Primis Financial (NASDAQ:FRST) Posts Quarterly Earnings Results, Misses Expectations By $0.15 EPS

Key Points

• Primis Financial reported quarterly EPS of $0.23, which missed analysts’ expectations by $0.15 and came in below the consensus estimate of $0.38.
• Revenue topped forecasts, rising to $55.79 million versus the expected $48.77 million, while the company posted a net margin of 19.71% and return on equity of 4.98%.
• Shares were slightly lower after the report, trading down 0.3% to $15.70, even as recent analyst coverage has remained generally positive with a consensus rating of Buy and an average price target of $18.00.

Primis Financial (NASDAQ:FRST - Get Free Report) posted its quarterly earnings data on Thursday. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.38 by ($0.15), FiscalAI reports. Primis Financial had a return on equity of 4.98% and a net margin of 19.71%.The company had revenue of $55.79 million for the quarter, compared to the consensus estimate of $48.77 million.

Primis Financial Stock Down 0.3%

Shares of NASDAQ FRST traded down $0.05 during midday trading on Thursday, hitting $15.70. The stock had a trading volume of 192,732 shares, compared to its average volume of 183,353. Primis Financial has a 52 week low of $9.55 and a 52 week high of $16.77. The company has a market cap of $390.62 million, a P/E ratio of 7.41 and a beta of 0.72. The business's 50 day moving average is $15.29 and its 200-day moving average is $14.22. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 0.16.

Analyst Ratings Changes

Several brokerages recently weighed in on FRST. Keefe, Bruyette & Woods began coverage on Primis Financial in a report on Monday, April 20th. They set an "outperform" rating and a $17.00 target price for the company. Raymond James Financial initiated coverage on Primis Financial in a research note on Thursday, June 25th. They issued a "strong-buy" rating and a $19.00 target price on the stock. Weiss Ratings raised shares of Primis Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 4th. Finally, Wall Street Zen cut shares of Primis Financial from a "buy" rating to a "hold" rating in a research report on Sunday, May 17th. One research 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 stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $18.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. purchased a new position in shares of Primis Financial in the 2nd quarter worth $25,000. Russell Investments Group Ltd. boosted its position in Primis Financial by 290.2% in the third quarter. Russell Investments Group Ltd. now owns 2,345 shares of the company's stock worth $25,000 after purchasing an additional 1,744 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of Primis Financial by 278.2% during the 3rd 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 during the period. Public Employees Retirement System of Ohio increased its position in shares of Primis Financial by 141.9% during the 4th quarter. Public Employees Retirement System of Ohio now owns 6,733 shares of the company's stock valued at $94,000 after purchasing an additional 3,950 shares during the last quarter. Finally, Occudo Quantitative Strategies LP bought a new position in shares of Primis Financial in the 3rd quarter worth approximately $112,000. Institutional investors own 74.96% of the company's stock.

About Primis Financial

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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