Primis Financial Corp. $FRST Shares Sold by Banc Funds Co. LLC

Banc Funds Co. LLC lessened its stake in Primis Financial Corp. (NASDAQ:FRST) by 34.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 892,422 shares of the company’s stock after selling 476,666 shares during the period. Primis Financial comprises about 1.6% of Banc Funds Co. LLC’s investment portfolio, making the stock its 18th largest position. Banc Funds Co. LLC owned approximately 3.62% of Primis Financial worth $9,379,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. grew its holdings in Primis Financial by 27.0% during 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 in the last quarter. First Trust Advisors LP increased its position in shares of Primis Financial by 8.6% in the 2nd quarter. First Trust Advisors LP now owns 16,623 shares of the company’s stock worth $180,000 after purchasing an additional 1,313 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake 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 valued at $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 3rd quarter. Russell Investments Group Ltd. now owns 2,345 shares of the company’s stock valued at $25,000 after purchasing an additional 1,744 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Primis Financial during the second quarter worth about $25,000. 74.96% of the stock is owned by institutional investors and hedge funds.

Primis Financial Stock Down 0.5%

Shares of NASDAQ:FRST opened at $12.78 on Friday. The stock has a market capitalization of $314.90 million, a price-to-earnings ratio of 6.62 and a beta of 0.75. Primis Financial Corp. has a 1-year low of $7.59 and a 1-year high of $14.55. The company’s fifty day moving average is $13.56 and its two-hundred day moving average is $12.08. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.96 and a current ratio of 1.02.

Primis Financial (NASDAQ:FRST) last posted its quarterly earnings results on Thursday, January 29th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $30.01 million. Equities analysts anticipate that Primis Financial Corp. will post 1.4 EPS for the current year.

Primis Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Friday, February 13th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $0.40 dividend on an annualized basis and a yield of 3.1%. Primis Financial’s dividend payout ratio (DPR) is currently 20.73%.

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

Analysts Set New Price Targets

A number of equities analysts recently commented on FRST shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Primis Financial in a research note on Monday, December 29th. Wall Street Zen cut Primis Financial from a “buy” rating to a “hold” rating in a research note on Sunday, February 8th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $1.00.

Insider Transactions at Primis Financial

In related news, EVP Matthew Alan Switzer bought 2,500 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The stock was bought at an average cost of $14.06 per share, for a total transaction of $35,150.00. Following the completion of the purchase, the executive vice president directly owned 96,226 shares in the company, valued at approximately $1,352,937.56. The trade was a 2.67% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have bought a total of 7,025 shares of company stock valued at $92,961 over the last quarter. Company insiders own 10.96% of the company’s stock.

Primis Financial 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.