Primis Financial (NASDAQ:FRST) Posts Earnings Results, Beats Estimates By $0.01 EPS

Primis Financial (NASDAQ:FRST) issued its quarterly earnings data on Thursday. The company reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.01, Zacks reports. The company had revenue of $45.56 million during the quarter, compared to the consensus estimate of $43.87 million. Primis Financial had a return on equity of 3.99% and a net margin of 18.78%.

Primis Financial Trading Up 0.4%

FRST stock traded up $0.06 during mid-day trading on Friday, reaching $13.98. The company’s stock had a trading volume of 33,031 shares, compared to its average volume of 123,128. The company has a market cap of $346.16 million, a price-to-earnings ratio of 7.23 and a beta of 0.72. The business’s 50 day moving average price is $13.43 and its 200 day moving average price is $12.59. 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 has a 12 month low of $7.59 and a 12 month high of $14.55.

Primis Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Shareholders of record on Friday, May 8th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Friday, May 8th. Primis Financial’s payout ratio is presently 20.73%.

Wall Street Analyst Weigh In

FRST has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods initiated coverage on Primis Financial in a report on Monday. They issued an “outperform” rating and a $17.00 target price for the company. Weiss Ratings upgraded Primis Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, March 17th. Finally, Wall Street Zen downgraded Primis Financial from a “buy” rating to a “hold” rating in a report on Sunday, February 8th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Primis Financial currently has an average rating of “Moderate Buy” and an average target price of $9.00.

Insider Activity

In other news, EVP Matthew Alan Switzer bought 2,500 shares of the business’s 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 directly owned 96,226 shares in the company, valued at approximately $1,352,937.56. This trade represents a 2.67% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders acquired 7,025 shares of company stock valued at $92,961. 10.87% of the stock is owned by company insiders.

Hedge Funds Weigh In On Primis Financial

A number of large investors have recently modified their holdings of the company. Empowered Funds LLC lifted its holdings in shares of Primis Financial by 5.0% in the 4th quarter. Empowered Funds LLC now owns 42,768 shares of the company’s stock worth $595,000 after purchasing an additional 2,018 shares in the last quarter. Oxford Asset Management LLP bought a new position in shares of Primis Financial in the 4th quarter worth $202,000. Millennium Management LLC lifted its holdings in shares of Primis Financial by 41.8% in the 4th quarter. Millennium Management LLC now owns 87,504 shares of the company’s stock worth $1,217,000 after purchasing an additional 25,803 shares in the last quarter. First Manhattan CO. LLC. lifted its holdings in shares of Primis Financial by 6.4% in the 4th quarter. First Manhattan CO. LLC. now owns 166,901 shares of the company’s stock worth $2,322,000 after purchasing an additional 10,000 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of Primis Financial by 19.9% in the 4th quarter. AQR Capital Management LLC now owns 96,779 shares of the company’s stock worth $1,346,000 after purchasing an additional 16,055 shares in the last quarter. 74.96% of the stock is currently 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.