Primis Financial (NASDAQ:FRST) Earns Buy Rating from Analysts at Maxim Group

Equities researchers at Maxim Group initiated coverage on shares of Primis Financial (NASDAQ:FRST - Get Free Report) in a report issued on Monday, MarketBeat.com reports. The brokerage set a "buy" rating and a $1.00 price target on the stock. Maxim Group's target price would indicate a potential downside of 89.37% from the stock's current price.

Primis Financial Stock Down 0.7%

NASDAQ:FRST traded down $0.07 during trading hours on Monday, reaching $9.41. The company had a trading volume of 124,195 shares, compared to its average volume of 74,251. The company has a quick ratio of 0.86, a current ratio of 0.99 and a debt-to-equity ratio of 0.24. The firm has a market cap of $232.64 million, a price-to-earnings ratio of -31.37 and a beta of 0.65. The business's 50-day simple moving average is $9.03 and its two-hundred day simple moving average is $10.63. Primis Financial has a twelve month low of $7.59 and a twelve month high of $13.52.

Primis Financial (NASDAQ:FRST - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.26 by ($0.12). Primis Financial had a negative net margin of 2.97% and a negative return on equity of 2.05%. The business had revenue of $32.53 million for the quarter, compared to analyst estimates of $26.90 million. On average, equities analysts expect that Primis Financial will post 1.4 earnings per share for the current year.

Insider Activity at Primis Financial

In other news, Director John Fitzgerald Biagas bought 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average price of $9.97 per share, with a total value of $99,700.00. Following the acquisition, the director now owns 88,469 shares of the company's stock, valued at approximately $882,035.93. The trade was a 12.74% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 10.89% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Primis Financial

A number of institutional investors have recently made changes to their positions in FRST. Barclays PLC increased its holdings in shares of Primis Financial by 243.8% in the 3rd quarter. Barclays PLC now owns 27,441 shares of the company's stock worth $334,000 after buying an additional 19,460 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Primis Financial by 120.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 71,112 shares of the company's stock valued at $866,000 after purchasing an additional 38,792 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Primis Financial by 94.3% during the 4th quarter. Rhumbline Advisers now owns 70,869 shares of the company's stock valued at $826,000 after purchasing an additional 34,394 shares during the last quarter. PL Capital Advisors LLC grew its holdings in shares of Primis Financial by 1,066.0% during the 4th quarter. PL Capital Advisors LLC now owns 5,541,310 shares of the company's stock valued at $64,612,000 after purchasing an additional 5,066,069 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of Primis Financial by 12.8% during the 4th quarter. Victory Capital Management Inc. now owns 88,000 shares of the company's stock valued at $1,026,000 after purchasing an additional 10,000 shares during the last quarter. Institutional investors own 74.96% of the company's stock.

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.