Director John Fitzgerald Biagas of Primis Financial Corp. (NASDAQ:FRST) has recently purchased shares of the company's common stock, signaling a vote of confidence in the financial institution. The transaction, which took place on March 14, involved the acquisition of 2,100 shares at an average price of $11.856 per share, totaling approximately $24,897.
The purchase was made public through a Form 4 filing with the Securities and Exchange Commission, which discloses insider trading activities. Following the transaction, Biagas now directly holds 64,133 shares of Primis Financial Corp. Additionally, it was noted that 10,233 shares are held in Biagas's Individual Retirement Account (IRA), as per the footnotes in the filing.
Primis Financial Corp., headquartered in McLean, Virginia, operates as a state commercial bank and has been serving its community with a range of financial services. The recent stock acquisition by one of its directors may be of interest to investors who track insider transactions as a potential indicator of a company's prospects.
Biagas's decision to increase his holdings in Primis Financial comes at a time when investors are keenly observing insider behaviors for clues about the health and future performance of companies. While the motivations behind individual insider transactions can vary, they are often seen as a sign of an insider's belief in the company's value and potential for growth.
Investors and market watchers may continue to monitor insider transactions for further insights into Primis Financial Corp. and its performance trajectory.
InvestingPro Insights
Amidst the recent insider share purchase by Director John Fitzgerald Biagas, Primis Financial Corp. (NASDAQ:FRST) presents a mixed financial outlook according to InvestingPro data. The company's market capitalization stands at a modest $293.71 million, with a Price/Earnings (P/E) ratio of 29.6, which adjusts to a more attractive 13.86 based on the last twelve months as of Q4 2023. This suggests that while the company's shares may not be the cheapest in the market, they could be reasonably valued based on recent earnings.
InvestingPro Tips reveal that analysts have revised their earnings expectations upwards for the upcoming period, indicating a potential improvement in the company's financial performance. Moreover, Primis Financial has maintained dividend payments for 13 consecutive years, which could be a sign of financial stability and commitment to shareholder returns. The dividend yield as of the most recent data stands at 3.38%, which may appeal to income-focused investors.
However, it's important to note that the company has been quickly burning through cash and suffers from weak gross profit margins, which are factors that investors should consider when evaluating the company's long-term sustainability. On a more positive note, the company's stock price has experienced a large uptick over the last six months, with a total return of 47.87%, potentially reflecting investor optimism about the company's future.
For those interested in a deeper analysis, there are additional InvestingPro Tips available that could provide further insight into Primis Financial Corp.'s financial health and future prospects. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription for a comprehensive investment evaluation.
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