Primis Financial Corp. (NASDAQ:FRST) Short Interest Up 44.9% in March

Primis Financial Corp. (NASDAQ:FRST) was the recipient of a large growth in short interest in March. As of March 13th, there was short interest totaling 265,141 shares, a growth of 44.9% from the February 26th total of 182,984 shares. Approximately 1.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 94,088 shares, the days-to-cover ratio is presently 2.8 days.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Wall Street Zen downgraded Primis Financial from a “buy” rating to a “hold” rating in a research report on Sunday, February 8th. Weiss Ratings upgraded Primis Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, March 17th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Primis Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $1.00.

Insiders Place Their Bets

In other news, EVP Matthew Alan Switzer acquired 2,500 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The shares were bought at an average cost of $14.06 per share, for a total transaction of $35,150.00. Following the acquisition, the executive vice president owned 96,226 shares in the company, valued at approximately $1,352,937.56. This represents a 2.67% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders have bought 7,025 shares of company stock valued at $92,961. Company insiders own 10.96% of the company’s stock.

Institutional Trading of Primis Financial

Several institutional investors have recently made changes to their positions in FRST. Russell Investments Group Ltd. lifted its holdings in Primis Financial by 290.2% in the third quarter. Russell Investments Group Ltd. now owns 2,345 shares of the company’s stock valued at $25,000 after acquiring an additional 1,744 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Primis Financial during the second quarter worth $25,000. PNC Financial Services Group Inc. increased its stake in Primis Financial by 154.8% during the second quarter. PNC Financial Services Group Inc. now owns 4,555 shares of the company’s stock worth $49,000 after acquiring an additional 2,767 shares during the last quarter. CWM LLC raised its position in Primis Financial by 135.7% in the third quarter. CWM LLC now owns 7,402 shares of the company’s stock valued at $78,000 after purchasing an additional 4,262 shares during the period. Finally, BNP Paribas Financial Markets raised its position in Primis Financial by 278.2% in the third quarter. BNP Paribas Financial Markets now owns 7,742 shares of the company’s stock valued at $81,000 after purchasing an additional 5,695 shares during the period. Hedge funds and other institutional investors own 74.96% of the company’s stock.

Primis Financial Trading Down 1.3%

NASDAQ:FRST traded down $0.17 during trading hours on Friday, hitting $13.07. The company had a trading volume of 63,750 shares, compared to its average volume of 105,723. Primis Financial has a 1 year low of $7.59 and a 1 year high of $14.55. The company has a market cap of $322.83 million, a P/E ratio of 6.77 and a beta of 0.75. The company has a 50-day moving average of $13.48 and a 200 day moving average of $12.19. The company has a current ratio of 1.03, a quick ratio of 0.98 and a debt-to-equity ratio of 0.23.

Primis Financial (NASDAQ:FRST) last posted its quarterly 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 3.99% and a net margin of 18.78%.The company had revenue of $80.87 million for the quarter, compared to analysts’ expectations of $30.01 million. Sell-side analysts expect that Primis Financial will post 1.4 earnings per share for the current year.

Primis Financial announced that its board has authorized a stock repurchase plan on Thursday, December 18th that permits the company to repurchase $750,000.00 in shares. This repurchase authorization permits the company to reacquire up to 0.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Primis Financial Announces Dividend

The company 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. This represents a $0.40 annualized dividend and a yield of 3.1%. The ex-dividend date was Friday, February 13th. Primis Financial’s payout ratio is presently 20.73%.

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.