Primis Financial (NASDAQ:FRST) Trading Up 4.2% – Here’s Why

Primis Financial Corp. (NASDAQ:FRST)’s share price traded up 4.2% during trading on Wednesday . The stock traded as high as $14.13 and last traded at $14.02. 179,881 shares were traded during trading, an increase of 198% from the average session volume of 60,321 shares. The stock had previously closed at $13.46.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FRST. Weiss Ratings reiterated a “hold (c)” rating on shares of Primis Financial in a research report on Monday, December 29th. Zacks Research raised shares of Primis Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, October 13th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $1.00.

Primis Financial Stock Performance

The business’s 50-day moving average is $12.52 and its 200 day moving average is $11.48. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.96 and a current ratio of 1.02. The company has a market cap of $345.45 million, a PE ratio of 100.14 and a beta of 0.77.

Primis Financial (NASDAQ:FRST) last released its quarterly earnings data on Thursday, October 23rd. The company reported $0.28 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.04). The company had revenue of $41.00 million during the quarter, compared to analysts’ expectations of $27.96 million. Primis Financial had a negative return on equity of 0.75% and a net margin of 1.31%. On average, equities research analysts predict that Primis Financial Corp. will post 1.4 EPS for the current fiscal year.

Primis Financial announced that its Board of Directors has authorized a stock buyback plan on Thursday, December 18th that authorizes the company to repurchase $750,000.00 in shares. This repurchase authorization authorizes the company to reacquire up to 0.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Primis Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its holdings in Primis Financial by 27.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 5,786 shares of the company’s stock worth $61,000 after acquiring an additional 1,231 shares during the last quarter. First Trust Advisors LP boosted its stake in Primis Financial by 8.6% during the 2nd quarter. First Trust Advisors LP now owns 16,623 shares of the company’s stock valued at $180,000 after purchasing an additional 1,313 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Primis Financial by 11.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,072 shares of the company’s stock worth $128,000 after purchasing an additional 1,370 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of 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. Finally, Raymond James Financial Inc. bought a new position in shares of Primis Financial during the second quarter valued at $25,000. 74.96% of the stock is currently owned by institutional investors.

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.