Primis Financial Corp. $FRST Shares Sold by Banc Funds Co. LLC

Banc Funds Co. LLC lowered its position in shares of Primis Financial Corp. (NASDAQ:FRST) by 34.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 892,422 shares of the company’s stock after selling 476,666 shares during the period. Primis Financial accounts for 1.6% of Banc Funds Co. LLC’s portfolio, making the stock its 18th biggest holding. Banc Funds Co. LLC’s holdings in Primis Financial were worth $9,379,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Mendon Capital Advisors Corp lifted its position in Primis Financial by 16.6% in the 2nd quarter. Mendon Capital Advisors Corp now owns 1,301,933 shares of the company’s stock valued at $14,126,000 after purchasing an additional 185,083 shares during the last quarter. Patriot Financial Partners GP II L.P. acquired a new stake in shares of Primis Financial in the third quarter valued at approximately $12,796,000. Vanguard Group Inc. raised its holdings in shares of Primis Financial by 1.5% during the third quarter. Vanguard Group Inc. now owns 1,210,031 shares of the company’s stock valued at $12,717,000 after buying an additional 17,712 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of Primis Financial by 44.5% during the third quarter. Alliancebernstein L.P. now owns 1,091,037 shares of the company’s stock valued at $11,467,000 after buying an additional 336,149 shares during the last quarter. Finally, Curi Capital LLC boosted its position in shares of Primis Financial by 12.2% during the second quarter. Curi Capital LLC now owns 1,002,891 shares of the company’s stock worth $10,881,000 after buying an additional 109,355 shares during the period. Institutional investors and hedge funds own 74.96% of the company’s stock.

Primis Financial Stock Down 0.5%

Primis Financial stock opened at $12.78 on Friday. Primis Financial Corp. has a 52 week low of $7.59 and a 52 week high of $14.55. The stock has a market cap of $314.90 million, a price-to-earnings ratio of 6.62 and a beta of 0.75. The company’s 50-day moving average price is $13.56 and its two-hundred day moving average price is $12.08. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 0.47.

Primis Financial (NASDAQ:FRST) last issued its quarterly earnings results on Thursday, January 29th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.24). The company had revenue of $80.87 million during the quarter, compared to analyst estimates of $30.01 million. Primis Financial had a return on equity of 4.11% and a net margin of 18.78%. On average, analysts expect that Primis Financial Corp. will post 1.4 EPS for the current fiscal year.

Primis Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 27th. Investors of record on Friday, February 13th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $0.40 annualized dividend and a yield of 3.1%. Primis Financial’s payout ratio is presently 20.73%.

Primis Financial announced that its board has approved a share buyback program on Thursday, December 18th that permits the company to repurchase $750,000.00 in outstanding shares. This repurchase authorization permits the company to reacquire up to 0.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

FRST has been the subject of a number of recent analyst reports. Wall Street Zen lowered Primis Financial from a “buy” rating to a “hold” rating in a report on Sunday, February 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Primis Financial in a research note on Monday, December 29th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Primis Financial has an average rating of “Hold” and a consensus target price of $1.00.

Insiders Place Their Bets

In other news, EVP Matthew Alan Switzer bought 2,500 shares of the business’s stock in a transaction on Tuesday, February 3rd. The stock was purchased at an average cost of $14.06 per share, for a total transaction of $35,150.00. Following the completion of the transaction, the executive vice president directly owned 96,226 shares of the company’s stock, valued at approximately $1,352,937.56. This trade represents a 2.67% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders purchased 7,025 shares of company stock valued at $92,961 in the last three months. Corporate insiders own 10.96% of the company’s stock.

About Primis Financial

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.