Primis Financial Corp. (FRST) to Issue Quarterly Dividend of $0.10 on November 20th

Primis Financial Corp. (NASDAQ:FRST) declared a quarterly dividend on Thursday, October 22nd. Investors of record on Friday, November 6th will be given a dividend of $0.10 per share on Friday, November 20th. This represents a $0.40 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Friday, November 6th.

Primis Financial has a payout ratio of 24.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Primis Financial to earn $1.88 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 21.3%.

Primis Financial Stock Down 1.2%

Shares of NASDAQ FRST opened at $14.82 on Wednesday. The stock’s fifty day moving average is $15.59 and its 200 day moving average is $14.83. The stock has a market capitalization of $367.54 million, a P/E ratio of 6.65 and a beta of 0.74. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.96 and a current ratio of 1.02. Primis Financial has a 52 week low of $10.50 and a 52 week high of $16.88.

Primis Financial (NASDAQ:FRST) last released its quarterly earnings results on Thursday, October 22nd. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). Primis Financial had a net margin of 19.27% and a return on equity of 5.77%. The company had revenue of $49.23 million during the quarter, compared to the consensus estimate of $50.89 million. Sell-side analysts forecast that Primis Financial will post 1.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Primis Financial

A number of institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new position in shares of Primis Financial during the 2nd quarter worth $2,260,000. GSA Capital Partners LLP bought a new position in shares of Primis Financial during the 2nd quarter worth about $1,268,000. BlackRock Inc. bought a new position in shares of Primis Financial during the second quarter valued at $40,288,000. Pinnacle Holdings LLC bought a new position in Primis Financial in the 2nd quarter valued at $1,114,000. Finally, Segall Bryant & Hamill LLC acquired a new position in Primis Financial during the 1st quarter worth $1,303,000. Hedge funds and other institutional investors own 74.96% of the company’s stock.

Primis Financial Company Profile

Primis Financial Corp. is a bank holding company headquartered in Glen Allen, Virginia. Its principal subsidiary, Primis Bank, provides banking and financial services to individuals, families, businesses and nonprofit organizations.

Primis Bank offers deposit products, residential and commercial real estate loans, consumer lending, business loans, treasury and cash-management services, mortgage banking and online and mobile banking. The bank also provides services designed to support small and middle-market businesses, including commercial lending and payment solutions.

The institution was formerly known as Sonabank and adopted the Primis name as part of a broader rebranding in 2020.