Primis Financial Corp. (NASDAQ:FRST) Sees Significant Increase in Short Interest

Primis Financial Corp. (NASDAQ:FRST) was the recipient of a large growth in short interest in the month of January. As of January 15th, there was short interest totaling 292,821 shares, a growth of 19.4% from the December 31st total of 245,184 shares. Currently, 1.3% of the company’s shares are sold short. Based on an average daily volume of 65,591 shares, the short-interest ratio is currently 4.5 days. Based on an average daily volume of 65,591 shares, the short-interest ratio is currently 4.5 days. Currently, 1.3% of the company’s shares are sold short.

Analysts Set New Price Targets

Several research firms have recently weighed in on FRST. Wall Street Zen upgraded shares of Primis Financial from a “hold” rating to a “buy” rating in a research report on Saturday. Zacks Research upgraded Primis Financial from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Primis Financial in a research report on Monday, December 29th. One investment 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 company currently has a consensus rating of “Hold” and an average target price of $1.00.

Primis Financial Stock Up 0.3%

FRST traded up $0.04 during midday trading on Tuesday, hitting $14.14. The company had a trading volume of 93,092 shares, compared to its average volume of 71,214. The stock’s 50 day moving average price is $13.04 and its 200 day moving average price is $11.64. Primis Financial has a 52 week low of $7.59 and a 52 week high of $14.38. The company has a market capitalization of $348.41 million, a price-to-earnings ratio of 7.33 and a beta of 0.77. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 0.47.

Primis Financial (NASDAQ:FRST) last issued 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 net margin of 18.78% and a return on equity of 4.11%. The firm had revenue of $80.87 million during the quarter, compared to analyst estimates of $30.01 million. On average, research analysts anticipate that Primis Financial will post 1.4 earnings per share for the current fiscal year.

Primis Financial declared that its Board of Directors has initiated a share repurchase program on Thursday, December 18th that permits the company to repurchase $750,000.00 in outstanding shares. This repurchase authorization permits the company to purchase up to 0.2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Primis Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Stockholders of record on Friday, February 13th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, February 13th. Primis Financial’s dividend payout ratio is presently 20.73%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in FRST. Raymond James Financial Inc. bought a new stake in shares of Primis Financial during the second quarter worth about $25,000. Russell Investments Group Ltd. boosted its stake in Primis Financial by 290.2% during 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 during the last quarter. PNC Financial Services Group Inc. boosted its stake in Primis Financial by 154.8% during the 2nd quarter. PNC Financial Services Group Inc. now owns 4,555 shares of the company’s stock valued at $49,000 after purchasing an additional 2,767 shares during the last quarter. CWM LLC increased its holdings in Primis Financial by 135.7% during the 3rd quarter. CWM LLC now owns 7,402 shares of the company’s stock worth $78,000 after purchasing an additional 4,262 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of Primis Financial by 278.2% in the third quarter. BNP Paribas Financial Markets now owns 7,742 shares of the company’s stock worth $81,000 after purchasing an additional 5,695 shares during the last quarter. 74.96% of the stock is 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.