Primis Financial (NASDAQ:FRST) Posts Quarterly Earnings Results, Misses Expectations By $0.13 EPS

Key Points

• Primis Financial (NASDAQ:FRST) reported a quarterly EPS of $0.11, falling short of analyst expectations by $0.13, while achieving revenue of $42.36 million, significantly exceeding estimates of $28.13 million.
• The company announced a quarterly dividend of $0.10 per share, with a remaining payout ratio of -444.44%, indicating potential financial instability.
• Institutional investors hold 74.96% of the company's stock, with significant stakes recently increased by major firms such as Goldman Sachs, Jane Street Group, and Empowered Funds.

Primis Financial (NASDAQ:FRST - Get Free Report) released its quarterly earnings data on Thursday. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.13), Zacks reports. Primis Financial had a negative return on equity of 2.02% and a negative net margin of 0.93%. The company had revenue of $42.36 million during the quarter, compared to analysts' expectations of $28.13 million.

Primis Financial Trading Down 1.7%

Shares of Primis Financial stock traded down $0.20 during trading hours on Wednesday, reaching $11.31. 146,489 shares of the company's stock were exchanged, compared to its average volume of 87,241. The company has a 50 day moving average of $10.50 and a two-hundred day moving average of $10.07. Primis Financial has a fifty-two week low of $7.59 and a fifty-two week high of $13.52. The company has a current ratio of 0.98, a quick ratio of 0.96 and a debt-to-equity ratio of 0.26.

Primis Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Friday, August 8th will be issued a $0.10 dividend. The ex-dividend date is Friday, August 8th. This represents a $0.40 dividend on an annualized basis and a yield of 3.54%. Primis Financial's dividend payout ratio is presently -444.44%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FRST. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Primis Financial by 11.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,072 shares of the company's stock worth $128,000 after buying an additional 1,370 shares during the period. Jane Street Group LLC purchased a new stake in Primis Financial in the first quarter worth approximately $220,000. AQR Capital Management LLC boosted its stake in shares of Primis Financial by 25.5% during the first 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 during the period. Royal Bank of Canada lifted 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 buying an additional 2,790 shares during the period. Finally, Empowered Funds LLC grew its holdings in shares of Primis Financial by 65.3% during the 1st 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 owned by institutional investors.

Analyst Ratings Changes

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

About Primis Financial

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.