Maxim Group Initiates Coverage on Primis Financial (NASDAQ:FRST)

Equities research analysts at Maxim Group started coverage on shares of Primis Financial (NASDAQ:FRST) in a research report issued on Monday, Marketbeat reports. The firm set a “buy” rating and a $1.00 price target on the stock. Maxim Group’s price objective points to a potential downside of 89.40% from the stock’s previous close.

Primis Financial Stock Performance

FRST opened at $9.43 on Monday. The company has a current ratio of 0.99, a quick ratio of 0.86 and a debt-to-equity ratio of 0.24. The company has a market cap of $233.14 million, a price-to-earnings ratio of -31.43 and a beta of 0.65. The company’s 50 day moving average is $9.05 and its 200 day moving average is $10.67. Primis Financial has a 12-month low of $7.59 and a 12-month high of $13.52.

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

Insider Buying and Selling

In other news, Director John Fitzgerald Biagas bought 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average price of $9.97 per share, with a total value of $99,700.00. Following the acquisition, the director now owns 88,469 shares of the company’s stock, valued at approximately $882,035.93. This represents a 12.74% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 10.89% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FRST. Nuveen LLC bought a new position in shares of Primis Financial during the 1st quarter valued at about $980,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Primis Financial by 7.4% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 155,206 shares of the company’s stock worth $1,516,000 after acquiring an additional 10,724 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Primis Financial by 7.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 63,987 shares of the company’s stock worth $625,000 after acquiring an additional 4,645 shares in the last quarter. Segall Bryant & Hamill LLC purchased a new stake in shares of Primis Financial during the 1st quarter worth approximately $1,634,000. Finally, Victory Capital Management Inc. raised its holdings in shares of Primis Financial by 4.0% during the 1st quarter. Victory Capital Management Inc. now owns 91,500 shares of the company’s stock worth $894,000 after acquiring an additional 3,500 shares in the last quarter. 74.96% of the stock is owned by hedge funds and other institutional investors.

About Primis Financial

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.