Primis Financial (NASDAQ:FRST) Announces Earnings Results, Misses Estimates By $0.04 EPS

Key Points

• Primis Financial reported earnings of $0.28 per share for the quarter, missing analyst estimates of $0.32 by $0.04.
• The company's stock price declined to $9.70, with a market cap of $239.04 million and a price-to-earnings ratio of -107.78.
• Despite the earnings miss, Zacks Research has upgraded Primis Financial from a "strong sell" to a "hold" rating, with a consensus target price of $7.50.

Primis Financial (NASDAQ:FRST - Get Free Report) issued its quarterly earnings results on Thursday. The company reported $0.28 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.32 by ($0.04), Zacks reports. Primis Financial had a negative return on equity of 2.02% and a negative net margin of 0.93%.

Primis Financial Price Performance

Shares of NASDAQ:FRST traded down $0.17 during midday trading on Thursday, hitting $9.70. The company had a trading volume of 76,050 shares, compared to its average volume of 90,979. Primis Financial has a twelve month low of $7.59 and a twelve month high of $12.95. The stock has a market cap of $239.04 million, a price-to-earnings ratio of -107.78 and a beta of 0.81. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.98 and a quick ratio of 0.95. The business's 50-day simple moving average is $10.73 and its 200-day simple moving average is $10.20.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Zacks Research raised Primis Financial from a "strong sell" rating to a "hold" rating in a research note on Monday, October 13th. Weiss Ratings reissued a "hold (c)" rating on shares of Primis Financial in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Primis Financial currently has a consensus rating of "Moderate Buy" and a consensus target price of $7.50.

Institutional Trading of Primis Financial

A number of hedge funds and other institutional investors have recently modified their holdings of FRST. Oxford Asset Management LLP purchased a new stake in shares of Primis Financial in the second quarter valued at about $204,000. Curi Capital LLC boosted its holdings in Primis Financial by 12.2% in the 2nd quarter. Curi Capital LLC now owns 1,002,891 shares of the company's stock valued at $10,881,000 after purchasing an additional 109,355 shares during the last quarter. Mendon Capital Advisors Corp grew its stake in shares of Primis Financial by 16.6% in the 2nd quarter. Mendon Capital Advisors Corp now owns 1,301,933 shares of the company's stock valued at $14,126,000 after buying an additional 185,083 shares during the period. Jane Street Group LLC grew its stake in shares of Primis Financial by 39.2% in the 2nd quarter. Jane Street Group LLC now owns 31,314 shares of the company's stock valued at $340,000 after buying an additional 8,818 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of Primis Financial during the 2nd quarter worth approximately $25,000. 74.96% of the stock is owned by institutional investors and hedge funds.

About Primis Financial

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.

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