Primis Financial (NASDAQ:FRST) Releases Quarterly Earnings Results, Misses Expectations By $0.15 EPS

Primis Financial (NASDAQ:FRST) posted its quarterly earnings results on Thursday. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.15), FiscalAI reports. Primis Financial had a net margin of 19.71% and a return on equity of 4.98%. The business had revenue of $55.79 million for the quarter, compared to the consensus estimate of $48.77 million.

Primis Financial Trading Down 0.3%

Shares of NASDAQ:FRST traded down $0.05 during trading hours on Thursday, hitting $15.70. 192,732 shares of the company’s stock traded hands, compared to its average volume of 183,353. Primis Financial has a 1 year low of $9.55 and a 1 year high of $16.77. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.02 and a quick ratio of 0.96. The firm has a market capitalization of $390.62 million, a P/E ratio of 7.41 and a beta of 0.72. The business has a fifty day moving average price of $15.29 and a 200-day moving average price of $14.22.

Institutional Investors Weigh In On Primis Financial

Large investors have recently added to or reduced their stakes in the stock. First Trust Advisors LP boosted its position in Primis Financial by 8.6% during the second quarter. First Trust Advisors LP now owns 16,623 shares of the company’s stock valued at $180,000 after purchasing an additional 1,313 shares in the last quarter. Barclays PLC raised its stake in shares of Primis Financial by 4.2% during the 4th quarter. Barclays PLC now owns 32,660 shares of the company’s stock worth $454,000 after acquiring an additional 1,331 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Primis Financial by 11.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,072 shares of the company’s stock worth $128,000 after acquiring an additional 1,370 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Primis Financial by 4.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 42,768 shares of the company’s stock valued at $595,000 after acquiring an additional 1,667 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in Primis Financial by 290.2% in the third quarter. Russell Investments Group Ltd. now owns 2,345 shares of the company’s stock valued at $25,000 after acquiring an additional 1,744 shares in the last quarter. 74.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on FRST shares. Weiss Ratings upgraded shares of Primis Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 4th. Raymond James Financial initiated coverage on Primis Financial in a research note on Thursday, June 25th. They set a “strong-buy” rating and a $19.00 price target for the company. Keefe, Bruyette & Woods started coverage on Primis Financial in a report on Monday, April 20th. They set an “outperform” rating and a $17.00 price target for the company. Finally, Wall Street Zen downgraded Primis Financial from a “buy” rating to a “hold” rating in a research note on Sunday, May 17th. One equities 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. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $18.00.

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.