Short Interest in Primis Financial Corp. (NASDAQ:FRST) Grows By 31.4%

Primis Financial Corp. (NASDAQ:FRST) was the recipient of a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 104,500 shares, an increase of 31.4% from the February 28th total of 79,500 shares. Based on an average trading volume of 94,300 shares, the days-to-cover ratio is currently 1.1 days. Currently, 0.6% of the shares of the stock are sold short.

Primis Financial Price Performance

Primis Financial stock traded down $0.02 during mid-day trading on Wednesday, reaching $9.59. 102,690 shares of the company’s stock traded hands, compared to its average volume of 68,930. Primis Financial has a 12-month low of $9.39 and a 12-month high of $13.52. The company has a market cap of $237.09 million, a price-to-earnings ratio of -31.97 and a beta of 0.78. The stock has a 50 day moving average of $10.54 and a two-hundred day moving average of $11.41. The company has a quick ratio of 0.86, a current ratio of 0.99 and a debt-to-equity ratio of 0.24.

Primis Financial (NASDAQ:FRST) last announced its quarterly earnings results on Tuesday, January 28th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.76). Primis Financial had a negative net margin of 2.97% and a negative return on equity of 2.05%. Equities analysts forecast that Primis Financial will post 1.4 earnings per share for the current year.

Primis Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Wednesday, February 12th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 4.17%. The ex-dividend date was Wednesday, February 12th. Primis Financial’s dividend payout ratio is currently -133.33%.

Insider Buying and Selling

In other news, Director John Fitzgerald Biagas bought 10,000 shares of the stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average cost of $9.97 per share, for a total transaction of $99,700.00. Following the transaction, the director now owns 88,469 shares of the company’s stock, valued at $882,035.93. The trade was a 12.74 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders purchased 12,025 shares of company stock worth $122,058. 10.89% of the stock is owned by insiders.

Institutional Trading of Primis Financial

Institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD raised its stake in shares of Primis Financial by 4.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 30,968 shares of the company’s stock valued at $362,000 after acquiring an additional 1,405 shares during the period. Wells Fargo & Company MN raised its position in Primis Financial by 25.7% in the 4th quarter. Wells Fargo & Company MN now owns 12,639 shares of the company’s stock worth $147,000 after purchasing an additional 2,585 shares during the period. Charles Schwab Investment Management Inc. raised its position in Primis Financial by 4.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 59,324 shares of the company’s stock worth $723,000 after purchasing an additional 2,708 shares during the period. BNP Paribas Financial Markets purchased a new position in shares of Primis Financial during the fourth quarter valued at approximately $51,000. Finally, Barclays PLC raised its holdings in shares of Primis Financial by 19.5% in the fourth quarter. Barclays PLC now owns 32,786 shares of the company’s stock worth $382,000 after buying an additional 5,345 shares during the period. 74.96% of the stock is currently owned by institutional investors.

Primis Financial Company Profile

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.