Primis Financial (FRST) Soars 5.8%: Is Further Upside Left in the Stock?

Primis Financial (FRST) shares rallied 5.8% in the last trading session to close at $12.51. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 18.8% gain over the past four weeks.

Shares of Primis Financial rallied for the second straight trading day and touched a 52-week high of $12.72. The company’s board of directors authorized a new share repurchase program for up to 0.74 million shares. The plan is set to expire on Dec 21, 2024. This, along with the Federal Reserve’s signal of three rate cuts in 2024, seem to have turned the investors bullish on the stock. Hence, the FRST stock moved higher.

This holding company for Sonabank is expected to post quarterly earnings of $0.28 per share in its upcoming report, which represents a year-over-year change of +833.3%. Revenues are expected to be $36.17 million, down 10.9% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Primis Financial, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on FRST going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Primis Financial is part of the Zacks Financial - Miscellaneous Services industry. StoneX Group Inc. (SNEX), another stock in the same industry, closed the last trading session 1.6% higher at $71.35. SNEX has returned 17.8% in the past month.

StoneX Group Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.73. Compared to the company's year-ago EPS, this represents a change of +0.6%. StoneX Group Inc. currently boasts a Zacks Rank of #3 (Hold).

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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