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

Primis Financial Corp. (NASDAQ:FRST - Get Free Report) announced a quarterly dividend on Thursday, July 24th, RTT News reports. Investors of record on Friday, August 8th will be paid a dividend of 0.10 per share on Friday, August 22nd. This represents a $0.40 annualized dividend and a yield of 3.43%. The ex-dividend date of this dividend is Friday, August 8th.

Primis Financial has a dividend payout ratio of 24.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Primis Financial to earn $1.75 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 22.9%.

Primis Financial Trading Down 0.4%

FRST stock traded down $0.05 during mid-day trading on Monday, reaching $11.67. 18,187 shares of the stock traded hands, compared to its average volume of 91,126. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.96 and a current ratio of 0.98. Primis Financial has a one year low of $7.59 and a one year high of $13.52. The stock has a market capitalization of $288.48 million, a PE ratio of -129.67 and a beta of 0.74. The business has a 50-day moving average price of $10.41 and a two-hundred day moving average price of $10.06.

Primis Financial (NASDAQ:FRST - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $0.11 earnings per share for the quarter, missing analysts' consensus estimates 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 firm had revenue of $42.36 million for the quarter, compared to the consensus estimate of $28.13 million. Equities research analysts expect that Primis Financial will post 1.4 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Wall Street Zen upgraded shares of Primis Financial from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Maxim Group started coverage on shares of Primis Financial in a report on Monday, May 12th. They issued a "buy" rating and a $1.00 price target on the stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Primis Financial by 11.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,072 shares of the company's stock worth $128,000 after acquiring an additional 1,370 shares during the period. Jane Street Group LLC purchased a new stake in Primis Financial in the first quarter worth about $220,000. AQR Capital Management LLC lifted its stake in Primis Financial by 25.5% in the first quarter. AQR Capital Management LLC now owns 23,904 shares of the company's stock worth $234,000 after acquiring an additional 4,864 shares during the period. Royal Bank of Canada lifted its stake in Primis Financial by 12.6% in the first quarter. Royal Bank of Canada now owns 24,875 shares of the company's stock worth $243,000 after acquiring an additional 2,790 shares during the period. Finally, Empowered Funds LLC lifted its stake in Primis Financial by 65.3% in the first quarter. Empowered Funds LLC now owns 26,621 shares of the company's stock worth $260,000 after acquiring an additional 10,515 shares during the period. 74.96% of the stock is currently owned by institutional investors.

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.