Primis Financial Corp. (NASDAQ:FRST) Director William Rand Cook recently acquired additional shares of the company, according to the latest filings with the Securities and Exchange Commission. The transactions, which took place on March 13 and 14, indicate a bolstered investment by Cook in the state commercial bank.
On March 13, Cook purchased 1,650 shares of Primis Financial Corp. at a price of $12.20 per share. The following day, he further increased his stake by acquiring 2,110 shares at a slightly lower price range of $11.835 per share. In total, these buy transactions amounted to over $45,101 invested in the company's stock.
These recent acquisitions have expanded Cook's holdings significantly. Notably, the shares acquired on March 13 are held in Cook's IRA, as detailed in the footnotes of the SEC filing. Additionally, the total shares now owned by Cook include those acquired through Dividend Reinvestment plans in 2023 and 2024, which are held directly by him.
Investors and market watchers often look to insider buying as a positive signal that company executives are confident in the firm's future performance. Cook's recent purchases align with this narrative, suggesting a strong belief in the bank's value and prospects.
Primis Financial Corp., headquartered in McLean, Virginia, operates as a state commercial bank and is known for providing a range of financial services. The company, formerly known as Southern National Bancorp of Virginia Inc., has a history of serving the financial needs of its community and clients.
As the market processes this information, stakeholders will be watching to see how these insider transactions might correlate with Primis Financial Corp.'s performance in the coming quarters.
InvestingPro Insights
Primis Financial Corp. (NASDAQ:FRST) is drawing attention not only because of insider buying activity but also due to its financial performance and analysts' outlook. According to InvestingPro, the company has a market capitalization of $294.7 million and a trailing twelve-month revenue of $135.6 million, indicating a healthy 19.1% growth. This growth narrative is further supported by a positive revenue growth of 8.9% in Q1 2023.
Moreover, the company's adjusted price-to-earnings (P/E) ratio stands at a reasonable 13.86, suggesting that the stock may be fairly valued in relation to its earnings. In terms of profitability, Primis Financial has been profitable over the last twelve months, and analysts are predicting the company will maintain profitability this year. This aligns with the company's track record of maintaining dividend payments for 13 consecutive years, offering a current dividend yield of 3.38%.
With a significant price increase of 47.87% over the past six months, investors might consider the recent insider purchases by Director William Rand Cook as a reaffirmation of the company's positive trajectory. Notably, two analysts have revised their earnings upwards for the upcoming period, as per InvestingPro Tips. These insights could be valuable for investors considering Primis Financial Corp. as a potential addition to their portfolios.
For those looking to delve deeper into the financials and forecasts for Primis Financial Corp., there are additional InvestingPro Tips available. Subscribers can access these tips, which provide a comprehensive analysis of the company's financial health and future outlook. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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