Primis Financial (NASDAQ:FRST) Releases Quarterly Earnings Results, Misses Estimates 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 results on Thursday. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.13), Zacks reports. The firm had revenue of $42.36 million for the quarter, compared to the consensus estimate of $28.13 million. Primis Financial had a negative return on equity of 2.02% and a negative net margin of 0.93%.

Primis Financial Price Performance

Shares of NASDAQ:FRST traded up $0.03 during trading hours on Friday, hitting $11.72. 122,875 shares of the company's stock traded hands, compared to its average volume of 89,220. Primis Financial has a 52 week low of $7.59 and a 52 week 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 company's fifty day simple moving average is $10.41 and its two-hundred day simple moving average is $10.07. The company has a market cap of $289.75 million, a price-to-earnings ratio of -130.22 and a beta of 0.74.

Primis Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Friday, August 8th will be given a dividend of $0.10 per share. The ex-dividend date is Friday, August 8th. This represents a $0.40 annualized dividend and a dividend yield of 3.41%. Primis Financial's dividend payout ratio (DPR) is -444.44%.

Hedge Funds Weigh In On Primis Financial

Several large investors have recently made changes to their positions in the business. Jane Street Group LLC bought a new position in shares of Primis Financial during the 1st quarter valued at about $220,000. Empowered Funds LLC lifted its stake in Primis Financial by 65.3% during the first quarter. Empowered Funds LLC now owns 26,621 shares of the company's stock valued at $260,000 after buying an additional 10,515 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Primis Financial by 170.4% during the first quarter. Goldman Sachs Group Inc. now owns 248,639 shares of the company's stock valued at $2,429,000 after buying an additional 156,703 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Primis Financial by 11.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,072 shares of the company's stock valued at $128,000 after buying an additional 1,370 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in 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 buying an additional 4,864 shares in the last quarter. Institutional investors own 74.96% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FRST. 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 assumed coverage on shares of Primis Financial in a research report on Monday, May 12th. They issued a "buy" rating and a $1.00 target price for the company.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.