Primis Financial (NASDAQ:FRST) Cut to Hold at Wall Street Zen

Primis Financial (NASDAQ:FRST) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Sunday.

A number of other brokerages have also recently issued reports on FRST. Zacks Research upgraded shares of Primis Financial from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Weiss Ratings restated a “hold (c)” rating on shares of Primis Financial in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Primis Financial currently has a consensus rating of “Hold” and a consensus price target of $1.00.

Primis Financial Trading Up 0.8%

NASDAQ FRST opened at $14.26 on Friday. Primis Financial has a 12 month low of $7.59 and a 12 month high of $14.55. The stock has a 50-day simple moving average of $13.22 and a 200 day simple moving average of $11.69. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $351.37 million, a PE ratio of 7.39 and a beta of 0.77.

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

Primis Financial declared that its board has authorized a stock repurchase program on Thursday, December 18th that permits the company to buyback $750,000.00 in shares. This buyback authorization permits the company to repurchase up to 0.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Primis Financial

In other news, EVP Matthew Alan Switzer bought 2,500 shares of the business’s stock in a transaction on Tuesday, February 3rd. The shares were purchased at an average price of $14.06 per share, for a total transaction of $35,150.00. Following the purchase, the executive vice president owned 96,226 shares of the company’s stock, valued at approximately $1,352,937.56. The trade was a 2.67% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders purchased 8,206 shares of company stock valued at $99,733. 10.96% of the stock is currently owned by company insiders.

Institutional Trading of Primis Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in FRST. GSA Capital Partners LLP lifted its position in shares of Primis Financial by 6.7% in the fourth quarter. GSA Capital Partners LLP now owns 83,612 shares of the company’s stock worth $1,163,000 after purchasing an additional 5,265 shares in the last quarter. North Reef Capital Management LP acquired a new stake in Primis Financial in the 3rd quarter valued at $10,246,000. Citadel Advisors LLC lifted its position in Primis Financial by 68.7% during the 3rd quarter. Citadel Advisors LLC now owns 23,140 shares of the company’s stock worth $243,000 after buying an additional 9,421 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of Primis Financial by 44.5% during the 3rd quarter. Alliancebernstein L.P. now owns 1,091,037 shares of the company’s stock worth $11,467,000 after buying an additional 336,149 shares during the last quarter. Finally, Occudo Quantitative Strategies LP bought a new position in shares of Primis Financial in the 3rd quarter valued at about $112,000. 74.96% of the stock is currently owned by institutional investors and hedge funds.

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.