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Primis Financial
(NASDAQ:FRST)
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Rating:67Neutral
Price Target:
$17.50
â–²(8.97% Upside)
Action:Reiterated
Date:10/23/26
The score is driven by a strong earnings and margin recovery but meaningfully offset by weak TTM cash flow and higher leverage, which raise durability risk. Valuation is a clear positive (low P/E with a dividend), while technicals are modestly supportive but not strongly bullish due to mixed momentum signals. Earnings-call guidance adds support through expected margin expansion and cost savings, tempered by mortgage-rate sensitivity and funding/credit watch items.
Positive Factors
Margin and earnings recovery
Improving net interest margin and net interest income strengthen Primis’s core earnings engine, supported by loan repricing, higher earning-asset yields, and stable funding costs. Further incremental margin expansion is expected over the next two to three quarters.
Negative Factors
Negative cash generation
The sharp reversal to negative operating and free cash flow indicates that reported profitability is not currently translating into cash generation. Persistent weakness could increase reliance on external funding and limit flexibility to support growth or absorb credit stress.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin and earnings recovery
Improving net interest margin and net interest income strengthen Primis’s core earnings engine, supported by loan repricing, higher earning-asset yields, and stable funding costs. Further incremental margin expansion is expected over the next two to three quarters.
Read all positive factors
Primis Financial (FRST) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$378.93M
Dividend Yield2.62%
Average Volume (3M)138.12K
Price to Earnings (P/E)6.9
Beta (1Y)0.76
Revenue Growth17.42%
EPS Growth538.62%
CountryUS
Employees593
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.16
Shares Outstanding24,799,072
10 Day Avg. Volume124,795
30 Day Avg. Volume138,118
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)0.81
Price to Sales (P/S)1.10
P/FCF Ratio37.99
Enterprise Value/Market Cap1.53
Enterprise Value/Revenue1.86
Enterprise Value/Gross Profit2.72
Enterprise Value/Ebitda7.35
Forecast
1Y Price Target
$18.00Price Target Upside12.08% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1.38
Revenue Forecast (FY)$198.42M
Primis Financial Business Overview & Revenue Model
Company Description
Primis Financial Corp. operates as the bank holding company for Primis Bank that provides various financial services to individuals, and small and medium sized businesses in the United States. The company offers deposit products, including checkin...
How the Company Makes Money
Primis Financial primarily earns revenue through its banking subsidiary by (1) generating net interest income and (2) collecting noninterest income (fees), with operating expenses and credit costs affecting overall profitability.
1) Net interest ...
Primis Financial Earnings Call Summary
Earnings Call Date:Oct 22, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 28, 2027
Earnings Call Sentiment Positive
The call was predominantly positive, with strong earnings growth, meaningful net interest margin expansion, improving capital ratios, stable asset quality, deposit-franchise strength, and identified expense savings. The principal challenges were mortgage-rate-driven declines in mortgage revenue and potential volume, slower deposit growth with higher FHLB advances, moderate near-term loan growth, and higher core net charge-offs compared with a year ago.Positive Updates
Net Earnings and Operating Profitability Improved
Third-quarter net earnings were $8.7 million, or $0.35 per diluted share, up 28% from the same quarter a year ago. Operating earnings were $0.35 per share versus $0.23 in the second quarter and $0.28 a year ago. Pretax pre-provision operating net income was $12 million, up 38% from $8.7 million in the second quarter, while operating return on average assets was 80 basis points versus 53 basis points in the second quarter and 70 basis points a year ago.
Negative Updates
Mortgage Banking Revenue Declined
Mortgage banking revenue was $8 million, down from $11.4 million in the second quarter and $8.9 million a year ago, reflecting significant market disruption during the quarter. The mortgage company recorded a loss of approximately $200 thousand, including a $2.5 million reset in open-pipeline values.
Read all updates
Q3-2026 Updates
Positive
Negative
Net Earnings and Operating Profitability Improved
Third-quarter net earnings were $8.7 million, or $0.35 per diluted share, up 28% from the same quarter a year ago. Operating earnings were $0.35 per share versus $0.23 in the second quarter and $0.28 a year ago. Pretax pre-provision operating net income was $12 million, up 38% from $8.7 million in the second quarter, while operating return on average assets was 80 basis points versus 53 basis points in the second quarter and 70 basis points a year ago.
Read all positive updates
Company Guidance
Management expects total balance sheet growth of about 8% to 8.5% on year-end balances, loan growth in probably the 8% category, and deposit growth of 3%, 4%, 5% for the year, with next year stronger and probably the same thing next year for loan growth; core bank growth is expected at 5% to 7%, year in and year out, with something mid to high single digits comfortable for next year. Margin expansion is expected to continue incrementally over the next 2 to 3 quarters, with incremental margin expansion 4 or 5 basis points over time, while fourth-quarter core expenses are expected around $22.5 million, with expenses flattish in the fourth quarter and then starting to tick down in Q1, including approximately $3 million of annualized savings beginning early in 2027 and keeping expenses in the low-$22 million range or less after those statement savings. If higher mortgage rates persist, annual volume could be $1.1 billion to $1.2 billion, mortgage would add 10 basis points to ROA, and TCE is expected to reach north of 8.5% in a few quarters.Primis Financial Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 312.51M | 312.60M | 254.11M | 237.87M | 141.64M | 123.71M |
| Gross Profit | 213.90M | 211.30M | 96.74M | 111.42M | 108.78M | 110.47M |
| EBITDA | 78.97M | 81.91M | -19.98M | -2.09M | 24.77M | 47.61M |
| Net Income | 53.11M | 61.44M | -16.20M | -7.83M | 14.15M | 31.11M |
Balance Sheet | ||||||
| Total Assets | 4.35B | 4.05B | 3.69B | 3.86B | 3.57B | 3.41B |
| Cash, Cash Equivalents and Short-Term Investments | 10.12M | 303.42M | 243.22M | 305.97M | 314.17M | 801.50M |
| Total Debt | 448.07M | 262.17M | 128.56M | 160.72M | 432.52M | 211.49M |
| Total Liabilities | 3.92B | 3.62B | 3.33B | 3.46B | 3.18B | 3.00B |
| Stockholders Equity | 433.83M | 422.90M | 351.76M | 376.16M | 388.97M | 411.88M |
Cash Flow | ||||||
| Free Cash Flow | -44.24M | 9.03M | 18.34M | 26.89M | 11.42M | 24.86M |
| Operating Cash Flow | -42.71M | 10.77M | 19.53M | 28.82M | 12.43M | 27.32M |
| Investing Cash Flow | -238.75M | -158.22M | 108.30M | -312.76M | -616.86M | 10.53M |
| Financing Cash Flow | 364.10M | 226.55M | -140.88M | 283.63M | 152.10M | 296.21M |
Primis Financial Technical Analysis
Negative
16.06
Price Trends
15.80
Negative
15.77
Negative
14.68
Positive
Market Momentum
-0.06
Negative
43.77
Neutral
61.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FRST, the sentiment is Negative. The current price of 16.06 is above the 20-day moving average (MA) of 15.44, above the 50-day MA of 15.80, and above the 200-day MA of 14.68, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 43.77 is Neutral, neither overbought nor oversold. The STOCH value of 61.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FRST.
Primis Financial Risk Analysis
Primis Financial disclosed 39 risk factors in its most recent earnings report. Primis Financial reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Primis Financial Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $363.51M | 11.66 | 11.72% | 2.48% | 6.41% | 17.50% | |
77 Outperform | $374.71M | 11.62 | 13.08% | 2.67% | 8.41% | 22.29% | |
70 Outperform | $404.43M | 10.52 | 14.49% | 1.65% | 18.42% | 190.13% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $378.93M | 6.85 | 12.78% | 2.62% | 17.42% | 538.62% | |
67 Neutral | $295.16M | 14.22 | 8.48% | 2.89% | 11.11% | 24.17% | |
64 Neutral | $390.72M | 8.24 | 13.90% | 2.29% | 8.56% | 40.25% |
* Financial Sector Average
FRST
Primis Financial
15.28
4.73
44.79%
PKBK
Parke Bancorp
33.22
11.93
56.06%
TSBK
Timberland Bancorp
46.75
15.68
50.46%
CHMG
Chemung Financial
83.88
33.23
65.61%
FDBC
Fidelity D & D Bancorp
64.51
21.43
49.73%
ISBA
Isabella Bank
38.69
3.85
11.04%
Primis Financial Corporate Events
Business Operations and StrategyFinancial Disclosures
Primis Financial Reports Stronger Third-Quarter 2026 Results
Positive
Oct 23, 2026
On October 22, 2026, Primis Financial reported stronger third-quarter 2026 results, with net income to common shareholders rising to $8.7 million, or $0.35 per diluted share, from $6.8 million a year earlier, and quarterly pre-tax pre-provision op...
Business Operations and StrategyExecutive/Board Changes
Primis Financial Announces Board Director Resignation and Changes
Neutral
Aug 31, 2026
On August 28, 2026, Primis Financial Corp. and Primis Bank announced that director Dr. Allen R. Jones, Jr. intended to resign from the Board, effective August 31, 2026, with no dispute or disagreement cited regarding the company’s operations...
Business Operations and StrategyDividendsFinancial Disclosures
Primis Financial posts strong quarter and declares dividend
Positive
Jul 23, 2026
Primis Financial Corp., based in McLean, Virginia, operates Primis Bank’s 24 community branches in Virginia and Maryland alongside Primis Mortgage, mortgage warehouse lending and Panacea Financial, creating a diversified, technology-forward ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.