Charles A. Kabbash, a director at Primis Financial Corp. (NASDAQ:FRST), recently sold shares of the company's common stock. The transaction comes as the $307.8 million market cap company has seen its stock surge approximately 31% over the past six months. According to InvestingPro data, analysts maintain a bullish stance with price targets ranging from $15 to $16.25. According to a filing with the Securities and Exchange Commission, Kabbash sold 11,183 shares on December 13 at an average price of $12.1881 per share, amounting to a total transaction value of approximately $136,299.
Following this transaction, Kabbash holds 65,000 shares directly. Additionally, he has shares held in the Charles A. Kabbash Revocable Trust, his IRA, and a trust for his granddaughter, totaling 71,035, 19,657, and 372 shares, respectively.
In other recent news, Primis Financial Corp. has sold its Life Premium Finance Division to EverBank, N.A. for $6 million, a transaction that includes approximately $354 million in loans. This strategic move is part of the company's ongoing efforts to optimize its operations and focus on its core business. In addition, EverBank will purchase an extra $19 million in loans and any new loans generated in the ordinary course of business at par value between the first and final closing dates.
In the wake of these developments, financial analyst firm Stephens revised its price target for Primis Financial to $14.00, down from $16.00, while retaining an Overweight rating. Despite the revenue lost from the sale, Stephens analysts expect an increase in net interest margin and growth from Primis Financial's new venture into the mortgage warehouse space.
The company's Q3 performance was marked by a $1 billion annual production run rate from the mortgage team, a 67% increase in locked loans from Q3 2023. However, an accounting correction for a consumer loan portfolio impacted the quarter's results. These are among the recent developments at Primis Financial, indicating potential growth and a cautious outlook due to ongoing SEC consultations.
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