Primis Financial Corp. (NASDAQ:FRST) Short Interest Update

Key Points

• Short interest fell 13.2% to 182,984 shares as of Feb. 27, leaving a short-interest ratio of 1.9 days and only 0.8% of the shares shorted.
• EVP Matthew Alan Switzer purchased 2,500 shares at $14.06, boosting his stake to 96,226 shares, and insiders now own 10.96% of the company.
• Primis missed quarterly EPS (reported $0.10 vs. $0.34 estimate) but posted $80.87 million in revenue; the firm pays a $0.10 quarterly dividend (3.1% yield) and authorized a $750,000 share buyback.

Primis Financial Corp. (NASDAQ:FRST - Get Free Report) saw a significant decline in short interest in February. As of February 27th, there was short interest totaling 182,984 shares, a decline of 13.2% from the February 12th total of 210,723 shares. Based on an average daily trading volume, of 96,408 shares, the short-interest ratio is currently 1.9 days. Currently, 0.8% of the shares of the stock are short sold. Currently, 0.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 96,408 shares, the short-interest ratio is currently 1.9 days.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Weiss Ratings reiterated a "hold (c)" rating on shares of Primis Financial in a research report on Monday, December 29th. Wall Street Zen downgraded Primis Financial from a "buy" rating to a "hold" rating in a research note on Sunday, February 8th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Primis Financial currently has an average rating of "Hold" and a consensus target price of $1.00.

Insider Activity

In related news, EVP Matthew Alan Switzer purchased 2,500 shares of Primis Financial stock in a transaction that occurred on Tuesday, February 3rd. The shares were acquired at an average price of $14.06 per share, with a total value of $35,150.00. Following the completion of the transaction, the executive vice president directly owned 96,226 shares of the company's stock, valued at $1,352,937.56. This represents a 2.67% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders purchased 7,025 shares of company stock valued at $92,961 in the last three months. Insiders own 10.96% of the company's stock.

Institutional Investors Weigh In On Primis Financial

A number of institutional investors and hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. increased its holdings in Primis Financial by 290.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,345 shares of the company's stock worth $25,000 after acquiring an additional 1,744 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Primis Financial during the 2nd quarter valued at about $25,000. PNC Financial Services Group Inc. grew its holdings in shares of Primis Financial by 154.8% during the second quarter. PNC Financial Services Group Inc. now owns 4,555 shares of the company's stock worth $49,000 after purchasing an additional 2,767 shares in the last quarter. CWM LLC increased its position in shares of Primis Financial by 135.7% in the third quarter. CWM LLC now owns 7,402 shares of the company's stock worth $78,000 after purchasing an additional 4,262 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Primis Financial by 278.2% in the third quarter. BNP Paribas Financial Markets now owns 7,742 shares of the company's stock valued at $81,000 after purchasing an additional 5,695 shares in the last quarter. 74.96% of the stock is owned by hedge funds and other institutional investors.

Primis Financial Stock Down 0.0%

Shares of NASDAQ:FRST traded down $0.01 during trading on Tuesday, reaching $12.80. 38,639 shares of the stock were exchanged, compared to its average volume of 94,762. The firm has a market cap of $315.49 million, a price-to-earnings ratio of 6.63 and a beta of 0.75. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.02 and a quick ratio of 0.96. Primis Financial has a 1-year low of $7.59 and a 1-year high of $14.55. The stock has a fifty day moving average of $13.55 and a two-hundred day moving average of $12.10.

Primis Financial (NASDAQ:FRST - Get Free Report) last issued its quarterly earnings results on Thursday, January 29th. The company reported $0.10 EPS for the quarter, missing analysts' consensus estimates of $0.34 by ($0.24). The business had revenue of $80.87 million for the quarter, compared to the consensus estimate of $30.01 million. Primis Financial had a return on equity of 4.11% and a net margin of 18.78%. Research analysts anticipate that Primis Financial will post 1.4 earnings per share for the current fiscal year.

Primis Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 27th. Investors of record on Friday, February 13th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, February 13th. Primis Financial's payout ratio is 20.73%.

Primis Financial announced that its Board of Directors has initiated a share buyback plan on Thursday, December 18th that permits the company to repurchase $750,000.00 in outstanding shares. This repurchase authorization permits the company to repurchase up to 0.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its stock is undervalued.

Primis Financial Company Profile

Primis Financial Corporation is a bank holding company headquartered in Waycross, Georgia, operating through its wholly owned subsidiary, Primis Bank. The company offers a full suite of commercial and retail banking services tailored to meet the needs of individuals, small businesses, and agricultural clients across its service area. Primis Bank focuses on building relationships within the communities it serves, positioning itself as a local financial partner for deposit-taking, lending, and treasury management solutions.

Primis Bank maintains a network of branch offices throughout southeastern Georgia, serving a combination of rural and suburban markets.

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