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Director John Fitzgerald Biagas of Primis Financial Corp. (NASDAQ:FRST) recently purchased shares of the company’s common stock, signaling a vote of confidence in the financial institution. The operation, which took place on March 14, involved the acquisition of 2,100 shares at an average price of 11.856 dollars per share, for a total of approximately 24,897 dollars.
The purchase was made public through a Form 4 filed 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’ Individual Retirement Account (IRA), as noted in the document’s footnotes.
Primis Financial Corp., headquartered in McLean, Virginia, operates as a state-owned commercial bank and serves its community with a range of financial services. The recent share acquisition by one of its directors could be of interest to investors tracking insider transactions as a potential indicator of a company’s prospects.
Biagas’ decision to increase his holdings in Primis Financial comes at a time when investors are closely watching insider behavior for clues about companies’ health and future performance. While the motivations behind individual insider transactions can vary, they are often seen as a sign of an insider’s confidence in the company’s value and growth potential.
Investors and market watchers can continue to monitor insider transactions for further insights into Primis Financial Corp. and its performance trajectory.
Insights on InvestingPro
Following director John Fitzgerald Biagas’ recent purchase of preferred stock, Primis Financial Corp. (NASDAQ:FRST) has a mixed financial outlook according to data from InvestingPro. The company’s market capitalization stands at a modest $293.71 million, with a price-to-earnings (P/E) ratio of 29.6, which works out to a more attractive 13.86 based on the latest twelve months starting in the fourth quarter of 2023. This suggests that while the company’s shares may not be the cheapest on the market, they could be reasonably valued based on recent earnings.
InvestingPro Tips reveal that analysts have revised upward their earnings expectations for the coming period, indicating a potential improvement in the company’s financial performance. Additionally, Primis Financial has maintained dividend payments for 13 consecutive years, which could be a sign of financial stability and commitment to shareholder returns. According to the latest data, the dividend yield stands at 3.38%, which could appeal to income-oriented investors.
However, it’s important to note that the company has been rapidly burning through cash and suffers from weak gross profit margins, factors that investors should consider when evaluating the company’s long-term sustainability. On a more positive note, the company’s share price has seen a strong rise over the past six months, with a total return of 47.87%, potentially reflecting investors’ optimism about the company’s future.
For those interested in a more in-depth analysis, there are additional InvestingPro tips that may provide additional insight into Primis Financial Corp.’s financial health and future prospects. Use Coupon Code PRONEWS24 to obtain an additional 10% discount on the annual or biennial Pro and Pro+ subscription for a complete evaluation of the investment.
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