Primis Financial Corp. (NASDAQ:FRST) Short Interest Up 31.1% in August

Primis Financial Corp. (NASDAQ:FRST) was the recipient of a large increase in short interest in August. As of August 15th, there was short interest totaling 146,200 shares, an increase of 31.1% from the July 31st total of 111,500 shares. Based on an average daily trading volume, of 93,700 shares, the short-interest ratio is currently 1.6 days. Approximately 0.8% of the company’s stock are sold short. Approximately 0.8% of the company’s stock are sold short. Based on an average daily trading volume, of 93,700 shares, the short-interest ratio is currently 1.6 days.

Primis Financial Stock Down 1.8%

NASDAQ FRST opened at $10.96 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 0.98 and a debt-to-equity ratio of 0.26. Primis Financial has a 52 week low of $7.59 and a 52 week high of $12.95. The firm has a market capitalization of $270.05 million, a price-to-earnings ratio of -121.78 and a beta of 0.82. The company has a fifty day moving average of $11.28 and a two-hundred day moving average of $10.09.

Primis Financial (NASDAQ:FRST) last announced its quarterly earnings data on Thursday, July 24th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.13). Primis Financial had a negative return on equity of 2.02% and a negative net margin of 0.93%.The firm had revenue of $42.36 million during the quarter, compared to the consensus estimate of $28.13 million. On average, analysts predict that Primis Financial will post 1.4 earnings per share for the current year.

Primis Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Friday, August 8th were issued a dividend of $0.10 per share. The ex-dividend date was Friday, August 8th. This represents a $0.40 dividend on an annualized basis and a yield of 3.6%. Primis Financial’s dividend payout ratio is currently -444.44%.

Hedge Funds Weigh In On Primis Financial

A number of large investors have recently added to or reduced their stakes in FRST. Price T Rowe Associates Inc. MD increased its holdings in shares of Primis Financial by 4.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 30,968 shares of the company’s stock valued at $362,000 after acquiring an additional 1,405 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in Primis Financial during the 4th quarter worth approximately $51,000. Bank of America Corp DE raised its holdings in shares of Primis Financial by 39.3% during the fourth quarter. Bank of America Corp DE now owns 26,039 shares of the company’s stock worth $304,000 after purchasing an additional 7,350 shares during the last quarter. Citadel Advisors LLC lifted its position in Primis Financial by 53.1% during the fourth quarter. Citadel Advisors LLC now owns 72,326 shares of the company’s stock valued at $843,000 after purchasing an additional 25,086 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of Primis Financial by 3,268.0% in the 1st quarter. GAMMA Investing LLC now owns 6,096 shares of the company’s stock valued at $624,000 after buying an additional 5,915 shares during the period. 74.96% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of Primis Financial from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. Two analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $7.50.

About Primis Financial

Primis Financial Corp. operates as the bank holding company for Primis Bank that provides a range of financial services to individuals and small and medium sized businesses in the United States. Its deposit products include checking, NOW, savings, and money market accounts, as well as certificates of deposits.