Eric Alan Johnson, a director at Primis Financial Corp. (NASDAQ:FRST), recently acquired additional shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The stock has shown strong momentum with a 31% gain over the past six months, and InvestingPro analysis indicates the stock is currently trading above its Fair Value. On December 12 and 13, Johnson purchased a total of 3,700 shares, with transaction prices ranging from $12.3226 to $12.425 per share. The total value of these transactions amounted to $45,798. With analysts setting price targets between $15-16.25 and the stock offering a 3.21% dividend yield, this $306 million market cap company shows promising potential. Following these acquisitions, Johnson directly owns 35,842 shares of Primis Financial. Additionally, he holds 9,622 shares in an IRA for his benefit and 297 shares indirectly through his spouse. For deeper insights into insider trading patterns and comprehensive analysis, check out the detailed Pro Research Report available on InvestingPro.
In other recent news, Primis Financial Corp. recently completed the sale of its Life Premium Finance Division to EverBank for a premium of $6 million. This deal not only involves a loan portfolio of approximately $354 million but also the operations of the division and its employees. The transaction is part of Primis Financial's ongoing efforts to optimize its operations and focus on its core business.
In addition to this major transaction, Primis Financial has reported several strategic shifts impacting its recent performance. The company's mortgage team achieved a $1 billion annual production run rate, marking a 67% increase in locked loans. However, Primis Financial also reported a correction in accounting for a consumer loan portfolio, which affected the quarter's results.
Analyst firm Stephens revised its price target for Primis Financial to $14.00, down from $16.00, while retaining an Overweight rating. This adjustment followed Primis Financial's recent quarterly earnings report and the sale of its Life Premium Finance division to EverBank. The analyst from Stephens expects a net interest margin expansion of 20 basis points from current levels.
These are recent developments in Primis Financial Corp.'s business strategy and financial performance. The company targets a 1% return on assets by late 2025 and aims to be current on SEC filings by mid-November 2024. Despite ongoing SEC consultations, these developments indicate potential growth and a cautious outlook for the company.
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