Primis Financial (NASDAQ:FRST) Stock Price Down 1.1% - Time to Sell?

Key Points

• Primis Financial shares fell 1.1% to $15.37 in light trading, with volume down 45% from the average session.
• Analysts remain broadly positive, with a consensus “Buy” rating and an $18.00 price target versus the current share price; Raymond James issued a “Strong Buy” rating with a $19 target.
• The company missed quarterly EPS estimates ($0.23 versus $0.38 expected) despite revenue exceeding forecasts, while maintaining a quarterly dividend of $0.10 per share, yielding approximately 2.6% annually.

Primis Financial Corp. (NASDAQ:FRST - Get Free Report)'s stock price traded down 1.1% on Tuesday. The company traded as low as $15.30 and last traded at $15.37. 81,282 shares traded hands during trading, a decline of 45% from the average session volume of 148,615 shares. The stock had previously closed at $15.54.

Analysts Set New Price Targets

FRST has been the subject of several recent analyst reports. Weiss Ratings upgraded shares of Primis Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, July 23rd. Raymond James Financial initiated coverage on shares of Primis Financial in a research report on Thursday, June 25th. They set a "strong-buy" rating and a $19.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $18.00.

Primis Financial Stock Performance

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 company has a 50 day simple moving average of $16.05 and a 200-day simple moving average of $15.08. The stock has a market capitalization of $381.18 million, a price-to-earnings ratio of 7.12 and a beta of 0.73.

Primis Financial (NASDAQ:FRST - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.15). The company had revenue of $55.79 million for the quarter, compared to analyst estimates of $48.77 million. Primis Financial had a return on equity of 5.49% and a net margin of 19.19%. As a group, equities research analysts expect that Primis Financial Corp. will post 1.42 EPS for the current fiscal year.

Primis Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 7th were issued a dividend of $0.10 per share. The ex-dividend date was Friday, August 7th. This represents a $0.40 annualized dividend and a dividend yield of 2.6%. Primis Financial's dividend payout ratio is currently 18.52%.

Institutional Trading of Primis Financial

Several large investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new position in Primis Financial during the 2nd quarter worth approximately $40,288,000. Mendon Capital Advisors Corp increased its holdings in shares of Primis Financial by 0.6% during the first 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 in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Primis Financial by 2.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,185,793 shares of the company's stock valued at $15,747,000 after acquiring an additional 28,998 shares in the last quarter. Maltese Capital Management LLC raised its position in shares of Primis Financial by 4.0% during the fourth quarter. Maltese Capital Management LLC now owns 1,026,500 shares of the company's stock worth $14,279,000 after purchasing an additional 39,582 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Primis Financial during the second quarter worth approximately $4,642,000. 74.96% of the stock is currently owned by institutional investors and hedge funds.

Primis Financial Company Profile

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

Primis Bank offers deposit accounts, personal and commercial lending, mortgage lending, cash management, online and mobile banking, and other financial services. Its lending activities include residential and commercial real estate loans, business loans and consumer credit products.

The bank serves customers primarily in Virginia and Maryland through a combination of community banking offices and digital channels.

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