Primis Financial (NASDAQ:FRST) Stock Price Down 1.1% – Here’s What Happened

Primis Financial Corp. (NASDAQ:FRST)’s stock price traded down 1.1% during trading on Tuesday. The company traded as low as $15.30 and last traded at $15.37. 81,282 shares were traded during trading, a decline of 45% from the average daily volume of 148,615 shares. The stock had previously closed at $15.54.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FRST. Raymond James Financial began coverage on Primis Financial in a research note on Thursday, June 25th. They issued a “strong-buy” rating and a $19.00 price objective for the company. Weiss Ratings raised Primis Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $18.00.

Primis Financial Stock Up 0.7%

The business’s 50 day simple moving average is $16.04 and its 200 day simple moving average is $15.09. 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 firm has a market capitalization of $381.67 million, a PE ratio of 7.12 and a beta of 0.73.

Primis Financial (NASDAQ:FRST) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.15). Primis Financial had a net margin of 19.19% and a return on equity of 5.49%. The company had revenue of $55.79 million for the quarter, compared to analysts’ expectations of $48.77 million. On average, equities research analysts forecast that Primis Financial Corp. will post 1.42 earnings per share for the current year.

Primis Financial Dividend Announcement

The company also recently declared 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 yield of 2.6%. The ex-dividend date was Friday, August 7th. Primis Financial’s dividend payout ratio is presently 18.52%.

Hedge Funds Weigh In On Primis Financial

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new position in Primis Financial in the 2nd quarter worth about $40,288,000. Mendon Capital Advisors Corp lifted its stake in shares of Primis Financial by 0.6% during the 1st quarter. Mendon Capital Advisors Corp now owns 1,224,543 shares of the company’s stock worth $16,262,000 after purchasing an additional 7,216 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Primis Financial by 2.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,185,793 shares of the company’s stock worth $15,747,000 after purchasing an additional 28,998 shares during the last quarter. Maltese Capital Management LLC boosted its position in Primis Financial by 4.0% during the fourth quarter. Maltese Capital Management LLC now owns 1,026,500 shares of the company’s stock valued at $14,279,000 after purchasing an additional 39,582 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Primis Financial during the second quarter valued at about $4,642,000. Institutional investors own 74.96% of the company’s stock.

About Primis Financial

Primis Financial Corp. is a bank holding company headquartered in Glen Allen, Virginia. Through its subsidiary, Primis Bank, the company provides banking services to individuals, families, businesses and nonprofit organizations.

Primis Bank offers deposit accounts, personal and commercial lending, mortgage lending, cash management, online and mobile banking, and other financial services. Its lending activities include residential and commercial real estate loans, business loans and consumer credit products.

The bank serves customers primarily in Virginia and Maryland through a combination of community banking offices and digital channels.