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FRST

Primis Financial NasdaqGM:FRST Stock Report

Last Price

US$12.19

Market Cap

US$300.5m

7D

-5.3%

1Y

-16.8%

Updated

27 Sep, 2022

Data

Company Financials +
FRST fundamental analysis
Snowflake Score
Valuation3/6
Future Growth2/6
Past Performance2/6
Financial Health6/6
Dividends4/6

FRST Stock Overview

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.

Primis Financial Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Primis Financial
Historical stock prices
Current Share PriceUS$12.19
52 Week HighUS$16.54
52 Week LowUS$12.15
Beta0.82
1 Month Change-8.55%
3 Month Change-10.43%
1 Year Change-16.85%
3 Year Change-19.11%
5 Year Change-29.62%
Change since IPO-12.65%

Recent News & Updates

Aug 10

Primis Financial goes ex-dividend tomorrow

Primis Financial (NASDAQ:FRST) had declared $0.10/share quarterly dividend, in line with previous. Payable Aug. 26; for shareholders of record Aug. 12; ex-div Aug. 11. See FRST Dividend Scorecard, Yield Chart, & Dividend Growth.

Aug 02
Primis Financial (NASDAQ:FRST) Has Announced A Dividend Of $0.10

Primis Financial (NASDAQ:FRST) Has Announced A Dividend Of $0.10

The board of Primis Financial Corp. ( NASDAQ:FRST ) has announced that it will pay a dividend on the 26th of August...

Shareholder Returns

FRSTUS BanksUS Market
7D-5.3%-8.2%-5.8%
1Y-16.8%-24.8%-22.1%

Return vs Industry: FRST exceeded the US Banks industry which returned -24.9% over the past year.

Return vs Market: FRST exceeded the US Market which returned -23.7% over the past year.

Price Volatility

Is FRST's price volatile compared to industry and market?
FRST volatility
FRST Average Weekly Movement2.5%
Banks Industry Average Movement3.4%
Market Average Movement6.9%
10% most volatile stocks in US Market15.7%
10% least volatile stocks in US Market2.8%

Stable Share Price: FRST is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: FRST's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2004418Dennis Zemberhttps://www.primisbank.com

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. The company also offers commercial business and real estate, construction, secured asset based, small business administration, mortgage warehouse lending products, as well as financing for medical, dental, and veterinary businesses; residential mortgage, trust mortgage, home equity lines of credit, secured and unsecured personal, and consumer loans, as well as life insurance premium financing and demand loans.

Primis Financial Fundamentals Summary

How do Primis Financial's earnings and revenue compare to its market cap?
FRST fundamental statistics
Market CapUS$300.49m
Earnings (TTM)US$23.46m
Revenue (TTM)US$104.50m

12.8x

P/E Ratio

0.8x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
FRST income statement (TTM)
RevenueUS$104.50m
Cost of RevenueUS$0
Gross ProfitUS$104.50m
Other ExpensesUS$81.03m
EarningsUS$23.46m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.95
Gross Margin100.00%
Net Profit Margin22.45%
Debt/Equity Ratio32.7%

How did FRST perform over the long term?

See historical performance and comparison

Dividends

3.3%

Current Dividend Yield

42%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is FRST undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FRST?

Other financial metrics that can be useful for relative valuation.

FRST key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ratio0.7x

Price to Earnings Ratio vs Peers

How does FRST's PE Ratio compare to its peers?

FRST PE Ratio vs Peers
The above table shows the PE ratio for FRST vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average8.1x
BSRR Sierra Bancorp
8.1x8.7%US$298.9m
CIVB Civista Bancshares
8.8x15.5%US$322.0m
BCBP BCB Bancorp
7.7x5.5%US$293.3m
FNLC First Bancorp
8xn/aUS$306.2m
FRST Primis Financial
12.8x17.1%US$300.5m

Price-To-Earnings vs Peers: FRST is expensive based on its Price-To-Earnings Ratio (12.8x) compared to the peer average (8.1x).


Price to Earnings Ratio vs Industry

How does FRST's PE Ratio compare vs other companies in the US Banks Industry?

Price-To-Earnings vs Industry: FRST is expensive based on its Price-To-Earnings Ratio (12.8x) compared to the US Banks industry average (9.6x)


Price to Earnings Ratio vs Fair Ratio

What is FRST's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FRST PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio12.8x
Fair PE Ratio14x

Price-To-Earnings vs Fair Ratio: FRST is good value based on its Price-To-Earnings Ratio (12.8x) compared to the estimated Fair Price-To-Earnings Ratio (14x).


Share Price vs Fair Value

What is the Fair Price of FRST when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FRST ($12.19) is trading below our estimate of fair value ($22.84)

Significantly Below Fair Value: FRST is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.


Discover undervalued companies

Future Growth

How is Primis Financial forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


17.1%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FRST's forecast earnings growth (17.1% per year) is above the savings rate (1.9%).

Earnings vs Market: FRST's earnings (17.1% per year) are forecast to grow faster than the US market (14.7% per year).

High Growth Earnings: FRST's earnings are forecast to grow, but not significantly.

Revenue vs Market: FRST's revenue (5.8% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: FRST's revenue (5.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FRST's Return on Equity is forecast to be low in 3 years time (7.5%).


Discover growth companies

Past Performance

How has Primis Financial performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


15.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: FRST has high quality earnings.

Growing Profit Margin: FRST's current net profit margins (22.5%) are lower than last year (28.4%).


Past Earnings Growth Analysis

Earnings Trend: FRST's earnings have grown by 15.6% per year over the past 5 years.

Accelerating Growth: FRST's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FRST had negative earnings growth (-23.8%) over the past year, making it difficult to compare to the Banks industry average (8.5%).


Return on Equity

High ROE: FRST's Return on Equity (5.9%) is considered low.


Discover strong past performing companies

Financial Health

How is Primis Financial's financial position? (This company is analysed differently as a bank or financial institution)

Financial Health Score

6/6

Financial Health Score 6/6

  • Asset Level

  • Allowance for Bad Loans

  • Low Risk Liabilities

  • Loan Level

  • Low Risk Deposits

  • Level of Bad Loans

Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: FRST's Assets to Equity ratio (8.1x) is low.

Allowance for Bad Loans: FRST has a sufficient allowance for bad loans (143%).

Low Risk Liabilities: 95% of FRST's liabilities are made up of primarily low risk sources of funding.

Loan Level: FRST has an appropriate level of Loans to Assets ratio (80%).

Low Risk Deposits: FRST's Loans to Deposits ratio (97%) is appropriate.

Level of Bad Loans: FRST has an appropriate level of bad loans (0.8%).


Discover healthy companies

Dividend

What is Primis Financial current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


3.28%

Current Dividend Yield

Dividend Yield vs Market

Primis Financial Dividend Yield vs Market
How does Primis Financial dividend yield compare to the market?
SegmentDividend Yield
Company (Primis Financial)3.3%
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (Banks)3.4%
Analyst forecast in 3 Years (Primis Financial)3.3%

Notable Dividend: FRST's dividend (3.28%) is higher than the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: FRST's dividend (3.28%) is low compared to the top 25% of dividend payers in the US market (4.68%).


Stability and Growth of Payments

Stable Dividend: FRST's dividend payments have been volatile in the past 10 years.

Growing Dividend: FRST's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (41.8%), FRST's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: FRST's dividends in 3 years are forecast to be well covered by earnings (30.7% payout ratio).


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

2.5yrs

Average management tenure


CEO

Dennis Zember (52 yo)

2.58yrs

Tenure

US$1,617,767

Compensation

Mr. Dennis J. Zember, Jr., serves as President, Chief Executive Officer and Director of Primis Financial Corp. (formerly known as Southern National Bancorp of Virginia, Inc.) and Primis Bank since February...


CEO Compensation Analysis

Dennis Zember's Compensation vs Primis Financial Earnings
How has Dennis Zember's remuneration changed compared to Primis Financial's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

US$23m

Mar 31 2022n/an/a

US$27m

Dec 31 2021US$2mUS$618k

US$31m

Sep 30 2021n/an/a

US$30m

Jun 30 2021n/an/a

US$31m

Mar 31 2021n/an/a

US$23m

Dec 31 2020US$1mUS$520k

US$15m

Compensation vs Market: Dennis's total compensation ($USD1.62M) is below average for companies of similar size in the US market ($USD2.92M).

Compensation vs Earnings: Dennis's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: FRST's management team is considered experienced (2.5 years average tenure).


Board Members

Experienced Board: FRST's board of directors are considered experienced (5.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: FRST insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

NasdaqGM:FRST Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
25 Aug 22BuyUS$44,553Fred GarrettIndividual3,350US$13.31
22 Jun 22BuyUS$24,964Charles KabbashIndividual1,850US$13.49
17 Jun 22BuyUS$19,275Deborah DiazIndividual1,500US$12.85
17 Jun 22BuyUS$22,528Charles KabbashIndividual1,710US$13.18
17 Jun 22BuyUS$24,717Deborah DiazIndividual1,925US$12.84
17 Jun 22BuyUS$3,898Charles KabbashIndividual290US$14.44
16 Jun 22BuyUS$25,049Eric JohnsonIndividual1,960US$12.78
14 Jun 22BuyUS$19,995Eric JohnsonIndividual1,550US$12.90
08 Jun 22BuyUS$25,002William CookIndividual1,870US$13.37
07 Jun 22BuyUS$20,010William CookIndividual1,500US$13.34
24 May 22BuyUS$24,865Robert ClaggettIndividual1,920US$13.00
23 May 22BuyUS$19,920Robert ClaggettIndividual1,518US$13.15
09 May 22BuyUS$24,768John BiagasIndividual1,870US$13.25
04 May 22BuyUS$19,973John BiagasIndividual1,460US$13.68
31 Mar 22SellUS$2,055Bruce BrockwellIndividual147US$13.98
15 Mar 22BuyUS$10,552Clinton StaffordIndividual740US$14.26
08 Mar 22BuyUS$341,537Dennis ZemberIndividual24,767US$13.79
08 Mar 22BuyUS$23,374Cheryl WoodIndividual1,695US$13.79
08 Mar 22BuyUS$65,999Clinton StaffordIndividual4,786US$13.79
08 Mar 22BuyUS$43,990George SheflettIndividual3,190US$13.79
08 Mar 22BuyUS$15,390Ann-Stanton GoreIndividual1,116US$13.79
08 Mar 22BuyUS$109,989Matthew SwitzerIndividual7,976US$13.79
08 Mar 22BuyUS$24,188John ColantoniIndividual1,754US$13.79
08 Mar 22BuyUS$25,842Barry AlmondIndividual1,874US$13.79
01 Mar 22SellUS$1,499Bruce BrockwellIndividual107US$14.01
14 Feb 22SellUS$4,101Bruce BrockwellIndividual284US$14.44
07 Feb 22BuyUS$37,925Charles KabbashIndividual2,480US$17.67
03 Feb 22BuyUS$24,885William JenningsIndividual1,671US$14.89
02 Feb 22BuyUS$19,907William JenningsIndividual1,337US$14.89
01 Feb 22BuyUS$147,108Matthew SwitzerIndividual10,000US$14.71
09 Dec 21BuyUS$10,465Clinton StaffordIndividual700US$14.95
26 Nov 21BuyUS$21,850Clinton StaffordIndividual1,430US$15.28
10 Nov 21BuyUS$24,876Fred GarrettIndividual1,550US$16.05
09 Nov 21BuyUS$20,179Fred GarrettIndividual1,250US$16.14
03 Nov 21BuyUS$127,841Clinton StaffordIndividual8,081US$15.82

Ownership Breakdown

What is the ownership structure of FRST?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders920,7243.7%
VC/PE Firms3,358,45713.6%
General Public3,959,03616.1%
Institutions16,412,02266.6%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 67.8% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
7.66%
Castle Creek Capital LLC
1,887,364$23.0m0%9.06%
5.98%
Wellington Management Group LLP
1,475,212$18.0m-1.41%no data
5.97%
Banc Funds Company, L.L.C.
1,471,093$17.9m1.1%1.67%
5.4%
BlackRock, Inc.
1,331,499$16.2m-1.18%no data
4.82%
The Vanguard Group, Inc.
1,187,110$14.5m16.75%no data
4.44%
Dimensional Fund Advisors LP
1,094,216$13.3m6.28%no data
3.87%
Patriot Financial Partners, L.P.
953,231$11.6m0%3.17%
2.99%
Benjamin Partners, LLC
735,862$9.0m0%5.44%
2.63%
Franklin Resources, Inc.
648,404$7.9m-9.8%no data
2.2%
PL Capital Advisors, LLC
541,259$6.6m0%1.83%
2.07%
Maltese Capital Management, LLC
510,000$6.2m14.61%1.38%
1.7%
EJF Capital LLC
417,987$5.1m-3.04%0.86%
1.67%
Corbyn Investment Management, Inc.
411,922$5.0m-0.61%2.51%
1.65%
Mendon Capital Advisors Corp.
407,634$5.0m0%2.04%
1.65%
Kennedy Capital Management, Inc.
406,614$5.0m22.32%0.15%
1.6%
State Street Global Advisors, Inc.
393,470$4.8m4.18%no data
1.46%
Geode Capital Management, LLC
361,043$4.4m-3.59%no data
1.46%
Fourthstone LLC
359,413$4.4m167.81%1.61%
1.42%
Foundry Partners, LLC
349,170$4.3m0%0.27%
1.41%
Renaissance Technologies LLC
346,813$4.2m-13.17%0.01%
1.4%
BHZ Capital Management, LP
345,558$4.2m2.25%2.09%
1.31%
RMB Capital Management, LLC
323,818$3.9m0%0.13%
1.08%
LSV Asset Management
266,300$3.2m-2.28%0.01%
1.08%
Hotchkis and Wiley Capital Management, LLC
265,753$3.2m-6.64%0.01%
0.9%
First Manhattan Co.
222,051$2.7m-0.89%0.01%

Company Information

Primis Financial Corp.'s employee growth, exchange listings and data sources


Key Information

  • Name: Primis Financial Corp.
  • Ticker: FRST
  • Exchange: NasdaqGM
  • Founded: 2004
  • Industry: Regional Banks
  • Sector: Banks
  • Implied Market Cap: US$300.486m
  • Shares outstanding: 24.65m
  • Website: https://www.primisbank.com

Number of Employees


Location

  • Primis Financial Corp.
  • 6830 Old Dominion Drive
  • McLean
  • Virginia
  • 22101
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FRSTNasdaqGM (Nasdaq Global Market)YesCommon StockUSUSDNov 2006
7H80DB (Deutsche Boerse AG)YesCommon StockDEEURNov 2006

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/27 00:00
End of Day Share Price2022/09/27 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.