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

Primis Financial Corp. (NASDAQ:FRST) declared a quarterly dividend on Thursday, October 22nd. Investors of record on Friday, November 6th will be paid a dividend of $0.10 per share on Friday, November 20th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, November 6th.

Primis Financial has a payout ratio of 24.8% indicating that its dividend is sufficiently covered by earnings. Equities 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 Price Performance

Shares of NASDAQ FRST traded down $0.48 during trading hours on Friday, reaching $15.46. 16,861 shares of the stock traded hands, compared to its average volume of 173,131. The company has a market capitalization of $383.41 million, a P/E ratio of 7.16 and a beta of 0.73. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 0.16. Primis Financial has a 52-week low of $10.04 and a 52-week high of $16.88. The company’s 50-day simple moving average is $15.82 and its two-hundred day simple moving average is $15.37.

Primis Financial (NASDAQ:FRST) last released its 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 return on equity of 5.49% and a net margin of 19.19%. The firm had revenue of $49.23 million during the quarter, compared to the consensus estimate of $50.89 million. Equities research analysts forecast that Primis Financial will post 1.42 EPS for the current year.

Analysts Set New Price Targets

FRST has been the subject of several recent research reports. Weiss Ratings reissued a “buy (b)” rating on shares of Primis Financial in a research note on Wednesday. Raymond James Financial reduced their price objective on Primis Financial from $19.00 to $18.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the stock. Based on data from MarketBeat.com, Primis Financial currently has a consensus 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.