Primis Financial (NASDAQ:FRST) Stock Rating Upgraded by Zacks Research

Key Points

• Primis Financial (NASDAQ:FRST) received an upgrade from Zacks Research from a "strong sell" to a "hold" rating, reflecting a more favorable outlook from analysts.
• Two analysts have rated the stock as a Buy and two have given a Hold rating, contributing to an average rating of "Moderate Buy" with a consensus price target of $7.50.
• Institutional ownership is strong, with 74.96% of the stock held by institutional investors and hedge funds, indicating significant confidence in the company's future.

Primis Financial (NASDAQ:FRST - Get Free Report) was upgraded by investment analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Monday,Zacks.com reports.

Separately, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Primis Financial in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $7.50.

Primis Financial Stock Performance

Shares of FRST opened at $10.33 on Monday. Primis Financial has a 1 year low of $7.59 and a 1 year high of $12.95. The company has a market cap of $254.53 million, a price-to-earnings ratio of -114.78 and a beta of 0.81. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.95 and a current ratio of 0.98. The firm has a fifty day moving average of $10.89 and a 200-day moving average of $10.18.

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

Institutional Inflows and Outflows

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

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.

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