Short Interest in Primis Financial Corp. (NASDAQ:FRST) Rises By 34.5%

Primis Financial Corp. (NASDAQ:FRST) was the recipient of a large growth in short interest during the month of December. As of December 15th, there was short interest totaling 276,066 shares, a growth of 34.5% from the November 30th total of 205,279 shares. Approximately 1.3% of the shares of the stock are sold short. Based on an average daily volume of 99,281 shares, the days-to-cover ratio is currently 2.8 days. Based on an average daily volume of 99,281 shares, the days-to-cover ratio is currently 2.8 days. Approximately 1.3% of the shares of the stock are sold short.

Hedge Funds Weigh In On Primis Financial

A number of institutional investors have recently added to or reduced their stakes in FRST. Russell Investments Group Ltd. increased 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 worth $25,000 after acquiring an additional 1,744 shares in the last quarter. Raymond James Financial Inc. bought a new position in Primis Financial in the 2nd quarter valued at approximately $25,000. PNC Financial Services Group Inc. boosted its position in shares of Primis Financial by 154.8% during the second quarter. PNC Financial Services Group Inc. now owns 4,555 shares of the company’s stock valued at $49,000 after buying an additional 2,767 shares during the last quarter. CWM LLC grew its stake in shares of Primis Financial by 135.7% in the third quarter. CWM LLC now owns 7,402 shares of the company’s stock worth $78,000 after acquiring an additional 4,262 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in Primis Financial by 278.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 7,742 shares of the company’s stock valued at $81,000 after buying an additional 5,695 shares during the last quarter. Institutional investors own 74.96% of the company’s stock.

Primis Financial Trading Up 1.3%

Shares of Primis Financial stock traded up $0.18 during trading on Tuesday, reaching $13.17. 44,274 shares of the stock were exchanged, compared to its average volume of 88,613. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 0.47. The firm has a market cap of $324.39 million, a price-to-earnings ratio of 94.04 and a beta of 0.81. Primis Financial has a 1 year low of $7.59 and a 1 year high of $13.88. The stock’s fifty day moving average is $11.56 and its 200 day moving average is $11.13.

Primis Financial (NASDAQ:FRST) last released its quarterly earnings results on Thursday, October 23rd. The company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.04). Primis Financial had a net margin of 1.31% and a negative return on equity of 0.75%. The business had revenue of $41.00 million for the quarter, compared to the consensus estimate of $27.96 million. As a group, equities research analysts expect that Primis Financial will post 1.4 earnings per share for the current fiscal year.

Primis Financial declared that its Board of Directors has approved a stock buyback program on Thursday, December 18th that authorizes the company to repurchase $750,000.00 in shares. This repurchase authorization authorizes the company to purchase up to 0.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Primis Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 21st. Shareholders of record on Friday, November 7th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Friday, November 7th. Primis Financial’s payout ratio is presently 285.71%.

Analyst Upgrades and Downgrades

FRST has been the subject of several research reports. Zacks Research raised Primis Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, October 13th. Weiss Ratings restated a “hold (c)” rating on shares of Primis Financial in a report on Monday, December 22nd. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Primis Financial has an average rating of “Hold” and a consensus price target of $1.00.

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.