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 transaction, which took place on March 14, involved the acquisition of 2,100 shares at an average price of $11.856 per share, for a total consideration of approximately $24,897.
The purchase was made public through a Form 4 filing with the Securities and Exchange Commission, which discloses insider trading activity. Following the transaction, Biagas now directly owns 64,133 shares of Primis Financial Corp. stock. Additionally, it was noted that 10,233 shares were held in a Biagas Individual Retirement Account (IRA), as stated in the filing notes.
Primis Financial Corp. Headquartered in McLean, Virginia, operates as a publicly owned commercial bank and provides a range of financial services to its community. A recent acquisition of shares by one of its directors may be of interest to investors who monitor insider transactions as a potential indicator of the company’s prospects.
Biagas’ decision to increase his stake in Primis Financial comes at a time when investors are closely watching the behavior of insiders for clues about the health and future performance of companies. While the motives behind individual insider transactions may vary, they are often seen as a sign of the insider’s belief in the company’s value and potential for growth.
Investors and market watchers can continue to track insider transactions for more information on Primis Financial Corp. and the trajectory of its activities.
InvestingAbout Insights
Primis Financial Corp.’s director John Fitzgerald Biagas recently made insider purchases of shares, according to InvestingPro. (NASDAQ:FRST) presents a mixed financial outlook. The company’s market capitalization is a modest $293.71 million with a price-to-earnings (P/E) ratio of 29.6, which equates to a more attractive 13.86 for the trailing twelve months of the fourth quarter of 2023. This suggests that while the company’s shares may not be the cheapest on the market, they can be reasonably valued based on recent earnings.
InvestingPro’s tips show that analysts have revised their earnings expectations upward for the coming period, indicating potential improvement in the company’s financial performance. What’s more, Primis Financial has maintained its dividend for 13 consecutive years, which could be a sign of financial stability and a commitment to increasing shareholder returns. The latest dividend yield is 3.38%, which may appeal to income-focused investors.
However, it’s important to note that the company is burning cash quickly and suffers from low gross margins, factors that investors should consider when assessing the company’s long-term sustainability. On a more positive note, the company’s share price has risen significantly over the past six months, with a total return of 47.87%, potentially reflecting investor optimism about the company’s future.
For those interested in deeper analysis, additional InvestingPro tips are available that can provide greater insight into Primis Financial Corp.’s financial health. and future prospects. Use coupon code PRONEWS24 to receive an additional 10% discount on annual or two-year Pro and Pro+ subscriptions for comprehensive investment assessments.
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