Fifth Third Bancorp Has $4.21 Million Stake in Primoris Services Corporation $PRIM

Fifth Third Bancorp raised its stake in shares of Primoris Services Corporation (NYSE:PRIM) by 91,981.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 29,466 shares of the company’s stock after buying an additional 29,434 shares during the period. Fifth Third Bancorp owned about 0.05% of Primoris Services worth $4,215,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in PRIM. NewEdge Advisors LLC increased its position in Primoris Services by 34.5% in the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the company’s stock worth $43,000 after buying an additional 194 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Primoris Services by 7.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 493,594 shares of the company’s stock worth $28,337,000 after buying an additional 33,934 shares in the last quarter. Caxton Associates LLP bought a new stake in shares of Primoris Services in the 1st quarter worth about $268,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Primoris Services by 25.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,090 shares of the company’s stock valued at $9,650,000 after purchasing an additional 33,818 shares during the last quarter. Finally, M&T Bank Corp acquired a new position in shares of Primoris Services in the 2nd quarter worth approximately $274,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Insiders Place Their Bets

In other news, insider John M. Perisich sold 29,707 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $127.86, for a total value of $3,798,337.02. Following the transaction, the insider owned 27,574 shares in the company, valued at $3,525,611.64. This trade represents a 51.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David Lee King sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $119.09, for a total transaction of $2,381,800.00. Following the transaction, the director directly owned 14,941 shares in the company, valued at $1,779,323.69. The trade was a 57.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.10% of the company’s stock.

Primoris Services Stock Performance

Shares of NYSE PRIM opened at $86.10 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.28 and a quick ratio of 1.28. The stock’s fifty day moving average price is $104.26 and its two-hundred day moving average price is $133.23. Primoris Services Corporation has a one year low of $65.00 and a one year high of $205.50. The firm has a market cap of $4.67 billion, a price-to-earnings ratio of 18.96 and a beta of 1.41.

Primoris Services (NYSE:PRIM) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.28). Primoris Services had a return on equity of 16.48% and a net margin of 3.31%.The company had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the previous year, the business posted $0.98 EPS. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. On average, equities analysts forecast that Primoris Services Corporation will post 1.88 EPS for the current year.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Tuesday, June 30th. Primoris Services’s payout ratio is currently 7.05%.

Analyst Ratings Changes

A number of equities analysts have weighed in on PRIM shares. Zacks Research downgraded shares of Primoris Services from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th. Mizuho reduced their target price on Primoris Services from $135.00 to $117.00 and set an “outperform” rating on the stock in a report on Tuesday, June 23rd. UBS Group reduced their price target on shares of Primoris Services from $212.00 to $186.00 and set a “buy” rating on the stock in a research report on Monday, May 11th. Wall Street Zen lowered Primoris Services from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Finally, The Goldman Sachs Group raised shares of Primoris Services from a “sell” rating to a “neutral” rating and reduced their target price for the stock from $107.00 to $102.00 in a research note on Thursday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $142.13.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems. The Energy/Renewables segment provides a range of services, including engineering, procurement, and construction, as well as retrofits, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, and maintenance services to renewable energy and energy storage, renewable fuels, petroleum, refining, and petrochemical industries, as well as state departments of transportation.