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

Primis Financial Corp. (NASDAQ:FRST) declared a quarterly dividend on Thursday, October 22nd. Shareholders 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 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, November 6th.

Primis Financial has a payout ratio of 24.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Primis Financial to earn $1.98 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 20.2%.

Primis Financial Trading Down 3.8%

FRST traded down $0.61 during midday trading on Friday, reaching $15.33. 18,970 shares of the company were exchanged, compared to its average volume of 173,163. 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 one year low of $10.04 and a one year high of $16.88. The stock has a market capitalization of $380.21 million, a P/E ratio of 7.10 and a beta of 0.73. The stock’s 50-day simple moving average is $15.82 and its 200 day simple moving average is $15.37.

Primis Financial (NASDAQ:FRST) last announced its quarterly earnings results on Friday, October 23rd. The company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). Primis Financial had a net margin of 19.19% and a return on equity of 5.49%. The firm had revenue of $49.23 million during the quarter, compared to analyst estimates of $50.89 million. As a group, analysts forecast that Primis Financial will post 1.42 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on FRST. Weiss Ratings reissued a “buy (b)” rating on shares of Primis Financial in a research report on Wednesday. Raymond James Financial reduced their target price on shares of Primis Financial from $19.00 to $18.00 and set a “strong-buy” rating for the company in a report on Tuesday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the stock. According to data from MarketBeat.com, Primis Financial currently has an average rating of “Buy” and a consensus target price of $17.50.

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.