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

Key Points

• Primis declared a quarterly dividend of $0.10 per share (annualized $0.40), payable May 22 to shareholders of record on May 8, implying a yield of about 2.9%.
• The dividend is well covered with a current payout ratio of 24.8%, and analysts forecast $1.80 in EPS next year, implying a future payout ratio near 22.2%.
• The company beat estimates this quarter with $0.33 EPS (vs. $0.32 consensus) and $45.56M revenue; the stock trades around $13.92 with a P/E of 7.21, and an EVP recently purchased additional shares.

Primis Financial Corp. (NASDAQ:FRST - Get Free Report) declared a quarterly dividend on Thursday, April 23rd. Stockholders of record on Friday, May 8th will be paid a dividend of 0.10 per share on Friday, May 22nd. This represents a c) dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Friday, May 8th.

Primis Financial has a payout ratio of 24.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Primis Financial to earn $1.80 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 22.2%.

Primis Financial Trading Up 0.4%

FRST stock opened at $13.92 on Friday. The business has a fifty day moving average price of $13.43 and a 200 day moving average price of $12.59. Primis Financial has a fifty-two week low of $7.59 and a fifty-two week high of $14.55. The stock has a market capitalization of $344.80 million, a price-to-earnings ratio of 7.21 and a beta of 0.72. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.03 and a quick ratio of 0.98.

Primis Financial (NASDAQ:FRST - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.33 earnings per share for the quarter, beating analysts' consensus estimates of $0.32 by $0.01. Primis Financial had a return on equity of 3.99% and a net margin of 18.78%.The firm had revenue of $45.56 million during the quarter, compared to analysts' expectations of $43.87 million. Analysts expect that Primis Financial will post 1.65 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Matthew Alan Switzer acquired 2,500 shares of the firm's stock in a transaction on Tuesday, February 3rd. The shares were purchased at an average cost of $14.06 per share, for a total transaction of $35,150.00. Following the transaction, the executive vice president owned 96,226 shares of the company's stock, valued at approximately $1,352,937.56. This represents a 2.67% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders acquired 7,025 shares of company stock valued at $92,961. 10.87% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Raymond James Financial Inc. bought a new position in shares of Primis Financial in the 2nd quarter worth $25,000. Russell Investments Group Ltd. boosted its position in shares of Primis Financial by 290.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,345 shares of the company's stock worth $25,000 after purchasing an additional 1,744 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Primis Financial by 27.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 5,786 shares of the company's stock worth $61,000 after purchasing an additional 1,231 shares during the last quarter. Commonwealth Retirement Investments LLC bought a new position in shares of Primis Financial in the 4th quarter worth $82,000. Finally, Public Employees Retirement System of Ohio boosted its position in shares of Primis Financial by 141.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 6,733 shares of the company's stock worth $94,000 after purchasing an additional 3,950 shares during the last quarter. 74.96% of the stock is currently owned by institutional investors.

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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