Insider Buying: Primis Financial (NASDAQ:FRST) EVP Acquires $35,150.00 in Stock

Primis Financial Corp. (NASDAQ:FRST) EVP Matthew Alan Switzer bought 2,500 shares of the company’s stock in a transaction dated Tuesday, February 3rd. The shares were purchased at an average cost of $14.06 per share, with a total value of $35,150.00. Following the acquisition, the executive vice president directly owned 96,226 shares of the company’s stock, valued at approximately $1,352,937.56. This represents a 2.67% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Primis Financial Price Performance

NASDAQ:FRST opened at $14.26 on Friday. Primis Financial Corp. has a 52 week low of $7.59 and a 52 week high of $14.55. 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 firm’s 50-day simple moving average is $13.22 and its 200 day simple moving average is $11.69. The firm has a market cap of $351.37 million, a price-to-earnings ratio of 7.39 and a beta of 0.77.

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

Primis Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Friday, February 13th will be given a $0.10 dividend. The ex-dividend date is Friday, February 13th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.8%. Primis Financial’s dividend payout ratio (DPR) is presently 20.73%.

Primis Financial declared that its board has approved a share buyback plan on Thursday, December 18th that authorizes the company to repurchase $750,000.00 in shares. This repurchase authorization authorizes the company to buy up to 0.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

FRST has been the topic of several recent analyst reports. Zacks Research raised shares of Primis Financial from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Wall Street Zen upgraded shares of Primis Financial from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Primis Financial in a research report on Monday, December 29th. One equities research 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, the stock currently has an average rating of “Hold” and a consensus price target of $1.00.

Institutional Trading of Primis Financial

Hedge funds have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP raised its holdings in Primis Financial by 6.7% in the 4th quarter. GSA Capital Partners LLP now owns 83,612 shares of the company’s stock valued at $1,163,000 after buying an additional 5,265 shares during the last quarter. North Reef Capital Management LP bought a new position in shares of Primis Financial during the third quarter valued at $10,246,000. Citadel Advisors LLC raised its stake in shares of Primis Financial by 68.7% during the third quarter. Citadel Advisors LLC now owns 23,140 shares of the company’s stock valued at $243,000 after acquiring an additional 9,421 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Primis Financial by 44.5% during the third quarter. Alliancebernstein L.P. now owns 1,091,037 shares of the company’s stock worth $11,467,000 after purchasing an additional 336,149 shares during the period. Finally, Occudo Quantitative Strategies LP acquired a new stake in Primis Financial in the third quarter valued at $112,000. Institutional investors and hedge funds 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.