Is Primis Financial Corp. overvalued or undervalued?

As of 19 September 2025, Primis Financial Corp. has moved from a fair to an expensive valuation grade. The company appears to be overvalued, particularly when considering its P/E ratio of 40, which is significantly higher than peers like Bank7 Corp. at 10.50 and Southern First Bancshares, Inc. at 16.87. Additionally, the price-to-book value stands at 0.64, and the PEG ratio is notably low at 0.11, indicating that the stock may not be justified at its current price given its earnings growth prospects.
In terms of performance, Primis Financial Corp. has underperformed relative to the S&P 500 across multiple time frames, with a year-to-date return of -7.55% compared to the S&P 500's 13.31%. Over the past three years, the company's return of -17.08% starkly contrasts with the S&P 500's impressive 70.89% gain, reinforcing the notion that the stock is currently overvalued.