After recent purchases, Clagett has increased his stake in Primis Financial, now owning a total of 46,736 shares. These acquisitions demonstrate Clagett’s continued trust in the financial institution, which operates within the state commercial banking sector. Primis Financial Corp., headquartered in McLean, Virginia, has a market cap of $307.8 million and offers a dividend yield of 3.21%. Although the company has experienced losses over the past year, an analysis by InvestingPro suggests it is on track to return to profitability within this year. For further analysis and insights, including 7 additional ProTips related to this stock, consider accessing InvestingPro’s detailed research report.
Clagett’s recent purchases have brought his total ownership of Primis Financial to 46,736 shares, reflecting his steadfast confidence in the company, which is involved in the state commercial banking sector. With a market capitalization of $307.8 million, Primis Financial Corp. is based in McLean, Virginia, and offers a dividend yield of 3.21%. The company has shown losses in the last year; however, InvestingPro’s analysis indicates a potential return to profitability this year. For a full analysis and additional insights, including 7 ProTips, check out InvestingPro’s comprehensive research report.
In other news, Primis Financial Corp. has successfully sold its Life Premium Finance Division to EverBank, N.A. for a total of $6 million, which includes a loan portfolio valued at approximately $354 million. This deal also includes EverBank acquiring an additional $19 million in loans. This strategic move is part of Primis Financial’s commitment to refining its operations and focusing on its core business.
The company has reported a staggering 67% surge in locked loans compared to Q3 2023, with the mortgage team achieving a remarkable $1 billion annual production run rate. This impressive performance comes despite a quarter impacted by a correction related to a consumer loan portfolio.
Analyst firm Stephens has lowered its price target for Primis Financial from $16.00 to $14.00 while maintaining an Overweight rating. Analysts believe the revenue loss from the recent sale will be offset by the company’s new initiative in the mortgage warehouse sector. They also anticipate a 20 basis points increase in net interest margin from the current level.
These recent developments highlight the strategic adjustments and potential growth prospects for Primis Financial, although the company remains cautious due to ongoing consultations with the SEC. Primis Financial aims to achieve a 1% return on assets by late 2025 and expects to be current on SEC filings by mid-November 2024.
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