Following these purchases, Clagett now directly owns 46,736 shares of Primis Financial. The acquisitions reflect Clagett's continued confidence in the financial institution, which operates in the state commercial banks sector. Primis Financial Corp., based in McLean, Virginia, has a market capitalization of $307.8 million and offers a dividend yield of 3.21%. While currently showing losses in the last twelve months, InvestingPro analysis indicates the company is expected to return to profitability this year. Get the full analysis and more insights with InvestingPro's comprehensive research report, available along with 7 additional ProTips for this stock.
Following these purchases, Clagett now directly owns 46,736 shares of Primis Financial. The acquisitions reflect Clagett's continued confidence in the financial institution, which operates in the state commercial banks sector. Primis Financial Corp., based in McLean, Virginia, has a market capitalization of $307.8 million and offers a dividend yield of 3.21%. While currently showing losses in the last twelve months, InvestingPro analysis indicates the company is expected to return to profitability this year. Get the full analysis and more insights with InvestingPro's comprehensive research report, available along with 7 additional ProTips for this stock.
In other recent news, Primis Financial Corp. has completed a significant sale of its Life Premium Finance Division to EverBank, N.A. for a premium of $6.0 million, which includes a loan portfolio of approximately $354 million. The transaction also involves EverBank purchasing an additional $19 million in loans. This strategic move is part of Primis Financial's ongoing efforts to optimize its operations and focus on core business.
Primis Financial has also reported a 67% increase in locked loans from Q3 2023, with the mortgage team achieving a $1 billion annual production run rate. This performance comes amidst a correction in accounting for a consumer loan portfolio which impacted the quarter's results.
Analyst firm Stephens has revised its price target for Primis Financial down to $14.00 from $16.00, while maintaining an Overweight rating. Analysts anticipate that Primis Financial's revenue loss from the sale will be compensated by the company's new venture into the mortgage warehouse space. They also expect a net interest margin expansion of 20 basis points from current levels.
These recent developments reflect Primis Financial's strategic shifts and potential growth, while maintaining a cautious outlook due to ongoing SEC consultations. The company aims to achieve a 1% return on assets by late 2025 and plans to be current on SEC filings by mid-November 2024.
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