Fifth Third Bancorp Grows Stake in Primoris Services Corporation $PRIM

Fifth Third Bancorp lifted its holdings in shares of Primoris Services Corporation (NYSE:PRIM) by 91,981.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,466 shares of the company’s stock after purchasing an additional 29,434 shares during the quarter. Fifth Third Bancorp’s holdings in Primoris Services were worth $4,215,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Harbour Investments Inc. purchased a new position in shares of Primoris Services in the fourth quarter valued at about $33,000. Root Financial Partners LLC boosted its position in Primoris Services by 43.1% during the 1st quarter. Root Financial Partners LLC now owns 229 shares of the company’s stock valued at $33,000 after acquiring an additional 69 shares in the last quarter. Osterweis Capital Management Inc. purchased a new stake in Primoris Services in the second quarter worth $34,000. Cullen Frost Bankers Inc. grew its position in shares of Primoris Services by 30.1% in the 4th quarter. Cullen Frost Bankers Inc. now owns 350 shares of the company’s stock worth $43,000 after buying an additional 81 shares during the period. Finally, NewEdge Advisors LLC grew its holdings in Primoris Services by 34.5% in the first quarter. NewEdge Advisors LLC now owns 757 shares of the company’s stock worth $43,000 after purchasing an additional 194 shares during the period. Institutional investors own 91.82% of the company’s stock.

Insider Buying and Selling at Primoris Services

In other news, insider John M. Perisich sold 29,707 shares of the business’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $127.86, for a total transaction of $3,798,337.02. Following the completion of the sale, the insider owned 27,574 shares of the company’s stock, valued at $3,525,611.64. The trade was a 51.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David Lee King sold 20,000 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $119.09, for a total value of $2,381,800.00. Following the completion of the sale, the director owned 14,941 shares of the company’s stock, valued at $1,779,323.69. This trade represents a 57.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.10% of the company’s stock.

Primoris Services Price Performance

NYSE PRIM opened at $86.10 on Friday. Primoris Services Corporation has a 52 week low of $65.00 and a 52 week high of $205.50. The firm has a market capitalization of $4.67 billion, a P/E ratio of 18.96 and a beta of 1.41. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.24. The company has a 50-day moving average price of $104.26 and a 200-day moving average price of $133.23.

Primoris Services (NYSE:PRIM) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.28). The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Primoris Services had a return on equity of 16.48% and a net margin of 3.31%.The business’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.98 EPS. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. Equities research analysts anticipate that Primoris Services Corporation will post 1.88 earnings per share for the current year.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Tuesday, June 30th. Primoris Services’s dividend payout ratio (DPR) is currently 7.05%.

Analysts Set New Price Targets

A number of analysts have weighed in on PRIM shares. Oppenheimer assumed coverage on shares of Primoris Services in a research note on Tuesday, July 7th. They set an “outperform” rating and a $135.00 price objective for the company. KeyCorp restated a “sector weight” rating on shares of Primoris Services in a research note on Tuesday, June 23rd. Wolfe Research reaffirmed an “outperform” rating and set a $149.00 price target on shares of Primoris Services in a report on Monday, June 15th. Wells Fargo & Company lowered their price target on Primoris Services from $118.00 to $85.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 23rd. Finally, Weiss Ratings cut Primoris Services from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $142.13.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems. The Energy/Renewables segment provides a range of services, including engineering, procurement, and construction, as well as retrofits, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, and maintenance services to renewable energy and energy storage, renewable fuels, petroleum, refining, and petrochemical industries, as well as state departments of transportation.