 3rd quarter worth approximately $69,000. Fiduciary Financial Advisors acquired a new stake in shares of Primis Financial in the second quarter valued at approximately $90,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Primis Financial in the second quarter valued at approximately $179,000. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Primis Financial in the first quarter valued at approximately $179,000. Institutional investors own 74.96% of the company's stock.

Primis Financial Stock Performance

The stock's 50-day moving average price is $15.59 and its 200 day moving average price is $14.83. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.02 and a quick ratio of 0.96. The firm has a market cap of $367.54 million, a P/E ratio of 6.65 and a beta of 0.74.

Primis Financial (NASDAQ:FRST - Get Free Report) last issued its quarterly earnings results on Thursday, October 22nd. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.07). Primis Financial had a net margin of 19.27% and a return on equity of 5.77%. The company had revenue of $49.23 million for the quarter, compared to analyst estimates of $50.89 million. As a group, equities analysts predict that Primis Financial Corp. will post 1.32 EPS for the current year.

Primis Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Shareholders of record on Friday, November 6th will be given a dividend of $0.10 per share. The ex-dividend date is Friday, November 6th. This represents a $0.40 annualized dividend and a yield of 2.7%. Primis Financial's dividend payout ratio (DPR) is presently 17.94%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.