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 purchased a new position in Primis Financial Corp. (NASDAQ:FRST - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 697,899 shares of the company's stock, valued at approximately $6,818,000. Primis Financial comprises 1.7% of Rhino Investment Partners Inc's portfolio, making the stock its 22nd biggest holding. Rhino Investment Partners Inc owned approximately 2.82% of Primis Financial as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. BNP Paribas Financial Markets acquired a new position in Primis Financial in the 4th quarter worth about $51,000. Wells Fargo & Company MN grew its stake in shares of Primis Financial by 25.7% in the 4th quarter. Wells Fargo & Company MN now owns 12,639 shares of the company's stock valued at $147,000 after buying an additional 2,585 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Primis Financial in the 4th quarter valued at approximately $148,000. Oxford Asset Management LLP acquired a new position in Primis Financial in the fourth quarter worth approximately $162,000. Finally, State of Tennessee Department of Treasury bought a new position in Primis Financial during the fourth quarter valued at approximately $194,000. Institutional investors and hedge funds own 74.96% of the company's stock.

Wall Street Analyst Weigh In

FRST has been the subject of several recent research reports. Maxim Group initiated coverage on shares of Primis Financial in a research report on Monday, May 12th. They issued a "buy" rating and a $1.00 target price for the company. Wall Street Zen upgraded shares of Primis Financial from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, Primis Financial presently has an average rating of "Buy" and a consensus price target of $7.50.

Primis Financial Price Performance

Shares of Primis Financial stock opened at $10.79 on Thursday. The firm has a fifty day simple moving average of $11.02 and a 200-day simple moving average of $10.08. The company has a current ratio of 0.98, a quick ratio of 0.95 and a debt-to-equity ratio of 0.26. Primis Financial Corp. has a 1-year low of $7.59 and a 1-year high of $12.95. The stock has a market capitalization of $265.87 million, a price-to-earnings ratio of -119.89 and a beta of 0.80.

Primis Financial (NASDAQ:FRST - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.24 by ($0.13). The firm had revenue of $42.36 million during the quarter, compared to analyst estimates of $28.13 million. Primis Financial had a negative net margin of 0.93% and a negative return on equity of 2.02%. On average, sell-side analysts expect that Primis Financial Corp. will post 1.4 earnings per share for the current year.

Primis Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Friday, August 8th will be paid a $0.10 dividend. The ex-dividend date is Friday, August 8th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.7%. Primis Financial's payout ratio is presently -444.44%.

Primis Financial 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.

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