Is Primis Financial Corp. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Primis Financial Corp. has moved from expensive to fair, indicating a more favorable assessment of its value. The company appears to be undervalued, particularly when considering its P/E ratio of 40, which is significantly higher than the peer average of around 16.87 for Southern First Bancshares, Inc. Additionally, Primis has a price-to-book value of 0.64 and an impressive PEG ratio of 0.11, suggesting that it may be undervalued relative to its growth prospects.
In comparison to its peers, Bank7 Corp. has a P/E of 10.50, while PCB Bancorp stands out with a very attractive P/E of 9.92, reinforcing the notion that Primis may be overvalued against its industry. Furthermore, the stock has underperformed significantly against the S&P 500, with a year-to-date return of -17.24% compared to the S&P 500's 13.30%, highlighting potential concerns about its market position and growth trajectory.