Share Buyback Plan Declared by Primis Financial (NASDAQ:FRST) Board of Directors

Primis Financial (NASDAQ:FRST) announced that its board has authorized a share repurchase program on Thursday, December 18th, RTT News reports. The company plans to repurchase $750,000.00 in shares. This repurchase authorization permits the company to purchase up to 0.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Zacks Research raised Primis Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, October 13th. Weiss Ratings restated a “hold (c)” rating on shares of Primis Financial in a report on Monday. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Primis Financial currently has an average rating of “Hold” and an average target price of $1.00.

Primis Financial Trading Up 1.2%

Shares of NASDAQ FRST traded up $0.16 during mid-day trading on Thursday, hitting $13.52. 51,590 shares of the company traded hands, compared to its average volume of 80,370. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 0.47. Primis Financial has a 1 year low of $7.59 and a 1 year high of $13.56. The stock has a market capitalization of $333.13 million, a price-to-earnings ratio of 96.57 and a beta of 0.81. The business has a 50 day moving average of $11.11 and a two-hundred day moving average of $10.94.

Primis Financial (NASDAQ:FRST) last issued its quarterly earnings results on Thursday, October 23rd. The company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.04). The company had revenue of $41.00 million during the quarter, compared to analysts’ expectations of $27.96 million. Primis Financial had a negative return on equity of 0.75% and a net margin of 1.31%. On average, sell-side analysts anticipate that Primis Financial will post 1.4 earnings per share for the current fiscal year.

Primis Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 21st. Stockholders of record on Friday, November 7th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Friday, November 7th. Primis Financial’s dividend payout ratio (DPR) is 285.71%.

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.