State Board of Administration of Florida Retirement System Invests $123,000 in Primis Financial Corp. (NASDAQ:FRST)

State Board of Administration of Florida Retirement System purchased a new position in shares of Primis Financial Corp. (NASDAQ:FRST – Get Rating) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 10,341 shares of the company’s stock, valued at approximately $123,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Corbyn Investment Management Inc. MD raised its stake in shares of Primis Financial by 3.8% in the fourth quarter. Corbyn Investment Management Inc. MD now owns 426,987 shares of the company’s stock valued at $5,060,000 after acquiring an additional 15,535 shares in the last quarter. Monarch Partners Asset Management LLC raised its stake in shares of Primis Financial by 0.7% in the fourth quarter. Monarch Partners Asset Management LLC now owns 188,147 shares of the company’s stock valued at $2,230,000 after acquiring an additional 1,364 shares in the last quarter. Penn Capital Management Company LLC acquired a new stake in shares of Primis Financial in the third quarter valued at $1,484,000. ELCO Management Co. LLC acquired a new stake in shares of Primis Financial in the third quarter valued at $552,000. Finally, Guardian Wealth Advisors LLC acquired a new stake in shares of Primis Financial in the third quarter valued at $133,000. 71.22% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Matthew Alan Switzer purchased 10,000 shares of the stock in a transaction that occurred on Wednesday, March 15th. The shares were purchased at an average price of $10.02 per share, with a total value of $100,200.00. Following the completion of the acquisition, the chief financial officer now directly owns 89,226 shares in the company, valued at approximately $894,044.52. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last 90 days, insiders have bought 27,702 shares of company stock valued at $260,622. 10.63% of the stock is currently owned by insiders.

Primis Financial Stock Performance

Shares of FRST stock opened at $7.60 on Wednesday. The stock’s 50-day moving average is $8.87 and its two-hundred day moving average is $10.86. The firm has a market cap of $187.57 million, a price-to-earnings ratio of 10.13 and a beta of 0.76. Primis Financial Corp. has a 1 year low of $7.01 and a 1 year high of $14.41. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.98 and a current ratio of 1.00.

Primis Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 26th. Shareholders of record on Friday, May 12th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 5.26%. The ex-dividend date of this dividend is Thursday, May 11th. Primis Financial’s payout ratio is 53.33%.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Stephens assumed coverage on Primis Financial in a research note on Monday, April 3rd. They issued an “overweight” rating and a $13.00 price target on the stock. Piper Sandler upgraded Primis Financial from a “neutral” rating to an “overweight” rating and raised their price target for the company from $13.00 to $14.00 in a research note on Wednesday, February 1st.

Primis Financial Company Profile

(Get Rating)

Primis Financial Corp. is a holding company, which engages in the provision of financial services through its subsidiary Sonabank. The firm focuses on making loans secured primarily by commercial real estate and other types of secured and unsecured commercial loans to small and medium-sized businesses in a number of industries, as well as loans to individuals for a variety of purposes.