Man Group plc Makes New $852,000 Investment in Primis Financial Corp. $FRST

Man Group plc acquired a new stake in Primis Financial Corp. (NASDAQ:FRST) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 52,062 shares of the company’s stock, valued at approximately $852,000. Man Group plc owned about 0.21% of Primis Financial as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. 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 worth $25,000 after purchasing an additional 1,744 shares during the period. Raymond James Financial Inc. bought a new stake in Primis Financial during the second quarter worth approximately $25,000. Legal & General Group Plc acquired a new stake in Primis Financial in the second quarter worth approximately $36,000. BNP Paribas Financial Markets boosted 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 purchasing an additional 5,695 shares in the last quarter. Finally, Commonwealth Retirement Investments LLC acquired a new position in shares of Primis Financial during the 4th quarter valued at $82,000. Institutional investors own 74.96% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Primis Financial Stock Up 0.7%

Shares of Primis Financial stock opened at $16.11 on Friday. Primis Financial Corp. has a 1 year low of $9.55 and a 1 year high of $16.88. The company has a market cap of $399.53 million, a P/E ratio of 7.46 and a beta of 0.73. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.16. The stock has a 50-day moving average price of $16.08 and a 200 day moving average price of $14.76.

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

Primis Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 7th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Friday, August 7th. Primis Financial’s dividend payout ratio (DPR) is currently 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.