Primis Financial Corp. (NASDAQ:FRST) Announces $0.10 Quarterly Dividend

Key Points

• Primis Financial Corp. announced a quarterly dividend of $0.10 per share, payable on August 21 to stockholders of record on August 7. The dividend implies an annualized payout of $0.40 and a yield of about 2.5%.
• The company’s dividend appears covered by earnings, with a 24.8% payout ratio; analysts expect next year’s earnings to support the annual dividend with a projected payout ratio of 21.6%.
• In its latest earnings report, Primis Financial posted $0.23 EPS, missing estimates, while revenue of $55.79 million came in above expectations. The stock was trading down slightly and opened at $15.69.

Primis Financial Corp. (NASDAQ:FRST - Get Free Report) announced a quarterly dividend on Thursday, July 23rd. Stockholders of record on Friday, August 7th will be given a dividend of 0.10 per share on Friday, August 21st. This represents a c) annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, August 7th.

Primis Financial has a payout ratio of 24.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Primis Financial to earn $1.85 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 21.6%.

Primis Financial Trading Down 0.4%

FRST opened at $15.69 on Friday. The stock has a market capitalization of $390.37 million, a PE ratio of 7.40 and a beta of 0.72. Primis Financial has a one year low of $9.55 and a one year high of $16.77. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.96 and a current ratio of 1.02. The business's 50 day moving average price is $15.32 and its 200 day moving average price is $14.24.

Primis Financial (NASDAQ:FRST - Get Free Report) last posted its earnings results on Thursday, July 23rd. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.15). Primis Financial had a return on equity of 4.98% and a net margin of 19.71%.The business had revenue of $55.79 million for the quarter, compared to analyst estimates of $48.77 million. As a group, equities research analysts expect that Primis Financial will post 1.59 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Russell Investments Group Ltd. raised its position in Primis Financial by 290.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,345 shares of the company's stock valued at $25,000 after purchasing an additional 1,744 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Primis Financial during the second quarter worth about $25,000. BNP Paribas Financial Markets increased its stake in shares of Primis Financial by 278.2% during the third quarter. BNP Paribas Financial Markets now owns 7,742 shares of the company's stock worth $81,000 after buying an additional 5,695 shares during the period. Commonwealth Retirement Investments LLC purchased a new stake in shares of Primis Financial during the fourth quarter worth approximately $82,000. Finally, Public Employees Retirement System of Ohio increased its stake in shares of Primis Financial by 141.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 6,733 shares of the company's stock worth $94,000 after buying an additional 3,950 shares during the period. 74.96% of the stock is owned by institutional investors and hedge funds.

About Primis Financial

Primis Financial Corporation is a bank holding company headquartered in Waycross, Georgia, operating through its wholly owned subsidiary, Primis Bank. The company offers a full suite of commercial and retail banking services tailored to meet the needs of individuals, small businesses, and agricultural clients across its service area. Primis Bank focuses on building relationships within the communities it serves, positioning itself as a local financial partner for deposit-taking, lending, and treasury management solutions.

Primis Bank maintains a network of branch offices throughout southeastern Georgia, serving a combination of rural and suburban markets.

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