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

Primis Financial Corp. (NASDAQ:FRST - Get Free Report) announced a quarterly dividend on Thursday, July 24th, RTT News reports. Stockholders 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 dividend yield of 3.42%.

Primis Financial has a dividend payout ratio of 24.8% meaning its dividend is sufficiently covered by earnings. Equities 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 Stock Performance

FRST stock traded down $0.41 during mid-day trading on Thursday, hitting $11.69. The company had a trading volume of 91,686 shares, compared to its average volume of 86,392. Primis Financial has a 12 month low of $7.59 and a 12 month high of $13.52. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.96 and a current ratio of 0.98. The stock's fifty day moving average price is $10.37 and its two-hundred day moving average price is $10.07. The firm has a market cap of $288.98 million, a PE ratio of -40.31 and a beta of 0.74.

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 the consensus estimate of $0.21 by ($0.10). Primis Financial had a negative return on equity of 1.83% and a negative net margin of 2.94%. On average, analysts forecast that Primis Financial will post 1.4 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

Institutional Trading of Primis Financial

Several hedge funds and other institutional investors have recently bought and sold shares of FRST. Goldman Sachs Group Inc. grew its position in shares of Primis Financial by 170.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 248,639 shares of the company's stock worth $2,429,000 after buying an additional 156,703 shares during the last quarter. Empowered Funds LLC increased its position in Primis Financial by 65.3% during the 1st quarter. Empowered Funds LLC now owns 26,621 shares of the company's stock valued at $260,000 after purchasing an additional 10,515 shares during the period. Royal Bank of Canada raised its holdings in Primis Financial by 12.6% in the 1st quarter. Royal Bank of Canada now owns 24,875 shares of the company's stock worth $243,000 after purchasing an additional 2,790 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Primis Financial by 25.5% during the 1st quarter. AQR Capital Management LLC now owns 23,904 shares of the company's stock valued at $234,000 after purchasing an additional 4,864 shares in the last quarter. Finally, Jane Street Group LLC bought a new stake in shares of Primis Financial during the 1st quarter valued at about $220,000. Institutional investors own 74.96% of the company's stock.

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.

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