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

kopsource · Apr 29, 2023 21:02

Primis Financial Corp. (NASDAQ:FRST – Get Rating) announced a quarterly dividend on Thursday, April 27th, Zacks reports. Shareholders of record on Friday, May 12th will be paid a dividend of 0.10 per share on Friday, May 26th. This represents a $0.40 annualized dividend and a yield of 4.52%. The ex-dividend date is Thursday, May 11th.

Primis Financial Stock Performance

NASDAQ:FRST opened at $8.85 on Friday. The firm has a market cap of $218.42 million, a PE ratio of 12.46 and a beta of 0.76. Primis Financial has a fifty-two week low of $8.82 and a fifty-two week high of $14.41. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.10 and a current ratio of 1.11. The business has a 50 day moving average price of $10.17 and a 200-day moving average price of $11.47.

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Primis Financial (NASDAQ:FRST – Get Rating) last released its quarterly earnings data on Thursday, January 26th. The company reported $0.03 earnings per share for the quarter, missing analysts' consensus estimates of $0.29 by ($0.26). Primis Financial had a net margin of 10.67% and a return on equity of 4.52%. The company had revenue of $40.57 million for the quarter, compared to analysts' expectations of $33.94 million. Equities research analysts predict that Primis Financial will post 1.21 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Stephens assumed coverage on Primis Financial in a research report on Monday, April 3rd. They set an "overweight" rating and a $13.00 price objective for the company. Piper Sandler raised Primis Financial from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $13.00 to $14.00 in a research report on Wednesday, February 1st.

Insider Transactions at Primis Financial

In related news, CFO Matthew Alan Switzer purchased 10,000 shares of the stock in a transaction dated Wednesday, March 15th. The stock was purchased at an average price of $10.02 per share, with a total value of $100,200.00. Following the transaction, the chief financial officer now directly owns 89,226 shares in the company, valued at $894,044.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Charles A. Kabbash purchased 2,025 shares of the business's stock in a transaction on Thursday, February 2nd. The stock was acquired at an average cost of $12.56 per share, for a total transaction of $25,434.00. Following the purchase, the director now directly owns 62,830 shares in the company, valued at approximately $789,144.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Matthew Alan Switzer purchased 10,000 shares of the business's stock in a transaction on Wednesday, March 15th. The shares were purchased at an average price of $10.02 per share, with a total value of $100,200.00. Following the completion of the purchase, the chief financial officer now owns 89,226 shares in the company, valued at $894,044.52. The disclosure for this purchase can be found here. Insiders purchased a total of 26,124 shares of company stock valued at $286,338 in the last quarter. 11.08% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. First Trust Advisors LP lifted its holdings in shares of Primis Financial by 9.8% in the 1st quarter. First Trust Advisors LP now owns 12,518 shares of the company's stock worth $175,000 after acquiring an additional 1,114 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Primis Financial by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 60,179 shares of the company's stock valued at $713,000 after buying an additional 1,222 shares in the last quarter. Royal Bank of Canada raised its holdings in shares of Primis Financial by 7.6% in the 3rd quarter. Royal Bank of Canada now owns 20,383 shares of the company's stock valued at $247,000 after purchasing an additional 1,446 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Primis Financial by 7.4% in the 2nd quarter. Goldman Sachs Group Inc. now owns 24,156 shares of the company's stock valued at $329,000 after purchasing an additional 1,662 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of Primis Financial by 6.0% in the 2nd quarter. Rhumbline Advisers now owns 31,810 shares of the company's stock valued at $434,000 after purchasing an additional 1,788 shares in the last quarter. 71.22% of the stock is currently owned by institutional investors.

About Primis Financial

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Primis Financial Corp. is a holding company, which engages in the provision of financial services through its subsidiary Sonabank. The firm focuses on making loans secured primarily by commercial real estate and other types of secured and unsecured commercial loans to small and medium-sized businesses in a number of industries, as well as loans to individuals for a variety of purposes.