Primis Financial Corp. (NASDAQ:FRST) Director F L. Garrett III Buys 1,810 Shares

Key Points

• Director F L. Garrett III of Primis Financial Corp. purchased 1,810 shares of the company's stock for approximately $19,946.20, raising his total holdings to 42,979 shares.
• Primis Financial reported a loss of $0.13 per share in its last quarter, falling short of the expected earnings estimate of $0.24.
• The company declared a quarterly dividend of $0.10 per share, with a payment date of August 22nd, reflecting an annualized yield of 3.6%.

Primis Financial Corp. (NASDAQ:FRST - Get Free Report) Director F L. Garrett III purchased 1,810 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The shares were purchased at an average price of $11.02 per share, for a total transaction of $19,946.20. Following the purchase, the director directly owned 42,979 shares in the company, valued at $473,628.58. The trade was a 4.40% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Primis Financial Price Performance

Primis Financial stock traded up $0.17 during midday trading on Friday, reaching $11.09. The company's stock had a trading volume of 38,937 shares, compared to its average volume of 92,561. The firm has a market capitalization of $274.05 million, a PE ratio of -123.17 and a beta of 0.80. Primis Financial Corp. has a fifty-two week low of $7.59 and a fifty-two week high of $12.95. The stock's 50 day simple moving average is $10.74 and its 200 day simple moving average is $10.08. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.96 and a current ratio of 0.98.

Primis Financial (NASDAQ:FRST - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.13). Primis Financial had a negative return on equity of 2.02% and a negative net margin of 0.93%. The company had revenue of $42.36 million for the quarter, compared to analyst estimates of $28.13 million. On average, equities research analysts forecast that Primis Financial Corp. will post 1.4 earnings per share for the current year.

Primis Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Friday, August 8th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Friday, August 8th. Primis Financial's payout ratio is presently -444.44%.

Institutional Trading of Primis Financial

Several large investors have recently bought and sold shares of the company. BNP Paribas Financial Markets purchased a new stake in shares of Primis Financial in the 4th quarter worth about $51,000. PNC Financial Services Group Inc. lifted its holdings in shares of Primis Financial by 154.8% in the second quarter. PNC Financial Services Group Inc. now owns 4,555 shares of the company's stock valued at $49,000 after purchasing an additional 2,767 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Primis Financial by 3,268.0% in the first quarter. GAMMA Investing LLC now owns 6,096 shares of the company's stock valued at $624,000 after purchasing an additional 5,915 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of Primis Financial by 25.7% in the fourth quarter. Wells Fargo & Company MN now owns 12,639 shares of the company's stock valued at $147,000 after purchasing an additional 2,585 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of Primis Financial during the 4th quarter worth approximately $148,000. Institutional investors and hedge funds own 74.96% of the company's stock.

Wall Street Analyst Weigh In

FRST has been the subject of several analyst reports. Maxim Group started coverage on Primis Financial in a research note on Monday, May 12th. They set a "buy" rating and a $1.00 price target for the company. Wall Street Zen upgraded shares of Primis Financial from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd.

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.