Fred L. Garrett III, a director at Primis Financial Corp. (NASDAQ:FRST), recently acquired 3,660 shares of the company's common stock. The purchase took place on December 13, 2024, with a weighted average price of $12.3236 per share, amounting to a total transaction value of $45,104. Following this acquisition, Garrett holds a total of 41,169 shares directly. This figure includes shares previously reported as indirectly held by his spouse and those in an IRA account.The director's purchase comes as Primis Financial, a $307.55 million market cap company, has seen its stock surge over 30% in the past six months. The company maintains a notable 3.21% dividend yield and has maintained dividend payments for 13 consecutive years, according to InvestingPro. With analyst price targets ranging from $15 to $16.25, suggesting potential upside, investors can access comprehensive insider trading analysis and additional insights through the detailed Pro Research Report available on InvestingPro.
In other recent news, Primis Financial Corp. has sold its Life Premium Finance Division to EverBank for $6 million, which includes approximately $354 million in loans. This transaction is part of Primis Financial's ongoing efforts to optimize its operations and focus on its core business. The sale is expected to result in a pre-tax gain of approximately $4.5 million for Q4 2024 according to Stephens, a financial analyst firm.
Stephens also revised its price target for Primis Financial to $14.00, down from $16.00, while retaining an Overweight rating. The firm expects a net interest margin expansion of 20 basis points from current levels, supported by the acceleration of deposit down betas.
In addition to these strategic shifts, Primis Financial's Q3 performance was affected by an accounting correction for a consumer loan portfolio. However, the company's mortgage team achieved a $1 billion annual production run rate, marking a 67% increase in locked loans from Q3 2023. These recent developments indicate potential growth and a cautious outlook due to ongoing SEC consultations.
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