Rhino Investment Partners Inc Buys Shares of 697,899 Primis Financial Corp. $FRST

Key Points

• Rhino Investment Partners Inc acquired 697,899 shares of Primis Financial Corp., valued at approximately $6,818,000, making it the 22nd largest holding in their portfolio.
• Primis Financial recently reported earnings of $0.11 per share, falling short of analysts' expectations of $0.24, despite generating revenue of $42.36 million for the quarter.
• The company announced a quarterly dividend of $0.10, with a yield of 3.7%, despite a negative payout ratio of -444.44%.

Rhino Investment Partners Inc acquired a new position in shares of Primis Financial Corp. (NASDAQ:FRST - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 697,899 shares of the company's stock, valued at approximately $6,818,000. Primis Financial accounts for about 1.7% of Rhino Investment Partners Inc's investment portfolio, making the stock its 22nd biggest holding. Rhino Investment Partners Inc owned 2.82% of Primis Financial as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Martingale Asset Management L P bought a new stake in Primis Financial in the first quarter valued at about $325,000. Nuveen LLC bought a new stake in Primis Financial in the first quarter valued at about $980,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in Primis Financial by 7.4% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 155,206 shares of the company's stock valued at $1,516,000 after acquiring an additional 10,724 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Primis Financial by 7.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 63,987 shares of the company's stock valued at $625,000 after acquiring an additional 4,645 shares during the period. Finally, Segall Bryant & Hamill LLC bought a new stake in Primis Financial in the first quarter valued at about $1,634,000. Institutional investors own 74.96% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on FRST shares. Wall Street Zen raised shares of Primis Financial from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Maxim Group started coverage on shares of Primis Financial in a research note on Monday, May 12th. They set a "buy" rating and a $1.00 price objective on the stock. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $7.50.

Primis Financial Trading Up 2.2%

NASDAQ FRST traded up $0.24 during trading hours on Tuesday, hitting $11.30. The company's stock had a trading volume of 15,855 shares, compared to its average volume of 94,398. The stock has a fifty day moving average of $11.09 and a 200 day moving average of $10.06. Primis Financial Corp. has a twelve month low of $7.59 and a twelve month high of $12.95. The firm has a market capitalization of $278.43 million, a P/E ratio of -125.56 and a beta of 0.80. The company has a quick ratio of 0.95, a current ratio of 0.98 and a debt-to-equity ratio of 0.26.

Primis Financial (NASDAQ:FRST - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.13). Primis Financial had a negative net margin of 0.93% and a negative return on equity of 2.02%. The business had revenue of $42.36 million during the quarter, compared to analyst estimates of $28.13 million. Equities research analysts forecast that Primis Financial Corp. will post 1.4 earnings per share for the current fiscal year.

Primis Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.5%. The ex-dividend date was Friday, August 8th. Primis Financial's dividend payout ratio is currently -444.44%.

Primis Financial Company Profile

Primis Financial Corp. operates as the bank holding company for Primis Bank that provides a range of financial services to individuals and small and medium sized businesses in the United States. Its deposit products include checking, NOW, savings, and money market accounts, as well as certificates of deposits.