On September 19, 2023, it was reported that Atlantic Union Bankshares Corp had decreased its holdings in Primis Financial Corp. (NASDAQ:FRST) by 44.7% during the second quarter. This information was disclosed in the company’s most recent Form 13F filing with the SEC. The bankshares corporation owned 163,500 shares of Primis Financial’s stock after selling 131,973 shares in the quarter, representing a reduction of their stake. As of the filing date with the SEC, Atlantic Union Bankshares Corp’s ownership accounted for 0.66% of Primis Financial and held a value of $1,377,000.
Primis Financial released its earnings results on July 27th earlier this year. The company reported earnings per share (EPS) of $0.04 for the quarter, which fell short of analysts’ consensus estimates of $0.25 by a significant margin of ($0.21). Additionally, Primis Financial achieved a net margin of 6.61% and a return on equity (ROE) of 3.24%. During this period, the company generated revenue totaling $34.64 million; however, this figure was lower than analyst estimates that projected revenue at $38.18 million for the same duration.
Primis Financial Corp., as a bank holding company for Primis Bank in the United States, offers various financial services to individuals and small to medium-sized businesses in the country. This includes deposit products such as checking accounts, savings accounts, money market accounts, and certificates of deposits.
Looking ahead into the remainder of the fiscal year, sell-side analysts estimate that Primis Financial Corp. will report earnings per share amounting to approximately $0.72.
It is important to note that these figures are accurate as per their respective reporting dates within September 2023.
Primerica, Inc.
PRI
Strong Buy
Updated on: 29/09/2023
Financial Health
Very Healthy
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Neutral
Rise in Hedge Fund and Institutional Investor Ownership Signals Promising Future for Primis Financial Corp.
Primis Financial Corp., a bank holding company operating in the United States, has experienced a significant increase in holdings by various hedge funds and institutional investors. UBS Group AG, for instance, has witnessed an astounding growth of 2,818.0% in its position during the third quarter. Tower Research Capital LLC TRC also saw its holdings in Primis Financial rise by 124.2% in the same period.
Citigroup Inc. and Barclays PLC are among other major players that have increased their ownership stakes in Primis Financial. Citigroup’s holdings increased by 100.1%, while Barclays’ rose by an impressive 533.7%. Another noteworthy investor is BNP Paribas Arbitrage SNC, which acquired a new stake in the company during the third quarter.
It is interesting to note that approximately 70.52% of Primis Financial’s stock is owned by hedge funds and other institutional investors, highlighting their confidence in the company’s future prospects.
Shares of Primis Financial opened at $8.16 on Tuesday, showcasing stability within the market. The company maintains a strong financial position with a quick ratio of 0.97 and a current ratio of 0.99 along with a manageable debt-to-equity ratio of 0.24.
Additionally, Primis Financial boasts a market cap of $201.47 million with relatively steady moving averages over both short-term and long-term periods.
As a bank holding company, Primis Financial primarily serves individuals and small and medium-sized businesses throughout the United States with a comprehensive range of financial services. Its deposit products include checking accounts, NOW accounts, savings accounts, money market accounts, as well as certificates of deposits.
Furthermore, shareholders can expect consistent dividends from Primis Financial as it recently announced a quarterly dividend payout on Friday, August 25th. This dividend distribution amounted to $0.10 per share for shareholders recorded on Friday, August 11th. The ex-dividend date fell on Thursday, August 10th, resulting in an annualized dividend of $0.40 and a yield of 4.90%. Currently, Primis Financial maintains a payout ratio of 74.07%.
In recent news, Director Charles A. Kabbash made a significant investment in the firm’s stock by purchasing 3,160 shares at an average cost of $9.83 per share on Thursday, August 10th. Following this purchase, Kabbash owns approximately 66,910 shares valued at an estimated $657,725.30. This transaction was duly disclosed through a filing with the Securities & Exchange Commission.
Overall, Primis Financial Corp.’s steady rise in ownership by hedge funds and institutional investors speaks to its promising outlook for the future. With stable market performance, strong financial indicators, and a diverse range of financial services offered to its customers, Primis Financial is well-positioned for continued growth in the banking sector.
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