Connor Clark & Lunn Investment Management Ltd. Purchases Shares of 283,551 Primis Financial Corp. $FRST

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Primis Financial Corp. (NASDAQ:FRST) in the 2nd quarter, HoldingsChannel reports. The fund purchased 283,551 shares of the company’s stock, valued at approximately $4,642,000.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Primis Financial in the 2nd quarter valued at about $40,288,000. Mendon Capital Advisors Corp increased its position in Primis Financial by 16.6% in the 2nd quarter. Mendon Capital Advisors Corp now owns 1,301,933 shares of the company’s stock valued at $14,126,000 after buying an additional 185,083 shares in the last quarter. Patriot Financial Partners GP II L.P. acquired a new position in Primis Financial during the 3rd quarter worth approximately $12,796,000. Vanguard Group Inc. raised its stake in Primis Financial by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 1,210,031 shares of the company’s stock worth $12,717,000 after buying an additional 17,712 shares during the period. Finally, North Reef Capital Management LP raised its stake in Primis Financial by 23.5% during the 4th quarter. North Reef Capital Management LP now owns 1,203,604 shares of the company’s stock worth $16,742,000 after buying an additional 228,734 shares during the period. Institutional investors and hedge funds own 74.96% of the company’s stock.

Wall Street Analysts Forecast Growth

FRST has been the subject of a number of research reports. Raymond James Financial started coverage on Primis Financial in a research note on Thursday, June 25th. They issued a “strong-buy” rating and a $19.00 price objective for the company. Wall Street Zen lowered Primis Financial from a “buy” rating to a “hold” rating in a research report on Sunday, May 17th. Finally, Weiss Ratings raised Primis Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Primis Financial presently has a consensus rating of “Buy” and a consensus target price of $18.00.

Primis Financial Stock Down 1.1%

Shares of NASDAQ FRST opened at $15.93 on Friday. The stock has a market capitalization of $395.06 million, a P/E ratio of 7.37 and a beta of 0.73. The company has a 50-day moving average price of $16.05 and a 200-day moving average price of $14.69. Primis Financial Corp. has a 1 year low of $9.55 and a 1 year high of $16.88. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.02 and a quick ratio of 0.96.

Primis Financial (NASDAQ:FRST) last posted its earnings results on Thursday, July 23rd. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.15). Primis Financial had a return on equity of 5.49% and a net margin of 19.19%.The business had revenue of $55.79 million for the quarter, compared to the consensus estimate of $48.77 million. On average, equities research analysts forecast that Primis Financial Corp. will post 1.38 EPS for the current fiscal year.

Primis Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 7th were paid a dividend of $0.10 per share. The ex-dividend date was Friday, August 7th. This represents a $0.40 dividend on an annualized basis and a yield of 2.5%. Primis Financial’s payout ratio is 18.52%.

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.