Primis Financial (NASDAQ:FRST) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Primis Financial (NASDAQ:FRST) from a sell rating to a hold rating in a report issued on Thursday.

Separately, Maxim Group began coverage on shares of Primis Financial in a report on Monday, May 12th. They issued a “buy” rating and a $1.00 price target for the company.

Primis Financial Price Performance

Shares of FRST stock opened at $9.30 on Thursday. Primis Financial has a 12-month low of $7.59 and a 12-month high of $13.52. The firm has a market capitalization of $229.92 million, a price-to-earnings ratio of -31.00 and a beta of 0.65. The company has a quick ratio of 0.86, a current ratio of 0.99 and a debt-to-equity ratio of 0.24. The firm has a fifty day moving average of $8.98 and a 200-day moving average of $10.58.

Primis Financial (NASDAQ:FRST) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.12). Primis Financial had a negative net margin of 2.97% and a negative return on equity of 2.05%. The firm had revenue of $32.53 million during the quarter, compared to analyst estimates of $26.90 million. On average, equities research analysts forecast that Primis Financial will post 1.4 earnings per share for the current year.

Primis Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 28th. Investors of record on Wednesday, May 14th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 4.30%. The ex-dividend date of this dividend is Wednesday, May 14th. Primis Financial’s payout ratio is presently -137.93%.

Insider Buying and Selling

In related news, Director John Fitzgerald Biagas bought 10,000 shares of Primis Financial stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average cost of $9.97 per share, with a total value of $99,700.00. Following the purchase, the director now owns 88,469 shares in the company, valued at approximately $882,035.93. This trade represents a 12.74% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 10.89% of the company’s stock.

Hedge Funds Weigh In On Primis Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets bought a new stake in Primis Financial during the 4th quarter worth about $51,000. GAMMA Investing LLC lifted its position in Primis Financial by 3,268.0% during the 1st quarter. GAMMA Investing LLC now owns 6,096 shares of the company’s stock worth $624,000 after buying an additional 5,915 shares in the last quarter. Wells Fargo & Company MN lifted its position in Primis Financial by 25.7% during the 4th quarter. Wells Fargo & Company MN now owns 12,639 shares of the company’s stock worth $147,000 after buying an additional 2,585 shares in the last quarter. Marshall Wace LLP bought a new stake in Primis Financial during the 4th quarter worth about $148,000. Finally, MetLife Investment Management LLC lifted its position in Primis Financial by 13.9% during the 1st quarter. MetLife Investment Management LLC now owns 12,819 shares of the company’s stock worth $125,000 after buying an additional 1,562 shares in the last quarter. 74.96% of the stock is owned by institutional investors and hedge funds.

Primis Financial Company Profile

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.