Deborah Diaz, a director at Primis Financial Corp. (NASDAQ:FRST), recently acquired additional shares in the company. According to the latest SEC filing, Diaz purchased 1,650 shares of common stock on March 15, 2024, at an average price of $12.007 per share. This transaction amounts to a total value of approximately $19,811. Following this acquisition, Diaz now holds a total of 16,464 shares in Primis Financial.
In other recent news, Primis Financial Corp has been making significant strides to regain compliance with Nasdaq's listing requirements, following delays in its financial reporting. The company has filed its restated Annual Report for 2022 and plans to file the 2023 Annual Report and overdue Quarterly Reports by October 2024. Primis Financial has also announced an auditor change, with Forvis Mazars LLP stepping down after the fiscal year ending December 2024.
The company identified material weaknesses in its internal control over financial reporting for fiscal years 2022 and 2023, prompting a restatement of its financial reports. Despite these challenges, Primis Financial reported strong Q2 performance, with earnings reaching $7.8 million, a significant improvement from the net loss of $311,000 in the same period last year. The company's total loans hit $835 million and total deposits neared $1 billion across all business lines.
Matthew Switzer, an analyst, expects future expenses to be around the mid-$19 million range. Primis Financial is also planning to deconsolidate PFH, a move expected to enhance tangible book value and capital ratios. These are the recent developments in the company's operations and financial performance.
InvestingPro Insights
The recent insider purchase by Director Deborah Diaz aligns with several positive indicators for Primis Financial Corp. (NASDAQ:FRST). According to InvestingPro data, the company's revenue growth has been robust, with a 25.45% increase over the last twelve months as of Q4 2023, and an even more impressive 35.18% growth in the most recent quarter. This strong top-line performance suggests that the company's business strategy is gaining traction in the market.
InvestingPro Tips highlight that Primis Financial is expected to be profitable this year, which could be a factor in Diaz's decision to increase her stake. Additionally, the company has maintained dividend payments for 13 consecutive years, offering a current dividend yield of 3.33%. This consistent shareholder return policy may be attractive to both insiders and external investors looking for stable income streams.
The stock's valuation metrics present an interesting picture. While the P/E ratio stands at 30.47, the adjusted P/E ratio for the last twelve months is a more modest 14.28, potentially indicating that the stock is not as overvalued as it might initially appear. Furthermore, with a price-to-book ratio of 0.76, the stock may be trading below its book value, which could signal an opportunity for value investors.
It's worth noting that Primis Financial has shown a strong performance over the past year, with a 57.16% total return. This outperformance could be a contributing factor to the director's confidence in adding to her position.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 8 more InvestingPro Tips available for Primis Financial, providing a deeper understanding of the company's financial health and market position.
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