Deborah Diaz, a director at Primis Financial Corp. (NASDAQ:FRST), recently purchased 2,000 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The shares were acquired on December 12 at a price of $12.4201 each, totaling approximately $24,840. The purchase comes as the stock has shown strong momentum, gaining over 30% in the past six months according to InvestingPro data. Following this transaction, Diaz holds a total of 18,464 shares in the company. This move reflects continued insider activity within Primis Financial, a state commercial bank headquartered in McLean, Virginia. With a market capitalization of $309 million and a consistent 13-year dividend payment history, the company has attracted analyst attention with price targets ranging from $15 to $16.25. For deeper insights into FRST's valuation and growth prospects, InvestingPro subscribers can access comprehensive analysis and additional real-time metrics in the Pro Research Report.
In other recent news, Primis Financial Corp. recently completed the sale of its Life Premium Finance Division to EverBank, N.A. The transaction, which included a premium of $6.0 million, was finalized with the sale of approximately $354 million in loans. Following the sale, EverBank will also assume servicing of the retained loan portfolio from Primis Bank. This strategic move is a part of Primis Financial's ongoing efforts to optimize its operations and focus on its core business.
According to Stephens, a financial analyst firm, Primis Financial's recent quarterly earnings report and the sale of its Life Premium Finance division to EverBank is expected to result in a pre-tax gain of approximately $4.5 million for Q4 2024. Stephens revised its price target for Primis Financial to $14.00, down from $16.00, while retaining an Overweight rating. The firm anticipates a net interest margin expansion of 20 basis points from current levels.
In other developments, Primis Financial reported a correction in accounting for a consumer loan portfolio, which affected its Q3 results. Despite this, 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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